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Miracle Panic-Buyer Lifts Stocks Green From 50DMA
Do you believe in miracles? With death-crosses crossing, Hindenburgs Omening, bonds and credit diverging, breadth deteriorating, stocks on the verge of the worst run of thge year, and the S&P 500 testing the crucial 50-day moving average... it should be no surprise that a combination of VIX-slamming, USDJPY-ramping, PBOC-firing, Fed-speaking sent stocks to their biggest gains in 7-weeks after the worst selling in 5 weeks (and people think the BoJ is the only one buying stocks). Treasury yields rose but nothing like the exuberance in stocks. HY credit markets deteriorated notably (bounced with stocks but notably less so). The USD surged (apparently on PBOC rumors) early (+0.3% on the week). Gold & Silver dropped, copper rose modestly but WTI oil prices exploded higher with stocks' exuberance (and Benghazi headlines). VIX was banged from over 15 to under 13.5. S&P 500 2,000 (1,999.79 achieved) and getting back to green post-FOMC was all that mattered today - and Mission Accomplished... before a slightly weak close.
Dead cat bounce? Perfect 50% retrace of the drop...
Stocks tagged green from FOMC... see Fed was dovish... (On the day, Russell underperformed - but note once again the shift in trend at the EU Close...)
and The S&P 500 desparately wanted 2,000 (but failed 1999.79 highs)
Bouncing off its 50-DMA...
As VIX was monkey-hammered lower...
And USDJPY provided the target...
Home sales beat (idiotically) but builders were hindered from their usual high beta muppetry by KBH reality...
But high beta momo was the news today...
as "most shorted' were squeezed again...
HY credit was not buying it...
Treasurioes weren't really buying it either...
Treasury yields rose on the day (30Y unch on the week)
The USD surged around the US open then flatlined... (apparently on PBOC head ax news)
USD strength sent PMs lower. Copper gained on PBOC reform denial and Oil, well it just exploded when stocks did...
WTI outperformed Brent - spread back to almost $4
But gold was going crazy...
Idiotic #HFT algo blasting 1000+ quotes/second in various COMEX gold futures options (symbol OG)
— Eric Scott Hunsader (@nanexllc) September 24, 2014
Charts: Bloomberg
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what a fucking joke... helmet camera company just added 5 billion in mkt cap, in a few weeks... any questions?
its rigged...
bitchez!
and goldman squid rules the world...
Where's Captain Ahab when you need him?
Collecting government money & not needing to work these days. MB is safe, as long as he avoids the Japanese.
It'll take months before 500 stocks roll over
I know, I know, I know,,
It’s the freaking Bastards of Belgium buying the whole market!
Astounding, simply astounding.
BTFD...take profits and buy phyzz, ak-47's/ar's....food, water, ammo..
The day after the elections we will probably see that 750pt drop.
That's been my motto for years now. It's almost too fucking easy.
How long will it go on? 5, 10, 20, 100 years?
Until the owners see to it that it doesnt need to.
Move along folks.....move along. Nothing to see here.
As per the usual.
Because of the nothing we have become.
There was/is an article on Market Watch about "ooooh ahhhh whats the FED going to do, what will rates do...etc and how to protect yourself and historical data on stock market moves in accordance with changing interest rates." Its like the author truly believes there is a market - that the market is governing rates, when in fact as we know well enough here, the FED OWNS the Bond market, so that techincally there really is no market. The author contends that QE is coming to an end - yet QE never comes to an end so long as the FED is committed to a interest rate suppression regime. Its QE until the FED thinks it ought to stop price inflation. The FED has to continue buying UST's to keep rates suppressed, which is just another albeit more traditional form of QE. And given the interest costs on $17T, and given that organic GDP growth remains sub 2%, necessarily implies that QE continues through the FED's commitment to rate suppression. They will crash the dollar before they allow rates to rise. The dilution of colalteral will inevitably continue, in my opinion.
You are correct, the Fed, always wrong, but never in doubt. Once we default on our bonds, and create the American dollar backed by gold all will be fine, right now we live in an unsustainable fiat money controlled world.
I wonder if Janet's "BUY" button is Red, Green, or Rainbow colored?
Same color as Abe's and soon Draghi's
They all print as much as they need (or more) and they buy everything to sustain the current 'recovery' narrative.
Ask the Russians what they did when they realized they'd been lied to and their centrally planned economy had lost all credibility.
This can take few years, maybe even decades. The Russians of last century weren't as stupid as Europeans and Americans are today. The Russians noticed that they were being served a shit sandwich and then went for the real stuff to the black market.
Black markets are coming up everywhere. Taxes are for losers.
"VIX was banged"
Jesus, Kevin..
Its a Trap!
Indeed it is.
Watch that squirrel and ignore the 600lbs gorilla in the corner.
Meh. The Deathstar never even got hit in this iteration of "Stare Wars: the dumb and dumber addition" General.
Instead Luke is still stuck fixing droids and taking out womp rats in his free time.
In the meantime back in the "surreal"...natty gas looks like a price fixing scheme and chaos from the folks on top is starting to look like a great way to play "chaos at large" via the railroad industry.
So much money has been disappeared here it's hard to imagine the end result has been a recession. Of course when all policy boils down to a way to finance massive Wall Street bets gone bad sure makes flaring the natty gas seem kinda minor.
