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Lehman-Like Spending Collapse Sparks Panic-Buying - Nasdaq 5,000; S&P, Dow Records

Tyler Durden's picture




 

An unofficial count of the number of utterances of the word "different" on CNBC following NASDAQ hitting 5000 stands at 47 as of the close... There's only one thing for it...

 

For the first time since Q1 2009 (i.e. post Lehman), we have just had back to back drops in consumer spending...

 

and all but 1 data item missed today extending the string of shitty data and further inspiring stocks to record highs...

 

But all that mattered was that Nasdaq 5000 was achieved amid the broken market and then retested...

 

Perhaps this sums up that best...

 

All equity markets rose today magically levitated during that broken market period amid terrible data... then melted up in the last hour

 

Notably, US futures got an initial bump from China PMI then pumped up at the European open (before dumping the S&P to unch... and then it took off)... a small dip as Europe closed was quickly turned around and then a panic-buying melt-up ensued into the close...

 

VIX was punched back under 13.. lowest close since Dec 5th...

 

Treasury yields sold off from the US equity open but we suspect given the massive upsizing in the Actavis bond issue that this was notable rate locks being on amid a low liquidity market... (i.e. this is not sustainable)

 

The US Dollar traded weak in the European session but started to rally back into positive territory as US markets opened, ending up 0.15% or so on the day...

 

Silver, gold, and copper were all sold non-stop from Europe's open. Crude was very weak but rallied spike-like in its entirely algo-ized manner into the European close... only top dump it all back to unch by the NYMEX close...

 

Seriously!! So next another leg down on into tomorrow's API data...?

 

Charts: Bloomberg

 

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Mon, 03/02/2015 - 17:08 | 5846969 LawsofPhysics
LawsofPhysics's picture

Let me just call it what it is...

Vapor Ramp,  what was the trading volume again?

Mon, 03/02/2015 - 17:15 | 5847005 TruthInSunshine
TruthInSunshine's picture

But Neil Cavuto on Faux News said all the dot.com stawks are making oodles of money, unlike before, so it's different this time.

Go short when Phoenix Capital articles/ads quit showing up at the top of ZH.

Mon, 03/02/2015 - 18:09 | 5847214 max2205
max2205's picture

PALW just reported a 43 mm loss for the quarter but adjusted Eps for a profit...

 

This is getting old 

Mon, 03/02/2015 - 18:18 | 5847251 tekhneek
tekhneek's picture

It'll keep goin' until one day it doesn't. Everyone then, will explain how it wasn't any different for reasons already mentioned on this site.

Keep calm and carry on. Nothing to see here.

Mon, 03/02/2015 - 18:57 | 5847408 forexskin
forexskin's picture

all i can think is -

 

whiskey

tango

foxtrot

!???@#>@#$%@??!

Mon, 03/02/2015 - 17:59 | 5847180 Ruffmuff
Ruffmuff's picture

It is just the rinse and repeat, reload the crack pipe type of market.

Again, as experience has taught and cucified me,NEVER TRY TO PICK A TOP OR BOTTOM.

No regular Joe, retail investor can be nimble enuff to predict shit.

I see ES gong to 2132 or so, at a 70% probability.  

When the corrections occur and volume keeps increasing, weak hands bail and the big dawgs just keep buying in. 

I'd only be worried to see a massive spike upward, then you'll know the deep shit is coming.  Otherwise the price action is abnormal as usual.

Mon, 03/02/2015 - 23:00 | 5848168 one_hundred
one_hundred's picture

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Mon, 03/02/2015 - 17:10 | 5846977 Kaiser Sousa
Kaiser Sousa's picture

CNBS is cracking me up over this fucking bullshit rampfest...

hilarious.

Mon, 03/02/2015 - 17:52 | 5847151 Four chan
Four chan's picture

kudlow buffet 69 eachother while cnbc encircles them in a circle jerk.

Mon, 03/02/2015 - 17:10 | 5846980 dimwitted economist
dimwitted economist's picture

best.recovery.ever. bitches!

