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Worst Macro Data Since Lehman Sparks Stock Buying Frenzy

Tyler Durden's picture




 

Intel slashes guidance, retail sales worst since Lehman, Biz inventories to sales worst since Lehman, GDP expectations have collapsed, leading indicator Lumber plunged, and Jobless Claims holding above 300k on average... but the dip below the 100-day moving average was all that was needed...

 

Because with US Macro data falling at the fastest pace since Lehman...

 

And Lumber crashed...

 

Which matters...

 

*  *  *

So why wouldn't you BTFWRSSL...

 

From the 330RAMP yesterday, Small Caps have ripped... and Dow (thanks to Goldman)

 

As S&P rallied perfectly off the 100DMA to top the 50DMA...

 

Today was led by the financials post-CCAR... as they unleashed their newly found buybacks

 

But we hate to be the bearers of reality news but credit markets were not as 'squeezed' as stocks...

 

Hhhhmmmm....

 

On the week, The Dow crept into the green but S&P and Nasdaq remain red... (Goldman And Visa added 75 points alone to The Dow today)

 

Treasury yields slipped lower still - despite a notably weak 30Y auction - 10Y and 30Y unch from the payrolls print

 

And a big bounce off 1.04 overnight in EURUSD sparked a tumble in the USD Index...

 

This 0.4% drop in The USD Index is the biggest in a month as EURUSD surged off 1.04

 

Commodities were very mixed... Silver up, gold flat, copper up big, crude down big...

 

Crude crashed back to 6-week lows - near cycle lows...

 

So terrible news is good news as "The QE Trade" appears to be back (for a day) - Buy Stocks, Buy Bonds, Buy Gold, Sell USDs...

Charts: Bloomberg

Bonus Chart: Fun-durr-mentals...

 

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Thu, 03/12/2015 - 16:10 | 5882795 khakuda
khakuda's picture

Market loves the bad news that keeps ZIRP or near ZIRP alive and well.  It just means the "market" will remain under central command for longer.

Thu, 03/12/2015 - 16:15 | 5882819 Pooper Popper
Pooper Popper's picture

No stop signs
Speed limit
Nobody's gonna slow me down
Like a wheel
Gonna spin it
Nobody's gonna mess me around
Hey satan
Payin' my dues
Playin' in a rockin' band
Hey mumma
Look at me
I'm on the way to the promised land
I'm on the highway to hell
Highway to hell
I'm on the highway to hell
Highway to hell

 

Good times man,,,good times....

we are so Fucked!

Thu, 03/12/2015 - 17:27 | 5883095 unrulian
unrulian's picture

The "drink when ZH mentions, worse since Lehman" drinking game is getting me a little buzzed lately

Thu, 03/12/2015 - 18:24 | 5883333 Pooper Popper
Pooper Popper's picture

SWEET! I want to play...Ill start in the morning.

 

Its never to early to start drinking cough syrup!!!!!!!

Thu, 03/12/2015 - 19:26 | 5883515 CapnJackDaniel
CapnJackDaniel's picture

Act Fast! ZH now selling personalised "Worst ---- Since Lehman" T-shirts, 3 for $40 (only available in red on black or black on red) - Why not try our best selling 'Worst Shag Since Lehman', 'Worst Episode of Walking Dead Since Lehman', 'Worst Race Riot Since Lehman'; and of course our ever-popular 'Worst Shart Since Lehman'. 

Thu, 03/12/2015 - 19:31 | 5883531 Automatic Choke
Automatic Choke's picture

and just because you're paranoid, doesn't mean that they aren't out to get you....

 

Thu, 03/12/2015 - 16:32 | 5882890 BullyBearish
BullyBearish's picture

We are at the beginning of the "engineered" soft landing, perfectly timed stairsteps; up on normalization postponement hopes and down on the reality of normalization.  The difference this time is that it wasn't a fed head that talked up the postponement (giving them plausible deniability) after the stellar jobs report, it was the "market" reacting to bad numbers in an "oversold" condition.  The fed is on course for a June rate increase, however initially miniscule.  Rally days like today are "offloading to bag holder days". 

