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S&P Closes Above 2000 For First Time On Lowest Volume Day Of Year

Tyler Durden's picture




 

For the last 2 weeks, the US Dollar has surged - hitting new 13-month highs today amid JPY and EUR weakness - and for the last 2 weeks, US stock and bond markets have rallied (leaving 30Y yields implying the S&P is 130 points rich or yields are 25bps too low). S&P tops 2,000, Nasdaq closed up for 10th day in a row, Russell outperformed on major short-squeeze, Trannies slid red for the week. Today saw modest Treasury weakness (30Y +2bps, 2Y -1bps) but still lower on the week; gold ($1285), silver ($19.50), and oil ($94) gained on the day - despite USD strength - as copper dropped 1%. Credit markets remain unimpressed by record-er highs in stocks. VIX decoupled from equity strength today as NASDAQ options feeds broke. Volume was an utter disaster... that is all.

 

Nothing to see here, move along...

 

S&P 500 (cash) topped yesterday's highs early on (thank you resting stops)... 2000.02 close!!

 

as The Close was all critical to keep the dream alive...

 

"Most Shorted" stocks once again bore the brunt of the squeeze higher...

 

Which led Russell 2000 to dramatically outperform as Trannies tumbled - leaving Transports red on the week...and closing at the lows...

 

Some context for this move...

 

VIX decoupled as BATS and NASDAQ broke and options feeds went full retard...

 

The USD Index broke to new 13-month highs today...

 

But the last 2 weeks have seen USD demand flood both stocks and bonds in the US...

 

Credit continues to ignore the exuberance...

 

HY-IG spread is back at 250bps - practically unchanged on the year (thoug IG is notably tighter in recent weeks as investors shift to up-in-quality trades)

 

Early strength in PMs was battered back into submission around the normal 8amET witching hour... Oil rose on the day...

 

Quite a day in Gold futures...

 

Charts: Bloomberg

 

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Tue, 08/26/2014 - 16:07 | 5146353 Cattender
Cattender's picture

Best. Recovery. ever.

Tue, 08/26/2014 - 16:20 | 5146403 wallstreetapost...
wallstreetaposteriori's picture

S&P 2000 is like a wet dream..... unfullfilling because it is just not real.

Tue, 08/26/2014 - 16:25 | 5146420 THX 1178
THX 1178's picture

Is the crash near?

Tue, 08/26/2014 - 16:43 | 5146483 Groundhog Day
Groundhog Day's picture

Not even close

Tue, 08/26/2014 - 17:44 | 5146797 flacon
flacon's picture

Glitch in the Matrix.

Tue, 08/26/2014 - 16:43 | 5146484 Groundhog Day
Groundhog Day's picture

Not even close

Tue, 08/26/2014 - 17:43 | 5146799 flacon
flacon's picture

Glitch in the Matrix.

Tue, 08/26/2014 - 16:43 | 5146485 Groundhog Day
Groundhog Day's picture

Not even close

Tue, 08/26/2014 - 17:43 | 5146801 flacon
flacon's picture

Glitch in the Matrix.

Tue, 08/26/2014 - 19:21 | 5147085 TheRideNeverEnds
TheRideNeverEnds's picture

Sort of; in a couple years the SPX will probably crash from around 5000 back down to current levels so its near in that sense....

Tue, 08/26/2014 - 16:51 | 5146524 SAT 800
SAT 800's picture

Fine with me; Already got my Dec. Shorts on; I'm willing to see some more "mindless enthusiasm" before October. Hee, hee.

Tue, 08/26/2014 - 16:56 | 5146541 SAT 800
SAT 800's picture

You know that S&P500 chart looks "painted" to me. That don't look like no free market I ever saw. That looks like a locked in and controlled price. Well, I am one of those conspiracy nuts who doesn't believe JFK shot himself in the front of the head, so no use paying any attention to me.

Tue, 08/26/2014 - 16:08 | 5146358 OldPhart
OldPhart's picture

Guess it's time for me to get into the market.

/sarc

Tue, 08/26/2014 - 16:19 | 5146400 spastic_colon
spastic_colon's picture

yep....a 30% correction is only to ES 1480 now.....so start buyin'!  / s

Tue, 08/26/2014 - 16:52 | 5146528 SAT 800
SAT 800's picture

Not unless it's to short the major indexes.

Tue, 08/26/2014 - 16:11 | 5146361 Tsar Pointless
Tsar Pointless's picture

Bonus chart:

Tue, 08/26/2014 - 16:10 | 5146362 pakled
pakled's picture

Party on Garth...

Tue, 08/26/2014 - 16:13 | 5146378 Rainman
Rainman's picture

I gots some S&P 2000 hats for sale.

Tue, 08/26/2014 - 16:15 | 5146386 dontgoforit
dontgoforit's picture

Party like it's S&P 1999.

