Nasdaq Surges Back To March 2000 Highs

Tyler Durden's picture

The lack of World War 3 this weekend was the perfect catalyst for buying stocks back up towards record highs... because Putin must have folded, right? Oil prices slipped, with WTI briefly back under $96, which lifted Trannies 1.75% on the day (best performer) but the Nasdaq's break of cycle highs (to March 2000 highs) is the big news for bubble-watchers (though it's different this time remember). VIX broke back below 13 to almost a 4-week low close. Treasuries were weak all day especially after Europe closed with the long-end underperforming (30Y +6.5bps) - 3rd worst day of yeasr for 30Y - with yields rising back to Russian convoy "destroyed" headline levels. Gold dropped back under $1300 as silver rallied 0.5%. S&P futures volumes were 40% below average as AAPL flash-crashes but has almost round-tripped to 2012 highs.


Look away...


Stocks soared on strong fun-durr-mentals...


Stocks have recovered all Russian Convoy headline losses... and pushed on to new cycle highs...


On the day, Trannies were best... Russell 2000 is almost back to unch for 2014.


Lots of excitement about NFLX's move today but some context suggests the it was all a huge squeze at the open today (again)


The stock-bond divergence remains but bonds backfilled the Russian Convoy headlines from Friday...


As the Treasury complex saw yields higher and steeper... accelerating higher in yields after Europe closed...


FX markets saw urgent USD needs at the US open... but aside from that - flat...


Gold dropped back under $1300 as silver rallied...


Charts: Bloomberg

Bonus Chart: AAPL flash-crashed today but managed to get back to almost $100 (100.72 from 9.21.12 is all time highs).


Bonus Bonus Chart: The Dow perfectly bounced 61.8% of the drop from July...

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Squid Viscous's picture

full retard! as the convoy attack and MH-17 and... ___ stuffed down the memory hole...

flacon's picture

This "market" is embarrassing. 

huggy_in_london's picture

Yeah i gotta stop shorting this shit

Slave's picture

and start buying the fucking dips.

huggy_in_london's picture

the dip i did buy... but then shorted them again .... remember you are supposed to sell the big numbers...

smcapmachine's picture

incorrect - zerohedge is

thismarketisrigged's picture

todays market may have been the biggest joke of the entire year so far.


futures were up sharply from early this morning for absolutely no reason whatsoever, the ''market'' surged from the start and never looked back for absolutely no reason.


i did not even here bullshit rumors that would prop this market up, just somehow, europe and the u.s were all pumped up for zero reason whatsoever.


i  do not know if this shit will ever end, i really dont.

huggy_in_london's picture

about a minute after they opened Sunday night (london time) they ran to be up 7 ... and as you say... never looked back.  Unreal.  I can only think that the government/fed is buying them cause every time they get to a critical level they are bought agressively.  

It tells you everything you need to know that people panic on ANY sell off.  They all know this is fluff, they all know its fake... everyone is renting this market, and no one wants to own it at the all time highs.


Keltner Channel Surf's picture

Does this remind anyone of the pre-July 4th holiday week, when stocks relentlessly ramped from a swing low through the last half-day, then dropped like a rock when everyone was back from vacation on the 7th (?)  

In this case, the we-go-up-whenever-Janet-talks-or-is-about-to-talk algos might be in their full glory the whole week ...

Agent P's picture

I thought the March 2000 high was 5048 or some such number? 

Rainman's picture

you are correct .... i think Bernie M might have been running it back then but I'm not sure

Squid Viscous's picture

Yes, then Uncle Dick Parsons decided AOL was a good fit for Time Warner at whatever the absurd merger price, and people got out their calculators, and said wtf?? then all this other crap is even MORE overvalued, and POP !

enforcer92677's picture

I knew that dip wouldn't last long enough.  Barely 4% and it's too the moon again.

Dungholio's picture

There is no stopping this beast of a market until it has a coronary on its own.

NOTaREALmerican's picture

It keeps going up until somebody big doesn't get paid.    Everybody is getting paid, so why would the market go down?

Dr. Engali's picture

This market is so fucking predictable that Jom Cramer almost made a profit in it.

Dungholio's picture

Maybe this is just the riot effect.

disabledvet's picture

It's a riot all right. "Darn near a war!"

If the market collapsed and we got peace I'd take a market collapse.

ebworthen's picture

March 2000....March 2000...


El Hosel's picture

Viagra rally, woke up with a big woody and it lasted more than six hours.....Better go see the Doctor.

homiegot's picture

Doctor will prescribe more sex.

Goldbugger's picture

Yap looking like March 2000 all over again Ebworthen

Rainman's picture

I'll be dammed .. that BTFD thing is still working.

Goldbugger's picture

Meanwhile, the BALTIC Collapses even lower than 2008.


Squid Viscous's picture

cramer was pimping the BDI this morning, back over 1000 means something really BIG is happening in China and nobody gets it!!! lol...

Hongcha's picture

We had a nice brunch in Lafayette CA yesterday.  Driving 15 minutes down 24 from Concord it was like entering another world, a world full of tall blondes toting infants.  I think peeps around here are feeling pretty flush since their RRE has rallied something like 30% in the last 18 months.  The Bay Area is high on its own supply, feeling untouchable.  8 days ago I was in Peoria, Illinois noting the reflux of honkies from all quarters south of Glen Avenue and the new NO HANDGUNS signs on the Chik-Fil-A and Bob Evans restaurants.

Very different worlds out there.

homiegot's picture

It's about fucking time.

Great Depression Trader's picture

Looking to enter short positions via SPY long puts. The 1989 high held for a time and then market gave back over 100 ES points. As expected its ripped higher again. If I had to take a guess I believe market will break 2000 and march for new highs possibly 2050 to 2100? On a technical level the market is overbought and due for a real correction. 

huggy_in_london's picture

Why would it go to 2100?  on a fundamental level this market is overbought!!

Rainman's picture

On a fundamental level this market is rigged are the accounting 'standards'

Squid Viscous's picture

make sure they are Jan 2016 puts, and then go on long vacation like until mid 2015... will be a great trade

Freebird's picture

It's a good time to buy stocks folks

Rouge Trader's picture

Buy Dec 2014 puts, that should make for a nice X'mas present by christmas. Bulls will wonder where the halloween indicator went.

foodstampbarry's picture

The higher the stock market  goes, the more it proves we're not a rayciss nation. To let it crash, would simply be, rayciss.

starman's picture

29trillion IMF "money" can do magic.

AdvancingTime's picture

To say the market is rigged is an understatement. After over 30 years of trading commodities I will flat out state without any reservations that lies and manipulation run rampant. If you think anyone is looking out for the small independent trader you are wrong. An unholy alliance of the Federal Reserve, the government, and the too big to fail has left the rest of us in a precarious position.

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orangegeek's picture

it's the work of yellen