Thu, 03/12/2015 - 16:52 | 5882968 Bossman1967
Bossman1967's picture

crazy crazy crazy the fed will raise the rate.25 percent they have to just like the money printers went retard today and the talking Hess on fox saying buy buy buy. whiplash in the markets it's all crazy. so BTFD if you dare and you have money to burn cause when you try to sell nobody gonna be there to buy your worthless paper like the worthless dollar you bought the stocks with

Thu, 03/12/2015 - 17:10 | 5883043 amadeus39
amadeus39's picture

Please, will someone expalin why some things of real value keep going down in price? Metals, oil, grain? I can understand why land is going up and companies that are profitable are going up, but why aren't commodities going up? Does it have something to do with our fiat currency, that is dollars, going up?

 

Thu, 03/12/2015 - 17:32 | 5883116 stocktivity
stocktivity's picture

deflation starting to ramp up

Thu, 03/12/2015 - 17:52 | 5883211 El Vaquero
El Vaquero's picture

Stronger dollar plus a lot of people simply cannot afford the higher prices, so demand goes down. 

Thu, 03/12/2015 - 18:49 | 5883412 Anonymous_Benef...
Anonymous_Beneficiary's picture

To add to the posters above, extraction technologies are continually making improvements as well.

Thu, 03/12/2015 - 16:10 | 5882799 SheepDog-One
SheepDog-One's picture

One 7 year car loan weekly to buy moar stawks please!!

Thu, 03/12/2015 - 16:10 | 5882805 FieldingMellish
FieldingMellish's picture

No one needs lumber to build houses anymore. Everyone is waiting for the iHouse from Apple. Designed in California. Assembled in China.

Thu, 03/12/2015 - 16:15 | 5882828 Chuck Knoblauch
Chuck Knoblauch's picture

3D holographic homes for everyone!

Thu, 03/12/2015 - 16:12 | 5882812 Rainman
Rainman's picture

ha ...don't say I didn't warn you . BTFD is harder to kill than toenail fungus.

Fri, 03/13/2015 - 07:13 | 5884482 Arnold
Arnold's picture

ClO2 for fungus.

Every thing else, I got nothin.

Thu, 03/12/2015 - 16:13 | 5882814 q99x2
q99x2's picture

Told you. BTFD. Hey these people in charge are pedophiles, sex trafficers, drug trafficers, money launders, they burn the faces and blow the arms and legs off or children. They have taken over the markets connected software to infinite supplies of fiat and are controlling the markets. It is their software stupid and they are going to use as a weapon of financial terrorism until they win or lose. Until you see those mushroom clouds you gots to be BTFD.

Thu, 03/12/2015 - 16:16 | 5882830 FreeShitter
FreeShitter's picture

Zactly...you BTFD until you no longer can, i.e WWIII.

Thu, 03/12/2015 - 16:41 | 5882923 Luckhasit
Luckhasit's picture

And what is so fucked up about it is that the pieces are being positioned for that outcome. 

War IS a racket.

Thu, 03/12/2015 - 17:17 | 5883063 seek
seek's picture

My pet theory is this is what TPTB heading for the exits looks like. Just like Rome, pillaging the treasury as the world around them collapses. The main difference is they've got new tools to hide the collapse until the very last moment.

I know the concensus here seems to be a slow, gradual decline, but I think the reality is that's just leakage from the pillaging showing up. A Wyle E. Coyote moment is waiting, akin to the crazy two weeks in 2008 but much, much more eventful, and I suspect that's when we'll have O or his replacement spring full socio-communo-crypto-fascism on the country via executive orders.

Thu, 03/12/2015 - 17:57 | 5883232 El Vaquero
El Vaquero's picture

If it all ended tomorrow, it would still be something that I would consider a slow decline.  It started in 2000 and accelerated in 2008.  The next round of crisis could very well be it.  This is a process punctuated by events, but it is not a single event. 

Thu, 03/12/2015 - 16:14 | 5882817 Goldilocks
Goldilocks's picture

B.J Thomas - Hooked on a feeling (1969)
http://www.youtube.com/watch?v=O2lEO7vaozo (2:44)

Thu, 03/12/2015 - 16:17 | 5882831 Westcoastliberal
Westcoastliberal's picture

Blue Swede also did a great version, Goldy:

https://www.youtube.com/watch?v=NrI-UBIB8Jk

Thu, 03/12/2015 - 16:15 | 5882820 The Bell Rang
The Bell Rang's picture

Let's see how tomorrow pans out.....