Mon, 03/02/2015 - 18:12 | 5847228 Pure Evil
Pure Evil's picture

Now if OblameO would just give everyone BJ's then we could all have a happy ending.

Mon, 03/02/2015 - 17:10 | 5846982 back to basics
back to basics's picture

O.T.

Newbie here. Excited in finally joining the fight club. Thank you Tylers.

Mon, 03/02/2015 - 17:13 | 5846996 Greenspazm
Greenspazm's picture

nice tits.

Mon, 03/02/2015 - 18:03 | 5847191 NoDebt
NoDebt's picture

A smokin' hot body, bedroom eyes and a great rack of tits will only get you so far in this place, son.  Which ain't far, but it's further than a boring screen name and a nail gun avatar will.

Mon, 03/02/2015 - 18:26 | 5847290 spinone
spinone's picture

Welcome.  Now don't get carried away and try to short the market next week.

Mon, 03/02/2015 - 20:28 | 5847747 stant
stant's picture

And btfd. Oh I almost forgot. Bitchez

Mon, 03/02/2015 - 22:17 | 5848065 EHM
EHM's picture

Just remember if it's your first time you have to fight.

Mon, 03/02/2015 - 17:11 | 5846983 Squid Viscous
Squid Viscous's picture

speechless, market is obviously broken but nobody wants out?

Mon, 03/02/2015 - 17:12 | 5846991 sapioplex
sapioplex's picture

Nobody in...nobody wants out.

Mon, 03/02/2015 - 18:06 | 5847201 Ruffmuff
Ruffmuff's picture

Like hotel california, your nail gun can check you out, but you'll never leave.

My proof is kuntlow. That fuck will never leave, but at least I have the choice to never watch.

What CNBS really needs is someone worthy to report the real markets, like brian williams or Jon lovitz.

Mon, 03/02/2015 - 21:04 | 5847857 neidermeyer
neidermeyer's picture

What CNBS really needs is someone worthy to report the real markets, like brian williams or Jon lovitz.

*******************

Go all the way ... David Leisure as Joe Isuzu... I'd watch that stock report.

Mon, 03/02/2015 - 17:14 | 5847000 i_call_you_my_base
i_call_you_my_base's picture

Everyone knows it's broken, but if it only breaks upward, BTFATH.

Mon, 03/02/2015 - 17:11 | 5846988 Keltner Channel Surf
Keltner Channel Surf's picture

“Honey, according to the tourist map there should be a ‘Wall of Worry’ right here, but …”

“Yeah, I see … more like a Mountain of Sugar for a herd of goats.”

Mon, 03/02/2015 - 17:12 | 5846989 thismarketisrigged
thismarketisrigged's picture

wow, just listening to cnbc, and they had larry kudlow on. he must be a paid comedian for them, because the shit he was spewing was as comical as it gets.

 

he said this time is different, back in 2000 we were in a recession and companies were way overvalued ( o ya douchebag, so wtf was everyone partying back then as well and not sounding any alaram bells if it was so blatantly obvious?) also said we are ''nowhere near a recession''.

 

NOWHERE NEAR? actually he is right about that, there is a big difference between a recession and a despression and we are in a depression, so technically we are nowhere  near a recession.

 

the ramp at days end could not have been more obvious. why not just start robbing local banks, its no different.

Mon, 03/02/2015 - 17:19 | 5847029 NotApplicable
NotApplicable's picture

Kudlow is my favorite fool on CNBS. I recall watching a table full of talking heads doing a recap after they hosted a GOP debate (only to see how they'd handle Ron Paul), and someone accused Kudlow of "Drinking the Kool-Aid."

His response? "I don't drink the Kool-Aid, I mix it!"

The man is a national treasure.

Mon, 03/02/2015 - 17:36 | 5847031 Squid Viscous
Squid Viscous's picture

he was way more bullish in late 2007, "goldi-locks" etc.

