S&P Makes History On Lowest Volume Of The Year

Tyler Durden's picture


As we noted early on, by the time the cash markets opened this morning, the narrative of compliant Kuroda and drug-peddling Draghi had been painted as worth more than a yellowing Yellen's hawkish comments. And so it was that stocks, despite weak macro data this morning in the US - bad news is great news - surged as cash markets opened and tagged S&P 2,000 for the first time ever. However, once Europe closed, that exuberance faded in stocks. Treasuries rallied (30Y closed -2bps) with the front-end weakening very modestly. USD strength (on notable EUR weakness) sent oil and precious metals modestly lower on the day but Copper had a good day (+0.6%). Today was the lowest S&P futures (non-holiday) trading of the year as the Nasdaq rose for the 9th day in a row.


So to summarize - Bonds Up, Stocks Up, USD Up... But VIX Up, Oil Down

S&P Tags 2,000... on lowest volume day of the year


Since Yellen, stocks are up and fololwing their historical betas...but notice the behavior after Europe closes...


The divergence between bonds and stocks remains...


Even JPY carry is starting to diverge...


as VIX broke higher today...


As the surge into the USD brings flows into stocks and bonds... mostly driven by EUR weakness


As the USD rose, oil and PMs sankbut Copper bounced back...


The standard witching hour startat 8amET once again provided fireworks in commodities...


Once Europe closed, bonds rallied - especially the long-end


Charts: Bloomberg

Your rating: None

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Mon, 08/25/2014 - 16:08 | 5141797 NidStyles
NidStyles's picture

let the melt up continue.

Mon, 08/25/2014 - 16:11 | 5141809 Cattender
Cattender's picture

i'm going to go buy a new SUV Tomorrow because it's such a Great Fucking Recovery!

Mon, 08/25/2014 - 16:36 | 5141931 SmallerGovNow2
SmallerGovNow2's picture

I'm going to over extend myself buying the most house I can just barely make interest payments on...

Mon, 08/25/2014 - 16:49 | 5141996 starman
starman's picture

Ford has a recovery special right now thats 0% for 72 months! 

Mon, 08/25/2014 - 16:52 | 5142015 dicksburnt
dicksburnt's picture

see, bernanke was right - "perceived wealth" works!   Let the 401(k) holders believe the new debt they create is offset by their rising 401(k) value.  Sadly those 401(k) holders will not only owe the debt to their masters but they will also watch their 401(k) get devored by the same.

Once the market collapses the phrase "you're in it for the long term" will be a staple all over MSM.   The fleeced sheep will once again contribute to Wall St.'s wealth offering 5 - 10 -15% weekly tithings at a time.

They were all born every minute.



Mon, 08/25/2014 - 16:11 | 5141810 enforcer92677
enforcer92677's picture

Crash already!!!!

Mon, 08/25/2014 - 16:28 | 5141891 zipit
zipit's picture

Patience, Grasshopper.

Mon, 08/25/2014 - 16:12 | 5141816 Truffle_Shuffle
Truffle_Shuffle's picture

We fucking did it!

Mon, 08/25/2014 - 16:25 | 5141876 NOTaREALmerican
NOTaREALmerican's picture

The DowBuck increased its purchasing power today too.  

Mon, 08/25/2014 - 16:26 | 5141883 buzzsaw99
buzzsaw99's picture

a fat ugly hobbit-dove screeching like a ferocious red-tailed hawk is a ridiculous sight to behold and not scary in the least

Mon, 08/25/2014 - 16:58 | 5142037 hobopants
hobopants's picture

This market don't give no fucks no mores.

Mon, 08/25/2014 - 16:36 | 5141896 SheepDog-One
SheepDog-One's picture

Wow, markets really look ripe for another 1% 'correction', then next day it can regain it all back plus some more.

Mon, 08/25/2014 - 16:29 | 5141897 TabakLover
TabakLover's picture

Once again almost 100% of the SP gain came before the opening bell. What a crooked market.

Mon, 08/25/2014 - 16:29 | 5141900 orangegeek
orangegeek's picture

SPX up. VIX up.  Interesting.

Mon, 08/25/2014 - 20:11 | 5142748 Bilderberg Member
Bilderberg Member's picture

When is Tyler going to tell his wife she has to work till she's 80 because the retirement money has been sitting in cash for the last five years.

Mon, 08/25/2014 - 16:35 | 5141923 dirtyfiles
dirtyfiles's picture

It feels like kids when done something wrong.Its quiet.

Mon, 08/25/2014 - 16:40 | 5141944 Fuku Ben
Fuku Ben's picture

I hope you guys are pimpin' out your money for these repeated quick profit opportunities

Make sure to treat it like a one hour motel rental whore. Fast & Furious. Pump & Dump. Rest & Test

Mon, 08/25/2014 - 16:45 | 5141978 starman
starman's picture

I swear it wasn't me !

Mon, 08/25/2014 - 16:58 | 5142036 monopoly
monopoly's picture

The higher we go the harder we fall. Just the timing.

Mon, 08/25/2014 - 17:02 | 5142044 SheepDog-One
SheepDog-One's picture

We didn't get the 2000+ close today, but certainly will tomorrow....the headlines are all that matters now damn the torpedoes full speed FORWARD!!

Mon, 08/25/2014 - 17:08 | 5142061 SheepDog-One
SheepDog-One's picture

We didn't get the 2000+ close today, but certainly will tomorrow....the headlines are all that matters now damn the torpedoes full speed FORWARD!!

Mon, 08/25/2014 - 17:17 | 5142096 Rehab Willie
Rehab Willie's picture

S&P about to be CYNK'd

Mon, 08/25/2014 - 17:37 | 5142179 allsingingallda...
allsingingalldancingcrapoftheworld's picture

Bad macro data, a world juggling chainsaws, overbought, over valued, etc

To quote someone here(sorry I don't recall who it was)


"The honey badger market don't give a shit." 

Mon, 08/25/2014 - 17:40 | 5142190 CrazyCatLady
CrazyCatLady's picture

Strange things afoot at the circle k

Mon, 08/25/2014 - 18:06 | 5142289 bid the soldier...
bid the soldiers shoot's picture

Obviously the float of the stocks comprising the S&P 500 are now so tightly held --  in such strong hands -- the the amount available for trading is miniscule.

 If any of the index stocks are offered,  they will be sucked up in the twinkling of a tick by trillions of available margin to the brokers.

The float will shrink even less as time goes by, until that Frabjous Day when DJIA will make new highs from odd lot purchases

Mon, 08/25/2014 - 18:56 | 5142470 Ewtman
Ewtman's picture

An Elliott Wave look at the end of the line for the S&P 500...



Mon, 08/25/2014 - 22:36 | 5143325 GFORCE
GFORCE's picture

It's getting rather dull watching the stocks and bonds divergence every day. Stocks are up because bonds are a dying asset class and investment or pension funds have no option but to chase yield. Where will all that money go? Dubai stocks? Euro stocks? Japan stocks? The U.S. share market is the only game in town.

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