Thu, 03/12/2015 - 16:15 | 5882821 Keltner Channel Surf
Keltner Channel Surf's picture

The Smiths appear disconsolate re: the slope of their equity curve:

I decree today the market’s simply taking and not giving
Trading is dead, you can’t make a living
But don’t ask me why -- just try shorting SPY
Oh, ask me twice and I'll punch both your eyes
But we cannot cling to the MACD anymore
No, we cannot trade with those things

Does the market rule the Fed or does the Fed rule the market?  I dunno

With our iron condor we missed, getting crush with slammed VIX
It just wasn't like the old days anymore, no it wasn't like those trades
Am I still short?

Does oil’s price rule the markets, or does the dollar rule oil?   I dunno

And if you must short the market tomorrow
Well, if I were you, I wouldn't bother
For there are quicker ways to die
And I should know because I've seen them
Here’s my coffin

With an iron butterfly we missed, once again it’s that damn VIX . . .

Thu, 03/12/2015 - 16:15 | 5882822 Westcoastliberal
Westcoastliberal's picture

You guys realize that all of these "stats" are bullshit since mark to market went D.O.A.

Thu, 03/12/2015 - 16:53 | 5882974 disabledvet
disabledvet's picture

Still have to price actual things in the USA.

 

This ain't Venezuela (yet at least.). Prices other than at the pump still have done nothing but gone up.

 

We do appear to have gone from a mere inventory build to a back log however.

 

"Long dime stores...

Thu, 03/12/2015 - 20:27 | 5883690 lotsoffun
lotsoffun's picture

i disagree.  it is market to market.  the fed buys anything the banks want to sell at whatever price is offered.  if you then, want to buy securities, you

either pay the 'PUT' to fed price, or you sit in cash.  in terms of housing - you have to fight with private equity converting to rental and securitizing.

if you want an automobile, you have to compete with zero interest subprime auto loans.

let's not talk about the price of college education.

when NOBODY has to pay anything back, who cares what the price is because the money was borrowed.

is this not obvious to my fellows here?

 

Thu, 03/12/2015 - 16:15 | 5882823 SheepDog-One
SheepDog-One's picture

Lumber to build houses? How gauche...we .01% are building our mansions from the sun cured bones of the peasantry now.

Thu, 03/12/2015 - 16:17 | 5882836 ebworthen
ebworthen's picture

Soylent Beige - bones and tanned hides.

Thu, 03/12/2015 - 17:32 | 5883118 Temporalist
Temporalist's picture

I hear skulls are especially useful for filling voids in walls...like earthships.

Thu, 03/12/2015 - 16:16 | 5882824 ebworthen
ebworthen's picture

So what will the FED and Treasury do next; buy Gold iWatches? 

Sell "Securitized Student Debt Defaults" (SSDD)?

Surely they won't let Wall Street down; the beatings of Main Street will continue until morale improves!

Thu, 03/12/2015 - 16:16 | 5882829 thismarketisrigged
thismarketisrigged's picture

why do i feel like everything is always the worst since lehman?

 

best part about today was watching closing bell exchange on cnbc, and they had a bunch of idiots trying to argue how there is no need to raise interest rates ( of course they didnt mention how they cant raise rates)

Thu, 03/12/2015 - 16:55 | 5882981 disabledvet
disabledvet's picture

Because we all were better of Before Lehman.

 

 

Now we are...After Lehman.

Thu, 03/12/2015 - 16:17 | 5882833 enforcer92677
enforcer92677's picture

I get such a kick out of the banners that Tyler makes with the barfing unicorns and all the little pictures.  This simpleton is easily amused.  :-)

Thu, 03/12/2015 - 16:17 | 5882834 davidalan1
davidalan1's picture

hmmm, Lumber, Oil, Baltic dry index, GDP forecast, housing, 90 million off of employment records, record EBT, WW3 on the horizon..

Dow up two fitty...

Thu, 03/12/2015 - 16:21 | 5882846 FreeShitter
FreeShitter's picture

dats right nigga.