 

then again when he was snorting coke and giving blow jobs in the Bear Stearns men's room he was the most bullish-est ever

 

now he's a Catholic so he can repent, lol

FUCK YOU Kudlow you wall street whore, "trickle down", zio-con, piece of shit, and still smoking cock no doubt

Mon, 03/02/2015 - 17:21 | 5847041 Kaiser Sousa
Kaiser Sousa's picture

bro do like i do..

hit the mute button every time he opens his mouth which by the way is always FULL OF BULLSHIT..

or keep the volume up and call him every fucking name u can think of while he's talking...

 

Mon, 03/02/2015 - 17:35 | 5847104 Bossman1967
Bossman1967's picture

You know what? Us people on ZH must just not get it when it comes to the market and I did say us. As long as they can monetise the debt then I am guessing they can keep the markets moving up up and away. And as long as the paper and physical metales are coupled we will keep getting fuckedon the sell but who is selling and one of these days the real numbers will mater to someone other than us and POW the sheeple will feel like US does today

Mon, 03/02/2015 - 17:56 | 5847166 agstacks
agstacks's picture

"One of the best performing equity markets in the last decade has been Zimbabwe," he added. "But now your entire equity portfolio only buys you three eggs." 

Mon, 03/02/2015 - 19:49 | 5847619 LooseLee
LooseLee's picture

Ha. That's not what that Pinko Commie was saying in 2000. Pull up some of his TV shows from then. He is a hypocrite status quo shill. If you listen to him, you are no better than him. He is a disgrace to 'Free Market Capitalism'...

Mon, 03/02/2015 - 17:14 | 5846998 IronShield
IronShield's picture

Bull Market:  Don't hate me because I'm a fraud.

Mon, 03/02/2015 - 17:14 | 5847002 Greenspazm
Greenspazm's picture

They have the viagra on intravenous infusion...

Mon, 03/02/2015 - 17:16 | 5847015 Hohum
Hohum's picture

Don't fret about this stuff.  It's just claims on wealth.  If you feel lucky, jump in and get out a day early.  Simple.

Mon, 03/02/2015 - 17:17 | 5847018 rogerthat
rogerthat's picture

time for abbey joseph cohen

Mon, 03/02/2015 - 17:22 | 5847052 Squid Viscous
Squid Viscous's picture

FYI she has come out of the transgender closet, please refer to her as Joseph Abby Cohen

Mon, 03/02/2015 - 17:17 | 5847021 Kaiser Sousa
Kaiser Sousa's picture

this time its different!!

dammit.

Mon, 03/02/2015 - 17:18 | 5847024 you enjoy myself
you enjoy myself's picture

ok, this has crossed the line into scary.  like the difference between watching with bemusement as your buddy has one too many whiskey shots versus witnessing him vacuuming up a couple 8 balls in one sitting.

it's still crazy to short a CB controlled market, but why anyone would be long trying to grab those pennies in front of the steamroller i have no idea.

 

Mon, 03/02/2015 - 17:39 | 5847118 Squid Viscous
Squid Viscous's picture

hilarious analogy!

Mon, 03/02/2015 - 17:20 | 5847032 Keltner Channel Surf
Keltner Channel Surf's picture

'thank you' to Led Zeppelin

If the Fed refused to hike,
I would still be holding you
Green Mountain crumbles to 13,
There will still be you and me

Kindle Touch, I’d give you my right arm
Kindle Fire, maybe more

Little drones and planes
Deliver my video games
No talk of profits like the days gone by
The stock is strong, with Jeff there is no wrong
AMZN shall grow until we die

Oh – my, my
Pure temptation is what you are to me
Got six gift cards – look … see

And so today, my broker, he smiles
Thinks by next year all of China joins Prime
Thanks to you it will be done
(Between you and me, they won’t be the only ones)

Happiness, never again be sad
Got two Fire Sticks – one for Dad

If the Fed refused to hike,
I would still be holding you . . .

