This page has been archived and commenting is disabled.
Stocks Close At Recordest Highs Ensuring 'Confident' Black Friday, Despite Macro Massacre
The S&P 500 closed at new record-er-est highs (a record 29th day above the 5DMA) providing just the right amount of confidence-inspiring 'wealth creation' to ensure you spend, spend, spend this weekend all those gas price savings (despite 9 of 9 macro data misses today). Dow and Trannies underperformed today as Nasdaq surged on AAPL strength. The USDollar fell for the 3rd day (first time in a month) and Treasury yields tumbled (down 5-8bps on the week) near 18 month closing lows. VIX traded briefly with an 11 handle and lost its inversion (1st day in 6). Gold prices flatlined for the 3rd day (as EURCHF fell) ahead of the Swiss gold referendum this weekend. Oil tumbled to fresh 4-year lows as OPEC hinted at no cuts and copper slipped to fresh 4 year closing lows. Late-day shenanigans sent stocks ripping higher... in a totally rational manner. Turkey prices are at $1.67/lb and have been remarkably stable over the past few years.
This happened...
- Mortgage Applications -4.3%
- Durable Goods Ex-Transports MISS -0.9% vs +0.5% Exp
- Initial Jobless Claims MISS 313k vs 288k Exp
- Personal Income MISS +0.2% vs +0.4% Exp
- Personal Spending MISS +0.2% vs +0.3% Exp
- Chicago PMI MISS 60.8 vs 63.0 Exp
- UMich Confidence MISS 88.8 vs 90.0 Exp
- Pending Home Sale MISS -1.1% vs +0.5% Exp
- New Home Sales MISS +0.7% vs +0.8% Exp
Which explains this..Another Death Cross... right?
What's funny is how fucking predictable it has all become...
If the "market" doesn't close at a new all time high after 7 out of 7 eco misses, the non-central planning terrorists win
— zerohedge (@zerohedge) November 26, 2014
Rather oddly, S&P 500 e-mini liquidty was at its highest point since the Treasury yield flash crash with an hour to go... (h/t @NanexLLC)
Recorder-est 29th day in a row closing above its 5-day moving-average
On the day, Nasdaq won thanks to AAPL...
Thanks to a 3Sigma above VWAP ramp
and ES closes at HOD at +3 sigma to VWAP #unrigged pic.twitter.com/1ncClOXelk
— HedgedIn (@noalpha_allbeta) November 26, 2014
Thanks to the ubiquitous VIX slam at 330ET
As AAPL passed $700 billion market cap and saw some chunky block orders in the late-day meltup...
But that was not enough - S&P futures melted up after the bell (after dumping into at the cash close) to intraday record highs...
Thanks to VIX being slammed...
On the week, the Dow (and less so the S&P) have flatlined as high beta muppetry surged...
Since the Bullard Lows, Trannies are up almost 20%...
The USD fell for the 3rd day in a row (for the first time in a month)
Treasury yields continue to tumble (down 5-8bps on the week) with 30Y closing below 2.95% - just shy of the lowest close since May 2013 (cough S&P at record highs cough)
Which means as a reminder...
as the week follows the same path...
Commodities... gold flat ahead of Swiss gold vote, copper and oil slipped to new 4-year closing lows...
Charts: Bloomberg
Bonus Chart: Turkey prices have been oddly stable pre-Thanksgiving for the last few years (though down this year from 2013)
Bonus Bonus Chart: SDRL was monkey-hammered as the HY Shale Oil play canary in the coalmine just died...
»
- 8727 reads
- Printer-friendly version
- Send to friend
- advertisements -
Come on Switzerland... Sunday's the day to help finally bust this bullshit wide open...
Komm Schweiz ... Sonntag ist der Tag endlich helfen Büste dies Bullshit weit offen ...
Not much news on this, though...
http://www.bloomberg.com/news/2014-11-25/hsbc-goldman-rigged-metals-prices-for-years-suit-says.html
QE's gotta go somewhere at the start. The market is the logical parking lot. When the floodgates open and it starts flowing into the economy is when the market falls and real inflation begins. tick tock tick tock tick tock
Not even USA Today would say 'RIPPING HIGHER'
Come on Tyler!
Nigganomics, where everything is just all backwards and fucked up and makes no sense!
Krugman > now stick that in your pipe and smoke it.
