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Acropolis Wow: US Stocks Soar To Record Highs On Greek Deal
All wee the feeling from US investors towards Greece has appeared to be...
But once the headlines crossed that a deals (which is not a deal yet and has plenty of room for Greece to SNAFU it still) hit, it seems they did care after all - stocks exploded higher... because...
Today...
The Dow surged 260 points off the lows...
Since Greek Talks Failed on Monday...
And the week...
The Dow just overtook gold YTD and bonds are holding on to modest gains for now...
This is the biggest 3-week short squeeze since Oct 2011...
Treasury yields ended the week higher (and the curve notably steeper) with the excepotion of 2Y yields which ended unchanged (after everything whiplashed higher in yield afteer the Greek deal)
Though it's pretty clear what was drivcing stocks to the record highs... As Meghan Traynor might say :"It's all about the Yen... no data"
The US Dollar dropped briefly back to unchanged as EUR rallied on deal news today but rallied into the close to end the week up 0.3% - note the giant swings in Swissy
Silver slumped to its worse week since Sept 2013 closing down 6.4%, Crude was also clubbed lower
Crude saw its worst week in the last 4...
And finally... one last thing for the weekend sir...
Charts: Bloomberg
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lets put on our surprised face.
News like this is why I am a paperbug and not a "goldbug".
Before you downvote me out of a knee jerk reaction, at least think about WHY I am a paperbug and not a goldbug.
Because your shits are epic?
Only children ask "why" questions.
Unfortunately, it seems that is true in the modern world.
because myopia?
Because you eat paper?
Because you still think that paper holds any real value ?
Let me guess. You're a Pinko Fascist Commie?
Iodine deficiency? Ate too many lead paint chips? Cynical lack of morals? Cowardice? You really are going to have to give us a bit more to work with.
I salute you. From my ultra conservative investment perspective it takes more balls to be a paperbug than a gold bug.
PM's embracing ETF's .. largely responsible for daily movemnts http://hedgeaccordingly.com/2015/02/big-money-managers-warming-to-etfs-s...
God i LOVE this Recovery! thank you obama!
Free crack for everyone!
Lies, bullshit and fudged numbers. The world has been infested by Nigganomics!
All it proves is the the fed WILL raise rates and the market will be up when they do it, and it will go up after they do it...they own it
BBB..BBB...But that would be illegal, immoral, AND unconstitutional....
This is flight of Capital.....
i am jack's complete lack of surprise...
Headlines get the credit, but haven’t we seen options expiry days often start with a big sprint in the 1st hour that’s completely reversed, taking out stops then trapping new trades to help hit their true target (?)
So true. I wanted to buy usd/jpy at the bottom, but the RR wasn't there due to the Greek debacle, so iI stayed flat. Plus, I didn't want to carry the risk over the weekend.
Decided a while ago to avoid trading these expiration days, given they seem to really muddle the set of intraday indicators I use, but after a night of partial insomnia got to my trading desk late, forgot about the date, and got hosed. Of course, with Yellen on tap next week, there'll be only two good entry points: the 20 sec. window after they rap the gavel for the lunch breaks ...
Good points. I tend to let things settle down and trade the retrace. I've been taken to the woodshed too many times on reversals. ( trapped trades)
Tour comment re; stops getting taken and trapping traders was spot on.
Are there investors that actually look at the economy anymore? Seems like the only thing people trade on is words from some government asshole or another.
So, how's your puts doin'?
The bear ticks are beating the bears
Keep posting that US macro chart....I wonder if Durrrrrden ever starts wondering if his life's mission of painting everything bearish will end up seeming like a life spent in vain.
Answer: It will.
I mean, this guy's a complete laughing stock in the industry.
You do know that Tyler is a nonsensical fictional character and is good at even fooling himself right?
You think that's funny? Just wait till Silver hits single digits.