I did take note it only cost India 40 million dollars to get Mars.
That's not even a capital raising for Tesla.
And another $40 million to have their heads checked.
Natty gas is a price fixing scheme you moron. "License to print money." Chew it all up in the electrical grid.
They get that stuff out of the ground for free given the stupendous price for oil. "Still charge 4 bucks a bcf" though.
That's why folks have stopped listening to the political debate. They're being gouged and nothing is being done about it.
The USA just spent 2 plus billion to do what India did.
Now who needs their head examined?
I would'nt say for free you idiot, every resource is involved in a price fixing scheme or it doesn't get attention in this country. What else you got besides natty gassie?
And you do, just for wanting to go to mars, pinhead.
oil, gas, gold, and bullets make the world go round. I've given up trying to make sense out of anything.
People who are "right" about x, and y tend to leave out being wrong about a and b.
I can be a sharp shooter too if you let me paint a bulls eye around the shots I already made....
See below and "small caps have corrected."
Some of the estimates for natural gas production this year and next are truly massive. Not looking good for the Prairie Dog though.
Think that little woofer is gonna get taken out.
Yes, disabledvet, but is it positive cashflow? Funny thing, I see few links stating that it is.
Everyone is looking for a crash so that they can buy low realizing they missed out before. What happens when they keep buying?
the markets will continue to go up ... until they don't
but rest assured
the longer the wait ... the bigger the splash
"HY credit markets deteriorated notably"
fuel for corporate buybacks
Yep.
Still waiting for the Coke LBO too...
I wonder what ekm1 has to say about William Dudley of the Federal Reserve and his talking on how he thought the dollar was too strong.
He would say the guy talks a good tangle, but not much else.
At this point the DOW and S&P might as well be 25,000 and 5,000 respectively... Hell why not "double"???...
How long have we already known this???...
One things for certain. They wouldn't be squeezing the tits this hard if something huge wasn't right around the corner!
Well at least we know the 13th Anniversary we just had won't be repeated!...
Don't forget to watch BABA
The pump isn't done yet.
#FuckJackMa
Along with the General Theory, the Special Theory, Sir Isaac's so far unchanged laws, the Apostle's Creed, the eternal humor of Andy Kaufman's bongo performance, the failure of Love to stay, and hilary rodman clinton's lust for power over men, the only thing that abides is
J B Mf'g Dip!!!
https://www.youtube.com/watch?v=bR-DGJ9ovaM
My anger turned into depression a while ago, but I just cannot accept, so I'm trapped in my own hell. At least I own a lot of depreciating assets.
Yeah I got in on $29/oz silver too.
Yeah, I go between anger and depression.... Bought a bit early and kept averaging down. I am too far into this to give up now. Never saw it going on this long and going this low. Down about 40 percent on what is mostly mining stocks and silver bullion. Bought my last silver at around 21. I am not buying anymore, but will hold what I have and ride it out.
Oh the Hindenburg Omen? Always dependable. Except for when it isn't, which is every time.
Newsflash:
Stocks are not a mathematical creature that behave in a predictable way. Why 200 DMA? Why not 197 DMA?
Technical analysis is nothing but a self fulfilling religion, eg. 200 DMA wouldn't count if nobody believed in it.
Lord Jeasus aim your lasers thru the non-believers! Amen!
Perhaps not a “self”-fulfilling prophesy, but its close cousin: “fear of others self-fulfilling.”
It’s possible each trader isn’t putting a closing buy order on a SPY short at the 50 DMA because they think this level has magical properties, but because they assume others believe in and will act upon this witchcraft.
Moreover, algos with ‘magical’ ability to see everyone’s orders first push the puppy-dog slightly over the 50 DMA cliff to the next pivot down after all the small-potatoes retail covering buys go through, just to get new shorts to open, thinking we’re bungee-ing down to the 200 DMA, then reverse the shit out of it, slam VIX, play with JPY, etc, using covering buys from the fresh shorts to help whipsaw the market back, as one might get an acceleration from passing one of Jupiter’s larger moons.
Like a Kardashian, DMAs are famous for being famous.
Its the same thing every day...I think I am gonna go on vacation for awhile. arm our enemies, manipulate the markets and metals, etc etc...I thought Russia and China would stop this, but they are doing nothing about bombing of Syria. Crap you guys, just sell your metals, buy some land in the country, plenty of guns and ammo, grow some food, make sure you have water, and as Jethro Tull says.."I think I will just set this one out"
Thick as a Brick
What are you doing to crash the system? Join the FSA now and reap the benefits of those suckers still working.
We have wealth without work, why not money without jobs? Of course dealing with the minions of the FSA, the clerks, is an ok part time job.
At least Wall Street is predicitable, it only goes up with one percent down corrections. Beauty!
Go Green!
Maybe the Fed is supporting elite selling and making them take turns. When they sell so much the Fed replenishes the digital zeros at tax payer expense and hopes to draw in more dumb money as well. Need to draw in a few more dummies before they let Warren sell off the next .00005% of what he owns. Wow, lol I haven't even been smoking dope yet.
Someone should make a camera that goes on your dick helmet. That's worth at least 5 billion market cap.
Best article from ZH in awhile.
Invest only in yerself!
This must be the fucking top for a while. Harder sell off to come.