No Data, Mo War, No Worries: S&P Hits New Record High

Tyler Durden's picture


On a day with no macro data and more warmongering, it only makes sense that stocks should continue to levitate. Aside from The Dow (troubled by weakness in Boeing dragging 20 points off the index), US equity markets rose with the S&P 500 breaking to new all-time record highs just shy of 1990 (2000 tomorrow?) Treasuries were very quiet, trading in a 2bps range and ending basically unch. Gold and silver limped lower (but were also quiet) as the USD pushed modestly higher (with AUD strength on the inflation print overnight the big story). Oil prices recovered yesterday's losses closing back above $103. Biotechs were a notable mover (on M&A hopes) as they retraced all Yellen's warning losses. This is the 3rd day in a row that "most shorted" stocks were snap-squeezed higher at the open.


The S&P 500 reaches new record highs


Today was all about the opening ramp... and the Dow just could not make it back into the green


Since the MH17 headlines hit, stocks haven't looked back...apart from the Dow...


This is the 3rd day in a row of an instant snap squeeze at the open...


Bonds don't seem to buy what ever stocks are drinking?


Something odd going on in credit markets... 2nd day in a row where HY spreads have blown wider as soon as Europe closes (and POMO ends)...


Commodities were flat to slightly lower (as the USD rose very modestly) but oil prices recovered yesterday's losses...


Treasury yields traded in a very narrow range - testing 2014's closing low yields...


AUD's strength following a hot inflation print was th emain news as the USD rose modestly all day...


Charts: Bloomberg

Bonus Chart: "Fight The Fed" in Biotechs...though it seems like the ETF got stuck at Yellen's levels...


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Wed, 07/23/2014 - 16:06 | 4994744 NOTaREALmerican
NOTaREALmerican's picture

Survival of the fittest, BITCHEZZZ!!!! 

Wed, 07/23/2014 - 16:08 | 4994750 Skateboarder
Skateboarder's picture

I thought financial charts couldn't impress me anymore. I was wrong. Third graph is the best one of the lot - sums up our reality in one pretty picture.

Wed, 07/23/2014 - 16:08 | 4994753 Atomizer
Atomizer's picture

Don't forget to go long on CAT, the Jews are tearing up Gaza for new construction projects 

Wed, 07/23/2014 - 17:14 | 4995085 disabledvet
disabledvet's picture

Maybe a new subway line.

Wed, 07/23/2014 - 16:08 | 4994756 Dr. Engali
Dr. Engali's picture

Silly shorts never learn.

Wed, 07/23/2014 - 16:12 | 4994760 ekm1
ekm1's picture

All Primary Dealers are all in.

Primary Dealers are now Greater Fools. Retail is dead.


S&P can never drop now. It can only collapse, upon order from central command.

It's been like that since 2011.

Wed, 07/23/2014 - 16:13 | 4994773 Atomizer
Atomizer's picture

Ding, ding, ding... we have a winner. 

Wed, 07/23/2014 - 16:22 | 4994816 Pheonyte
Pheonyte's picture

I can't even imagine what kind of shit that will bring. I was just looking at the NYS teachers' pension fund: it's over 60% equities.

Wed, 07/23/2014 - 16:26 | 4994839 CheapBastard
CheapBastard's picture

Ronnie McDonald getting slammed big time on very heavy volume due to the meat scandal in Asia. No new high for them.

Wed, 07/23/2014 - 16:49 | 4994946 TheRideNeverEnds
TheRideNeverEnds's picture

WTF are they thinking?  They need to lever that up a bit, oh lets say maybe 20/1.


The ES is calling their name.

Wed, 07/23/2014 - 16:12 | 4994771 Pheonyte
Pheonyte's picture

The new euphemism for suicide is "going short".

Wed, 07/23/2014 - 16:26 | 4994837 ShrNfr
ShrNfr's picture

Here come the Russian Peacekeepers:


Some of the 12,000-15,000 Russian troop near the eastern Ukraine border have broken up into smaller groups and moved within five miles or less of the border, and some are even positioned right at the border, according to two U.S. officials.

The movement gives the Russian troops the ability to fire surface-to-air missiles, rockets and artillery from inside Russia at Ukrainian positions without having to acknowledge their own presence, the U.S. officials said.

Wed, 07/23/2014 - 17:13 | 4995074 disabledvet
disabledvet's picture

Then I guess we'll have to kill them one Russian at a time.

Wed, 07/23/2014 - 16:26 | 4994838 Jayda1850
Jayda1850's picture

Just wait until NIRP is instituted. 

Wed, 07/23/2014 - 16:39 | 4994899 Rainman
Rainman's picture

Outstanding bonus chart of 'buy every fucking dip'.

Wed, 07/23/2014 - 16:44 | 4994923 Goldbugger
Goldbugger's picture

Looks like we are completing wave 5 of 5 of 5 of 5 of 4. Top almost in .

Wed, 07/23/2014 - 16:50 | 4994954 orangegeek
orangegeek's picture

big pomo tomorrow - more of the same shit expected

Wed, 07/23/2014 - 16:54 | 4994971 Super Hans
Super Hans's picture

Most of the otherwise "really smart" people I know have become lulled to sleep by the returns that they are getting on retirement accounts etc.. they think that there is something wrong with me for not finding a good paying job like them, because the economy is doing great!    


Wed, 07/23/2014 - 17:01 | 4995005 Super Hans
Super Hans's picture

I'm starting to think that those in charge can make whatever reality they want.  I'm starting to think that there will never be an appropriate market correction, because the reality has changed to fit their narrative, so we will need to fall in line.  

It's just one scandal after another!  We can't even make it through ONE news cycle without some new bullshit!  

Fuck it!  Anyone got a longer rope?

Wed, 07/23/2014 - 17:09 | 4995051 disabledvet
disabledvet's picture

Gold is flowing globally into New York while physical capital is now exiting North America. "The arsenal of democracy" is running flat out right now. I would not be surprised to see a big surge in the dollar here as interest rates are still very high...and the TED spread obviously the largest of any economy in the world.

I still see a rash of defaults at the State and local level amazingly enough as not even the massive industrial and energy base of the USA is sufficient to pay for the "debt recovery" run by the Debtocrats with Hitlery leading the charge.

These huge military programs are now going to be expanded and accelerated across the board.

There are hiring booms locally (Texas, North Dakota) but the "NeaUSA" still has a long way to go before you'll start to see significant cost push inflation.

Again..."natural gas prices are down twenty five percent in just one month and coal prices have collapsed."

Wed, 07/23/2014 - 17:10 | 4995056 Racer
Racer's picture


WTF: Timothy Geithner has warned investors that financial markets are underpricing risks-BBG"


Duh, just pull the plug on the HFTs, simple....

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