Mon, 03/02/2015 - 18:05 | 5847200 Fred Hayek
Fred Hayek's picture

Outstanding, sir.  Outstanding.

Mon, 03/02/2015 - 20:41 | 5847788 Keltner Channel Surf
Keltner Channel Surf's picture

Thank you.   Overheard a guy in the grocery store sayin' "I'll NEVER sell my AMZN", and I got to thinkin'  "Hmm..."

Mon, 03/02/2015 - 17:20 | 5847039 autofixer
autofixer's picture

It never different.  Just sale in May and go away.   

Mon, 03/02/2015 - 17:21 | 5847042 Neue Regel
Neue Regel's picture

I was worried today that we would not be able to make new highs after last months brilliant performance. But blessed be our new Founding Fathers as they were able to secure another day for our great nation. I thought those evil "realists" who hate us for our freedoms would try to have the market go down if even a fraction based on their propaganda of economic realities.

They do not understand that our new Fathers have forged a new reality and saved us from the brink of economic collapse by shedding us of such burdens as economic fundamentals, employment, innovation, price discovery and moral hazard.

Today we live in a new world where we can be paid to borrow and can choose to either stay at home and be paid or work for our new Founding Fathers and be paid more.

As soon as we rid ourselves of the last of these economic terrorist we can then truly achieve the promised utopia and free ourselves of economic burden.

I look forward to the day when terrorist websites such as ZeroHedge will be finally silenced by Googles truth algorithms and the Tylers sent to some foreign country where they can be tortured without due process.

Blessed be the New Founding Fathers

Mon, 03/02/2015 - 17:26 | 5847067 Seasmoke
Seasmoke's picture

And Gold and Silver manipulated down $17 and .70 from Asia highs. ....I'm going after these people when the fraud is finally exposed. 

Mon, 03/02/2015 - 18:18 | 5847131 Kaiser Sousa
Kaiser Sousa's picture

pisses u off dont it..me too...

but then i go to bankrate.com and see what ALL the CD's, Savings, and MMF's r paying u (NOTHING THAT IS!!)  to store debt coupon dollars in the MoneyChangers insolvent institutions...

and to think i get to stack more real money bit by bit with those worthless green pieces of paper while they try to hold this dead economy in suspended animation until it inevitably collapses completely  - makes it alright in the end...hang in there.

Mon, 03/02/2015 - 20:45 | 5847801 LooseLee
LooseLee's picture

I doubt you will be alone....

Mon, 03/02/2015 - 17:29 | 5847077 rlouis
rlouis's picture

Yellin has got to be on crack. 

Mon, 03/02/2015 - 18:49 | 5847380 Keltner Channel Surf
Keltner Channel Surf's picture

Either that, or she's exceeding the manufacturer's dosage on her Flintstone Chewables.

Mon, 03/02/2015 - 17:29 | 5847078 Hohum
Hohum's picture

As stocks are bought at higher and higher levels, think of the opportunity cost!  Why isn't anyone using the purchase money/credit to start a manufacturing facility?

Mon, 03/02/2015 - 17:31 | 5847093 Wahooo
Wahooo's picture

Because rising equities prices, backed by QE, are a 100% sure bet and manufacturing facilities are not.

Mon, 03/02/2015 - 18:16 | 5847080 Rainman
Rainman's picture

Actavis to issue $20 billion in bonds to buy Alegran, 2nd largest corp. issuance ever. 

The debt keeps piling up.

 

http://www.wsj.com/articles/actavis-readies-big-bond-deal-1425258560

Mon, 03/02/2015 - 17:30 | 5847085 ben_bernanke
ben_bernanke's picture

We love leaving Durden intellectually destitute as he pounds the keyboard with his doomsaying. I mean, we're talking about the world's greatest muppet here.

Mon, 03/02/2015 - 17:40 | 5847121 Bunga Bunga
Mon, 03/02/2015 - 17:45 | 5847136 hungarianboy
hungarianboy's picture

Stop crying bitchez! There are no sellers at all, only buyers can't you guys see?

