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Market Melts Up To Record Highs, Bonds & Bullion Bid
Record Highs... why the f##k not!!
Before we get started, this...WTF!!
OK - having got that idiocy off our chest. It is OPEX tomorrow, BATS Options and NYSE Arca broke this morning and volume was terrible... so what more do you expect than this!
It seems pretty clear that there is only one thing that matters now... keeping The Dow in positive territory for 2015...
Can central bank buying of ES today push the S&P to record highs?
— zerohedge (@zerohedge) May 14, 2015
VIX banged back under 13... (it has the 'give the market the finger' pattern to it)
And the gap open cash markets did not look back..
On the week, Trannies weak - rest all green again now...
Bonds & Stocks decoupled today...(or recoupled with the old normal)
Bonds rallied on the day but Treasury yields majorly diverging on the week - 2Y -2bps, 30Y +16bps!
Curves are different for now...
The USDollar retraced its early losses to end the day almost unchanged - USDJPY absolutely dead.
Crude and copper slipped lower as precious metals boomed once again today...
Crude closed back below $60...
But it was gold & Silver that really ripped again
Wheat soared... its biggest day in almost 6 months...
Charts: Bloomberg
Bonus Chart: AVP WTF
Bonus Bonus Chart: SHAK Shook
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The new normal...no rigging here...
You have no idea how many times I shouted "WHAT THE FUCK!" today.
Still? I thought you'd be use to this by now. Low volume rally. SSDD
The Death RIPS of the Ponzi.
RIPS
An old woman (Mr. Yellen) has fought with death a thousand times and has always won. But now she finds herself afraid to let a wounded policeman in her door for fear he is Mr. Death. Is he?
RIP Markets
RIPS
Why don't come down off that cross and carry it on your back for a while, i'm sure your forward thinking mind won't mind.
The more people say this is the 'new normal' the closer we get to a correction...trust me, I know from experience... ;-)
So silver and gold will be down, what, five percent tomorrow?
No, it's just Robert Redford.
Carry on!
At least we can safely argue that everyone is getting fucked royally. Nobody is making money here and fewer and fewer are willing to participate in this orchestrated shit show. Nothing sticks.
edit: Insiders in AVP and SHAK made money today
I keep trying to figure out why the FED did all the hyperventalating about raising rates and if the "headline" labor numbers and the commodity price movement will allow them to continue the arm waving.
I find it very confusing. How do you undo that without exposing total cluelessness? Do machines care?
QE4 is on the way, Commodities have seen the light. Now equity futures are seeing it too.The question is when, how much, and will it fail like QE3 did.
Pushing off the inevitable is getting harder and harder, Janet.
yeah, well if they don't raise rates and go back on their own estimations and policies then all hell will break lose regardless of what they say or do in the future.
they will have ZERO credibility and with that comes ZERO faith in their fiat.
Yellen would have to publicly start crying in front of Congress and ask to be whipped because she's been wrong or something like that.
If they don't raise rates, the Dollar is toast one way or the other. Might as well try and preserve some semblance of credibility and importance and stick with the plan.
i disagree. as usual, they'll come up with some BS excuse to explain the narrative going off the rails (too soon?), then backtrack all of their estimates and projections to justify another round of QE. yes, they have zero credibility, but they'll be forgiven because 'at least they're doing something.' that's what got them on this trajectory in the 1st place, they can't get off it now. inaction is not a choice, a deeper recession from an interest rate spike isn't one either.
the funny part (in my view) is this: now that they've fired off their 1 trillion plus bazooka, their next move is going to have to be world-destabilizingly-massive. then the BOJ, ECB, PBOC... basically every CB in the world will respond in kind, then all hell breaks loose. it's a zero-sum world, and getting frighteningly close to every-man-for-himself.
Two words for today.
Fucking ridiculous.
DavidC
"The new normal...no rigging here..."