Tue, 08/26/2014 - 16:16 | 5146389 Bay of Pigs
Bay of Pigs's picture

What a fuckan SHITSHOW!!!

Tue, 08/26/2014 - 16:16 | 5146394 digitlman
digitlman's picture

We's keepin the wet dream ALIVE!

Tue, 08/26/2014 - 16:17 | 5146396 josephpetronyc
josephpetronyc's picture

this is the biggest scam ever, they are waiting for the little guy to come in and start buying, only the little is broke, and once they figure that he not coming to the party  LOOKOUT below

Tue, 08/26/2014 - 16:18 | 5146398 FightingtheFed
FightingtheFed's picture

Kill'em all!

Tue, 08/26/2014 - 16:19 | 5146405 i_call_you_my_base
i_call_you_my_base's picture

Remember when everyone was talking about how the market was rigged? That was a fun week.

Tue, 08/26/2014 - 16:26 | 5146421 jubber
jubber's picture

CNBC has been absolutely unbearable today, never seen such a waste of space 

Tue, 08/26/2014 - 16:29 | 5146427 blu
blu's picture

I had a boyfriend like that. Always high, no volume.

He stole from me and I threw him out a window on fire. Not the window, the boyfriend.

Tue, 08/26/2014 - 16:34 | 5146447 starman
starman's picture

Gotta teach that trick to my dick! 

Tue, 08/26/2014 - 16:34 | 5146449 Keltner Channel Surf
Keltner Channel Surf's picture

With professionals and retail investors on vacation, they’re building a monument that can be knocked down post-holiday, the final floors of the skyscraper they hope to erect with 401 (k) monies, knowing daddy’s reviewing his options this week as he prepares to send little Jimmy and Janie back to school. The last big POMO day puts the angel atop the tree.   .0007% APR in the checking account won’t cut it for college.  Bait and switch?  No, gather and crush, like a bag of recycled cans . . .

Tue, 08/26/2014 - 16:36 | 5146455 StupidEarthlings
StupidEarthlings's picture

Well..at least everythings normal.

 

Well...normally fucked up, crooked and broken.

Tue, 08/26/2014 - 16:39 | 5146470 enforcer92677
enforcer92677's picture

I was going to say something smart but then I clicked on the link to best celebrity breasts and well......

Tue, 08/26/2014 - 16:47 | 5146505 OMG
OMG's picture

Their fake too like the market

Tue, 08/26/2014 - 16:44 | 5146494 debtor of last ...
debtor of last resort's picture

Frontrunning the CFR heli droppings.

Tue, 08/26/2014 - 16:47 | 5146501 walküre
walküre's picture

Were stocks a hedge in Weimar?

Tue, 08/26/2014 - 16:57 | 5146549 El Hosel
El Hosel's picture

Record Supply and no demand.... Bullish!

Tue, 08/26/2014 - 16:57 | 5146551 SAT 800
SAT 800's picture

Yes; but in the end it didn't work out too well. In Zimbabwe also, the stock market went up 30,000% or so; but it wasn't useful to people who had to use their currency.

Tue, 08/26/2014 - 17:10 | 5146617 stant
stant's picture

Real estate I believe

Tue, 08/26/2014 - 17:21 | 5146661 cn13
cn13's picture

Absolutely nothing makes sense right now.

Either the old rules have been permanently rewritten,

or the markets are headed for an unprecedented crash.

Tue, 08/26/2014 - 17:29 | 5146701 El Hosel
El Hosel's picture

What does not make sense? The markets are rigged to go up and they go up, those are thefucking rules.

Tue, 08/26/2014 - 19:05 | 5147027 Hohum
Hohum's picture

But who would gain by a large fall in the stock market?  What would they "invest" in?

Wed, 08/27/2014 - 02:31 | 5148168 StychoKiller
StychoKiller's picture

Let's see now:  Weimar germany -- rocketing stawk market (hyper-inflation), check.

Zimbabwe -- rocketing stawk market (hyper-inflation), check.

USA -- (not yet) rocketing stawk market (hyper-inflation?  Coming soon!)

Wed, 08/27/2014 - 07:12 | 5148343 AdvancingTime
AdvancingTime's picture

A manipulated stock market distorted by recent economic policy hides and mask the real truth, in many ways it is ground zero in the war to convince us all is well. The American people and Main Street will tell you they are far from convinced that it is smooth sailing ahead. Huge weakness in the economy has been shown by numbers that barely get by even after record amounts of stimulus.

Fact is if QE or the massive government deficit spending that props up our economy is removed it will fold like a cheap umbrella. Recent changes in how the GDP is figured , which boosted growth thus reducing the debt to growth ratio, and attempts to spin poor numbers regarding employment have been met with skepticism. More on this subject in the article below.

http://brucewilds.blogspot.com/2013/10/myth-of-economic-recovery.html

Do NOT follow this link or you will be banned from the site!