Thu, 03/12/2015 - 16:23 | 5882855 davidalan1
davidalan1's picture

I just laughed my effing ass off....omg

Thu, 03/12/2015 - 16:31 | 5882886 Philo Beddoe
Philo Beddoe's picture

That was pretty fucking good...I must say. 

Thu, 03/12/2015 - 17:37 | 5883138 cosmictrainwreck
cosmictrainwreck's picture

Where's Million Dollar Bonus? Too golden an opportunity... C'mon MDB...educate us w/you erudite elucidations

Thu, 03/12/2015 - 20:23 | 5883681 lotsoffun
lotsoffun's picture

doesn't matter.  the fed is bluffing.  you can put anything to them.  they are NOT raising rates.  it is talk.  and they not let stocks drop.

3% drop - and the pump was in.

the banks are ROCKING!!  the banks are buying back and upping dividends.  they borrow at zero (from the fed and from YOU) lend nothing and pump the stock market via HTF.

until all our money is transferred to them, it will not stop.

 

Thu, 03/12/2015 - 16:19 | 5882840 Chuck Knoblauch
Chuck Knoblauch's picture

What happens when you manipulate an equities market and nobody shows up with any of their own money?

Just get drunk and borrow 100% on your future.

Let it ride.

 

Thu, 03/12/2015 - 16:19 | 5882841 ted41776
ted41776's picture

the "pop" is well overdue

Thu, 03/12/2015 - 16:26 | 5882843 Pareto
Pareto's picture

"Attention - all planets of the Solar Federation.  Attention - all planets of the Solar Federation.  Attention - all planets of the Solar Federation.  We have assumed control.  We have assumed control.  We have assumed control."

Thu, 03/12/2015 - 16:20 | 5882844 divedivedive
divedivedive's picture

I kinda wish that rather than redefining the dow (etc) by dropping/adding stocks they created a truly new index - with a new name/symbol - and left the 'old' one hanging around for historical reasons. That might be more 'transparent'.

Thu, 03/12/2015 - 16:32 | 5882894 Stormtrooper
Stormtrooper's picture

I'm glad that no one any longer calls it the Dow Jones Industrial Index because that might draw attention to the fact that less than half of the Dow has anything to do with industrials except for McDonalds who "manufactures" pink slime hamburgers. In other words it is not an index of similar type companies at all.  Totally meaningless.

Thu, 03/12/2015 - 16:22 | 5882850 wmbz
wmbz's picture

With all the good news flowing around the globe, it's up, up & away in this beautiful balloon!

The un-fed won't the jack rate, and will keep the pumps a'runnin!

It is truely a fantasy world!

Thu, 03/12/2015 - 16:22 | 5882851 IridiumRebel
IridiumRebel's picture

Long Crazy Pills

Thu, 03/12/2015 - 16:22 | 5882852 Madcow
Madcow's picture

lets hope for a total economic collapse ... so we can all get rich !! 

??

Thu, 03/12/2015 - 16:59 | 5882994 Chuck Knoblauch
Chuck Knoblauch's picture

income equality at $0 would level the playing field.

Thu, 03/12/2015 - 19:31 | 5883530 jubilee444
jubilee444's picture

obama is the most transparent

Thu, 03/12/2015 - 16:23 | 5882857 monopoly
monopoly's picture

What could possibly go wrong. This will end in absolute disaster. And we here all have a seat in the first row. Makes the Mad Hatter look sane.

Thu, 03/12/2015 - 19:36 | 5883544 Automatic Choke
Automatic Choke's picture

just grab a chair, firmly seat yourself, and buckle that seat belt BEFORE the music stops.  you won't have a chance in hell once it stops.  then be patient.

Thu, 03/12/2015 - 16:30 | 5882880 The Bell Rang
The Bell Rang's picture

http://stockcharts.com/h-sc/ui?s=$BKX&p=120&yr=0&mn=7&dy=0&id=p56973230402&a=383994484

 

We will see

Thu, 03/12/2015 - 16:30 | 5882884 The Bell Rang
The Bell Rang's picture

Oops

Thu, 03/12/2015 - 16:32 | 5882889 buzzsaw99
buzzsaw99's picture

worst dead cat pic evah

Thu, 03/12/2015 - 16:33 | 5882896 Thisisbullishright
Thisisbullishright's picture

Hmm....what could POSSIBLY go wrong with this system?!

