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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Mon, 08/18/2014 - 16:08 | 5110443 Squid Viscous
Squid Viscous's picture

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

Mon, 08/18/2014 - 16:12 | 5110475 flacon
flacon's picture

This "market" is embarrassing. 

Mon, 08/18/2014 - 16:42 | 5110612 huggy_in_london
huggy_in_london's picture

Yeah i gotta stop shorting this shit

Mon, 08/18/2014 - 16:49 | 5110649 Slave
Slave's picture

and start buying the fucking dips.

Mon, 08/18/2014 - 17:17 | 5110759 huggy_in_london
huggy_in_london's picture

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

Mon, 08/18/2014 - 17:02 | 5110700 smcapmachine
smcapmachine's picture

incorrect - zerohedge is

Mon, 08/18/2014 - 16:08 | 5110454 thismarketisrigged
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.

Mon, 08/18/2014 - 16:42 | 5110609 huggy_in_london
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.

 

Mon, 08/18/2014 - 17:13 | 5110734 Keltner Channel Surf
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 ...

Mon, 08/18/2014 - 16:08 | 5110458 Agent P
Agent P's picture

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

Mon, 08/18/2014 - 16:21 | 5110518 Rainman
Rainman's picture

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

Mon, 08/18/2014 - 17:14 | 5110729 Squid Viscous
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 !

Mon, 08/18/2014 - 16:10 | 5110463 enforcer92677
enforcer92677's picture

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

Mon, 08/18/2014 - 16:12 | 5110477 Dungholio
Dungholio's picture

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

Mon, 08/18/2014 - 16:14 | 5110484 NOTaREALmerican
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?

Mon, 08/18/2014 - 16:16 | 5110495 Dr. Engali
Dr. Engali's picture

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

Mon, 08/18/2014 - 16:17 | 5110500 Dungholio
Dungholio's picture

Maybe this is just the riot effect.

Mon, 08/18/2014 - 16:36 | 5110580 disabledvet
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.

Mon, 08/18/2014 - 16:19 | 5110511 ebworthen
ebworthen's picture

March 2000....March 2000...

Hmmm...

Mon, 08/18/2014 - 16:24 | 5110529 El Hosel
El Hosel's picture

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

Mon, 08/18/2014 - 16:39 | 5110593 homiegot
homiegot's picture

Doctor will prescribe more sex.

Mon, 08/18/2014 - 16:28 | 5110541 Goldbugger
Goldbugger's picture

Yap looking like March 2000 all over again Ebworthen

Mon, 08/18/2014 - 16:28 | 5110544 Rainman
Rainman's picture

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

Mon, 08/18/2014 - 16:31 | 5110557 Goldbugger
Goldbugger's picture

Meanwhile, the BALTIC Collapses even lower than 2008.

http://investmenttools.com/futures/bdi_baltic_dry_index.htm

 

Mon, 08/18/2014 - 17:17 | 5110753 Squid Viscous
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...

Mon, 08/18/2014 - 16:38 | 5110581 Hongcha
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.

Mon, 08/18/2014 - 16:37 | 5110588 homiegot
homiegot's picture

It's about fucking time.

Mon, 08/18/2014 - 16:39 | 5110590 Great Depressio...
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. 

Mon, 08/18/2014 - 16:44 | 5110626 huggy_in_london
huggy_in_london's picture

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

Mon, 08/18/2014 - 17:17 | 5110755 Rainman
Rainman's picture

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

Mon, 08/18/2014 - 17:19 | 5110766 Squid Viscous
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

Mon, 08/18/2014 - 18:03 | 5110991 Freebird
Freebird's picture

It's a good time to buy stocks folks

Mon, 08/18/2014 - 18:03 | 5110995 Rouge Trader
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.

Mon, 08/18/2014 - 20:05 | 5111819 foodstampbarry
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.

Mon, 08/18/2014 - 23:21 | 5112763 starman
starman's picture

29trillion IMF "money" can do magic.

Mon, 08/18/2014 - 23:31 | 5112801 AdvancingTime
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.

For the big boys, its insider information and computer trading, this includes computing patterns that exploit where stops are placed, this improves their ability to wash the weak out of their positions. The bottom-line is that the higher the market goes the more vulnerable it becomes to a major collapse and sudden downward move. More on this subject in the article below.

http://brucewilds.blogspot.com/2013/07/markets-more-lies-and-munipulatio...

Tue, 08/19/2014 - 00:22 | 5112992 orangegeek
orangegeek's picture

it's the work of yellen

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