Hate to be that guy, but SDRL is a fucking offshore driller. Small mistakes TD. Comon.
Everything else is on point, what SDRL's impact on bond HYG is going to be fantastic.
And how did RIG perform?
Strange man, that Krugman, especially his shifty eyes. Makes him appear a cross between Alfred E. Neuman, a 9th grade physics teacher and a pedophile.
Mr. Krugman represents all that fungible... As an example; "print it and they will come"?
{ If they don't, print MOAR}
KSF, I'm sure you understand the dynamics of what's going on, with respect to the massive wave of deflation that's about to hit Amerika. Asia is in self preservation mode, and they will do anything to find buyers of their overpriced trinkets.
I enjoy reading your posts because you actually understand charts, and GEO Macro policy.
{blushes} Or . . . perhaps I'm just good at faking it, like Carter Braxton Worth (who stands "head and shoulders" above other 'technicians')
KSF I saved a thread from the other night. I've got to review it, because someone mentioned a book that I had interest in.
It could have been you. Thanks. Carter Braxton is noted.
Hmm. Don't think it was me, as I don't believe any technical analysis books written pre-December 2014 have any value due to algo activity. The last books I recall mentioning on ZH was in the recent "Plato Republic" article, where I suggested Camus' Myth of Sisyphus and Sartre's Nausea instead be revisited :)
Watch Fiddler On The Roof to make sense of it.
Month-end turn. Still 3 days to go.
Cmon, I know y'all figured it out by now. QE3 never ended . It just changed trains for a new destination.
was there ever a fucking doubt?????
this shit hole of a ponzi country is FUCKED!!!!!!!!!!!!!!!!!!!!!!!!!!
The country isn't FUBAR, the people that run it are.... make no mistake! I love my country, just not the kleptocrats that run it.
Come-on! I don't comment on most threads because they're so loaded with crap!
The country is beautiful, and so are most of the people that live in it... The unappointed thugs that make and decide policy for elected officials should hang first! Paging EPA officials. I've traved all over the planet, and I can assure the United States is one of the most beautiful places on planet Earth.
SPX/NAZ remind me of Cliffhanger game from Price is Right:
doh-dee doh-dee doh...
CON-fidence, YES! Confidence, HELL NO! Since this stock market wealth creation affects 10% of the population what do they expect the rest of us to do? To hell with black Friday! What nonsense. This is the only Black Friday I ever cared for:
Steely Dan:
https://www.youtube.com/watch?v=mTMj8x75pWk
. . . high beta muppetry surged
Muppetry? Clearly, a Sesame Street market:
It's not easy closing green
Having to end each day the color of the leaves
When I think it could be nicer being red . . .
When green is all there is to be
It could make you wonder why
But, why wonder?
PONZI !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
It's friggin magical!
Well at least we have our race riot.
Media having a field day with it as well.
OMFG look at the AH fucking unbelievable
looks like its DAX 10000 is what they are after here, totally shafted
is that a nasdaq ATH? high looks like it
Just another smoke filled room kind of day at the Wall Street opium den.
i miss the "bonds weren't buying it" headline...
well be interesting to see europe without the US tomorrow. 10k Daq day or wait for the us pump
S&P futures jumped five points following the cash close. It's truly amazing how the S&P's biggest pullback this month has been a third of a percent.
The Dax has been primed for the last three weeks to re-take 10000, up 900 points since October low, and was leading Europe down, ..so therefore bid it up, and show everyone how Europe is fixed and back on the mend...???
which is why I think this was the purpose of this US ramp today , not so obvious I know, but listen for a moment... European futures have to algorhythmically follow the Dow. S&P,Masdaq etc, and tonight AH, the Dax closed at 9966, just 34 points from Dax 10000 ...and Europe is saved once again. headlines, Europe is saved Dax regains 10000 etc, ...., cynical??? , yep I would have said so but everyone was deflectedby by the Dow . S&P and new Nasdaq highs.... & thanksgiving etc, while meanwhile totally unseen the cohort of Europe, the Dax Can smash 10000 either tonight, or in the morning....think I am right , cynincal? yes , right ? to be seen, but after 6 years of this total bollox won't be surprised.... and pissed
Something don't look right. The novel has lost its credibility. Time to use it to start a fire.
BULLISH!!!
</s>