The moment we get a correction is just because the buying is muted for a bit but as you can see, we go up on low volume because there are no sellers. It seems there won't be in the coming weeks. Buy the dips.

Mon, 03/02/2015 - 17:46 | 5847138 ironmace
ironmace's picture

So, how much time we got?

Mon, 03/02/2015 - 17:48 | 5847141 PacOps
PacOps's picture

Meanwhile, back at the Kremlin bridge:

http://www.theglobeandmail.com/news/world/who-killed-boris-nemtsov-cctv-...

Nemtsov’s companion says she didn’t see the gunman on bridge

MOSCOW — The Associated Press

Published Monday, Mar. 02 2015, 7:41 AM EST

Last updated Monday, Mar. 02 2015, 4:37 PM EST

The 23-year-old Ukrainian model who was with slain opposition leader Boris Nemtsov tearfully recounted Monday their last dinner in a chic Red Square restaurant and their walk onto a nearby bridge — but said she did not see the gunman who pulled the trigger.

The emotional account by Anna Duritskaya came amid a swirl of speculation about who was responsible for the high-profile assassination and what it means for Russia.

Mon, 03/02/2015 - 18:18 | 5847253 disabledvet
disabledvet's picture

That Ukie fighter pilot is even hotter.

Mon, 03/02/2015 - 19:14 | 5847146 nakki
nakki's picture

It is different this time the first run was propelled by companies that had "some" accounting standards. They have learned that doesn't work. They need non gapp and no mark to market and extend and pretend and massive stock buybacks, because money is cheap and can just be printed, not earned. It will eventually end, somehow and it won't be pretty. The next grab will be even more obvious and more concentrated. 

Just remember we can't prosecute fraud and jail those people who have perpetrated this fraud it would cause instability in our financial system, they also made it legal, to commit fraud in the first place. Logic was thrown out the window in 2009, and TPTB came out into the light and said all hail us we shall save the world. We are masters of the universe, look at the mighty stock market as proof. Its not our fault, its never our fault, its your fault. Now do as uncle Janet says and invest that extra $1200 a year so when you're 70 years old you can have that $150,000 nest egg to live off of for 2 years, and die.

Mon, 03/02/2015 - 17:52 | 5847154 Soul Glow
Soul Glow's picture

This is all so fucking bullish!  US macro signals bulls leading bears to slaughter!  RAH RAH RAH!

Mon, 03/02/2015 - 17:55 | 5847160 toomuchtom
toomuchtom's picture

It's different, BUT IT'S CONNECTED. Since Greenspan's panicked response to the original dot.com collapse, Fed Policy has been focused solely on not letting the adjustment process required from the mis-allocation of capital that defines any bubble from playing our fully through the real economy. The result, another mis-allocation of capital into housing, followed by yet another Fed/global CB Panic, which likely ends in more pain. 

So yes, it's different, like i am different from my grandfather. 

Mon, 03/02/2015 - 19:06 | 5847446 PeeramidIdeologies
PeeramidIdeologies's picture

Well yes, you are different from your grandfather, as this moment in time is different from the past. Technology is changing the order of business within the markets across the board. There is a level of control within the major indices that has yet to be uncovered, and may never be, but you can bet your bottom dollar what you think you know is actually a year or two behind what is taking place. We should all be conscious not to kid ourselves to think we are "up to date" on what is happening behind the scenes.

Take the current price discovery of crude oil. Many people are still using historical precedence to gauge current pricing. This is a faulty practice. The underlying method of old has been replaced with a new objective. Lower crude oil pricing is a necessity and I have yet to see an article articulating all of the influences exerting themselves within this sector. I would love to sit down and lay it all out but it really doesn't matter. Centralization is progressing with surprisingly little resistance despite the rolling heads and fortunes turned.

Mon, 03/02/2015 - 17:59 | 5847179 Al Tinfoil
Al Tinfoil's picture

Market algos in the LSD/Meth Twilight Zone?