"in the industry"
funny how 'the industry' gives him so much credit as to acknowledge TD matters enough to laugh at him.
why even acknowledge ZH, its tin-foil-hat-wearing members, or bother to comment on its posts?
i'll tell you why... out of concern that one day TD may be right, the same way they laughed at the Wrights, Columbus... that laugh is a nervous laugh, no doubt.
that being said, everyone knows Tyler shoots himself in the end... and not with a nail gun.
Columbus should be laughed at; he thought he was sailing to India! :)
Stock Boom Record Highs on all internet sites. Did we pay off the debt or somthin? USA USA USA
Take it to 24 knots Mr. Murdoch, God himself could not sink this ship.
If you haven't bought stocks by now, then you never will
See the movie "Acropolis Now"... I love the smell of Troika in the morning... It smells like defeat!
If I say this beach is safe to surf it's safe to surf dammit!
Mama, take this market from me
I can't trade it anymore
Volume’s too light, too light to see
I feel I’m mopping up Yellen’s floor
Mop, mop, mopping up Yellen’s floor
Mama, put my stops down to the ground
I won’t need them anymore
The market’s never, never coming down
Price discovery at Heaven’s door
Sweep, sweep, sweeping up Yellen’s floor
*applause*
Another mere 9% on the S&P and the market will have tacked on 1000 pts from 1300 just 3 years ago. If 77% in 3 years isn't a QE/ZIRP induced bubble, I don't what is.
i know quite a few top 20%ers hoo feel double digit returns in stocks is their birthright
So true. Unfortunately that is what happens to people's expectations when the central bank chiefs completely lose it and won't allow even normal market corrections, thus destroying an important regulator of capitalism's excesses in markets and industrial capacity.
I was in the markets in the late 90s, too, and it is amazing how nothing changes. The disconnect between financial markets and underlying economies/earnings just keeps expanding until it doesn't. Then it ends incredibly badly (this time won't be different) and they do everything possible to create another bubble with the only enduring result being overcapacity if various industries (think fiber optic cable, housing and now oil) and ever more debt on the government balance sheet. The industries eventually clear out the overcapacity, but the debt is like herpes. It never goes away.
The good news, as Buffett once stated, is that it is after periods of excess like this that incredible bargains surface. I expect that to be the case again in the next few years.
"think fiber optic cable"
Yep, it was Metro Media Fiber Networks, MFNX..... Lesson learned
are there any computer/software/tech geeks on here, because we are going to need someone to create an algo that will take down the ''market'', bc i think that is our last hope.
we need someone to create an algo that will cause massive selling daily, bc we all know the only thing that moves the ''markets'' are algos these days.
Oeps wrong.
Bears be salty.
Bears are impotent. Bears need to know this market will continue to go higher until WWIII. So enjoy the shitshow till that moment.
Except ZH can't enjoy it because they haven't bought into it, both literally and figuratively.
News flash, you can separate the two.
"stocks exploded higher... because.."
because macro won't matter for february numbers (coming out in march ...which buys us until april)
i bet vast majority of february numbers will be poor to fugly ... but "weather" will be the catch-all excuse ... and no doubt economy will start roaring in march (uh huh)per the "experts"
For all the horror stories posted here about exits and who'd follow them, it was obvious they'd buckle like a belt.
90% of the doom stories here never come true and we all know why.
This is the new normal.
yeah, knew greece would fold
really simple ... take Confessions of an Economics Hitman to heart
i have little doubt that the greek prime minister and finance minister (among a few other elites) were explained how things "work" ...
"here is the deal, each of you get $20 million in a swiss bank account ... or don't fly in small planes ... cross the street ... eat food prepared at restaurants ... climb a ladder ... "
Grexit is exactly like U.S. debt ceiling, the news make it sounds bad but in the end can is kicked. Extend and pretend, what's new.
When you print money out of thin air, own all the primary dealers, and control the regulators how hard do you really think it is to make the market go up, or go down, or trade in a range. The market has become, more than ever an easily manipulated tool of the banking class. It can be operated as easily as a drone a half world away by a semi-skilled video gamer who's only job is to ensure the algos function as expected and according to script.
Chart porn = noise. It's all noise! They run the computers, they make the noise.