 

Head explodes!

Thu, 03/12/2015 - 16:33 | 5882897 The Joker
The Joker's picture

BUY!!

Thu, 03/12/2015 - 16:48 | 5882924 Silverhog
Silverhog's picture

Economic news is certainly pointing to a Lehman event. Market jumps 260. But underlying world situation still 1000x worse than Lehman. Wow, this is going to be the biggest fucking financial explosion of all times? This is nuts. Gold $500,000? I could be low! 

Thu, 03/12/2015 - 20:18 | 5883662 lotsoffun
lotsoffun's picture

gold going up is a relative to other assets is a dream.  it will retain relative value compared to other 'assets'.  if it goes to 500,000 a loaf of bread will be the similar multiple.

those dollars won't be worth anything. that is the important point.

and - if gold hits that - who would be able to buy even the smallest piece?

sitting on today's value of $1,000 dollars or today's value of gold in $1,000 dollars, the $1,000 dollars won't buy you anything, but the gold should retain better buying power.

and if deflation hits, gold is dropping.  big time.  just like everything else.

Thu, 03/12/2015 - 16:51 | 5882962 R19
R19's picture

Where can I get the dead cats to put on my charts?

Thu, 03/12/2015 - 19:39 | 5883557 Automatic Choke
Automatic Choke's picture

Panda Express.

Thu, 03/12/2015 - 16:51 | 5882964 max2205
max2205's picture

And.....everyone forgets how to trade the downside.......the first move down will be huge...huge I say

 

When ever it happens 

Thu, 03/12/2015 - 16:56 | 5882982 Silverhog
Silverhog's picture

When this market goes, it will be like an over weight elephant with the flu who ate 30 lbs of exlax. 

Thu, 03/12/2015 - 17:07 | 5883034 enforcer92677
enforcer92677's picture

That's an incredible image.

Thu, 03/12/2015 - 17:01 | 5882998 disabledvet
disabledvet's picture

 So lumber prices keep collapsing so I should short the one retailer that sells it to an actual consumer dirt cheap?

 

How does that work FCC, er, sorry...no...SEC.

 

And the Heroin dealer is the FDIC...and we all know who they're fronting for.

 

Looking forward to the confirmation of the next Attorney General.  "She's going to have a full plate" without a doubt.

Thu, 03/12/2015 - 17:02 | 5883007 surfvin
surfvin's picture

Zirple nirple qualudes & ecstasy

Thu, 03/12/2015 - 17:19 | 5883069 stateside
stateside's picture

The only thing that matters is the BOJ starts buying US equities March 31st.  Until then, BTFD 

 

Thu, 03/12/2015 - 20:18 | 5883661 nakki
nakki's picture

Only in a fucked up world could the worst counterfeiting central bank use endless fiat to buy companies in another country.

So either the Japanese are buying the top, or there is only ONE CENTRAL BANK, because at this point (QE 9) who takes YEN as currency. Fuck might as well have Venezuela and Argentina start cranking up the "printing press" to buy US equities.

Thu, 03/12/2015 - 21:10 | 5883795 A_latvian
A_latvian's picture

I would just like to thank ZH for the "Unicorn Vomiting Rainbows" theme. It is exceptionally appropriate.

Thu, 03/12/2015 - 21:49 | 5883900 jtz5
jtz5's picture

I have played by the rules...paid my mortgage (even when we bought at the top), credit card bills, utilities, etc. I honestly feel like I am a sucker for doing what should be the morally right thing to do.

If this stock market bullshit continues, with buybacks and CB fueling it higher, when GDP and earnings suck, I am going to do what everyone else has done and just shit the bed.

I have a $60k credit limit across two different credit cards. Why shouldn't I go crazy, blow the $60k and tell the bank "fuck you?" I am sick of being the responsible one.

Fri, 03/13/2015 - 02:50 | 5884334 Automatic Choke
Automatic Choke's picture

listen, jtz5, you need to relax.  curl up in front of the fire with a cold beer and a warm copy of "Atlas Shrugged". 

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