Or the magic carpet algo ride?

Mon, 03/02/2015 - 18:01 | 5847181 ironmace
ironmace's picture
 
Mon, 03/02/2015 - 18:00 | 5847183 homebody
homebody's picture

Markets totally irrelevant.  Just about everything is going off-shore.  Manufacturing, currency, jobs, food production, stolen or sold technology, etc - So go and enjoy bread and circus - get more fat and lazy - get ready for new masters and your daily bowl of rice if you survive.  You have let them take your constitution and life away - pussies.

Mon, 03/02/2015 - 18:08 | 5847205 Dre4dwolf
Dre4dwolf's picture

All you need to know is, something is going to give way, usually the thing people think . . . wont.

The markets are high as a kite, and everyone is betting on central bank intervention keeping markets elevated  . . . forever , its a little crazy to think this sham is going to run up forever. . .  people buying into this must be clinically insane IMO.

Mon, 03/02/2015 - 18:10 | 5847222 homebody
homebody's picture

The world is desperately trying to prevent (1) the falling of the first financial domino or (2) wwIII.  There is no other option.

Mon, 03/02/2015 - 18:59 | 5847424 will ling
will ling's picture

good analysis. all can say is get ar-15 w/lots ammo, water/foodstuffs and get you/yours someplace rural and try surviving.

Mon, 03/02/2015 - 19:18 | 5847445 homebody
homebody's picture

I have my shit together - added shotguns with 00 BUCK (several hundred rounds) good for zombies - loads of firewood - first aid supplies - good water source - and much more.

 

What frightens me is how high property taxes will go before the collapse - the government may try to take everything in a last ditch effort to save themselves.

Obummer wants your 223 ammo - get it fast.  The dictator has no respect for the constitution.

Mon, 03/02/2015 - 18:07 | 5847212 ncdirtdigger
ncdirtdigger's picture

How much is that is Weimar marks?

Mon, 03/02/2015 - 18:09 | 5847216 Hannibal
Hannibal's picture
Dutch embassy smokes DC mayor’s office over pot remark

"Officials in Washington, DC say the district’s new lax marijuana rules are a far cry from what’s on the law books in Amsterdam, but the Dutch embassy begs to differ.

As of last week, adults in the United States capital could legally possess up to two ounces of marijuana but are still barred from smoking up in public. In preparing the city for the shift in policy, Mayor Muriel Bowser said last week that DC won’t become “like Amsterdam,” where pot shops aplenty have made the Netherlands a tourist destination for weed enthusiasts.

On Thursday, the Dutch embassy in DC published a blog post where its authors alleged that being “like Amsterdam” is anything but bad."

http://rt.com/usa/236977-amsterdam-washington-dc-marijuana/

An accompanying chart – dubbed a “trolly infographic” by the Washington Post’s Wonk blog – has since made waves on the internet, and not just on the foreign embassy blogosphere: Other sites have since picked it up as well.

Mon, 03/02/2015 - 18:12 | 5847230 henry chucho
henry chucho's picture

You can shovel all the money onto shit that you want,but in the end,it's just going to be a bigger pile of shit..

Mon, 03/02/2015 - 18:19 | 5847262 disabledvet
disabledvet's picture

Like an Elon Musk rocket launch....

Mon, 03/02/2015 - 18:23 | 5847274 buzzsaw99
buzzsaw99's picture

hedge fund managers and ceos get their bonuses by producing bullshit rallies. party on dudes.

Mon, 03/02/2015 - 18:47 | 5847368 robnume
robnume's picture

Cookin' the books yet again. run traders, run, you spineless unproductive fidouchebags!

Mon, 03/02/2015 - 20:58 | 5847840 rosiescenario
rosiescenario's picture

The crappy macro numbers just insure that the Fed will keep on printing....and the market will continue doing just what it has been doing.

 

Time to get out of the market is when (if ever) the economy actually recovers.

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