Maybe EBT cards can buy stocks now? Not just for cigarettes, alcohol and porn any more...
Markets in 2014-2015 are eerily similar to 2006-2007
The markets kept climbing the wall of worries until it fell off the cliff.
The kleptocrats painted themselves another masterpiece today. The should see what it'll fetch at Sotheby's
Dow 20k by end of summer.
I think so too. Although I personally believe it will be over by the end of September. Then war, then the end.
"Dow 20k when QE4 is unleashed"
fixed it for ya
QE never ended. Those numbers are for your enjoyment. There has been only one QE....it is still ongoing.
It won't take that long. S&P looks set for a breakout to the upside. Just ramp the futures overnight with no volume to gap the market up in the morning and squeeze anyone stupid enought to try to short this "market".
"ramp the futures overnight"
300+ times over that past 6 yrs stocks have gapped the open. it's funny how in their effort to push everyone into risk, CBs made derivatives the primary vehicle, cuz it worked out so well last time.
Stop calling me stupid!
They called Kyle Bass stupid in 2007 .........
The smartest guy in the room .......
the bass family also won the 911 ny contest on who made the most off the stock market closing due to 911
Tigranes Levantus: If you looked into a magic crystal, you saw your army destroyed and yourself dead. If you saw that in the future, as I'm sure you're seeing it now, would you continue to fight?
Spartacus: Yes.
Tigranes Levantus: Knowing that you must lose?
Spartacus: Knowing we can. All men lose when they die and all men die. But a slave and a free man lose different things.
Tigranes Levantus: They both lose life.
Spartacus: When a free man dies, he loses the pleasure of life. A slave loses his pain. Death is the only freedom a slave knows. That's why he's not afraid of it. That's why we'll win.
Nice one AIIB.
DavidC
Absolutely nothing can derail this bull market.
(That should do it.)
I'm so bullish, it hurts! This market is freakin' awesome!
I'm glad to see the NO VOLUME icon, because there was none of that today. #NoMoreDownDays. #Pathetic. Wait, this isn't the twatting site? Lol
Keith Richards takes a rare lead vocal in ‘Goats Head Soup’ era Rolling Stones
“Coming Down Again” AKA “Going Up Again”
Going up again, going up again
Stocks go up again
Share your bots
There's nothing you should hide
We’re all trying to survive
Got caught short, oh, taken for a ride
In the end, that’s no surprise
Going up again
Where are all my friends?
At new highs again
Stuck my funds in 90 puts on SPY
It gets worse every time
It turned green, and I started to cry
Being short – it ain’t no crime
Going up again, all my margin’s spent
Going up again (SPY new highs again)
Going up again (SPY breaks out again)
Where are all my friends?
Ah, Keef Riffhard! Yes! But as applicable:
After all is said and done
I did alright and had some fun
Now I will walk, before they make me run
so of course, with zero logical reason as to why the s&p would hit an all time high today, but not only that, but there was not an ounce of volatility to the downside today, despite stawks at these levels.
of course if it was a down day, the buy the dippers would surely be there waiting to fucking buy it.
dosent get more manipulated than this.
As usual volume sucked. My hunch is that it was a massive short covering. It waffled for over an hour before lift off with ZERO Volatility.
Volume need not apply when the fed and central banks own 100% of the casino.
True monopolies insist upon it.
Competition will NOT be tolerated.
Rigged horseshit courtesy of Bowlcut Yellen and team.
Hmmm, gold. I wonder if The Fed, or the IMF (Tyler's theory), or whomever has been dumping a half-billion of gold futures to tank the price every time gold gets some upward momentum, finally realized gold at $2700 / oz would make a better case for inflation? If not, watch for gold to tank tomorrow about mid-morning, as per usual.
Anyone give me the over/under date when my many shares of UVXY are worth nothing??
Volatility has been put to sleep as the casino "markets" will not be allowed to go down...
I'm hanging on to my UVXY. These are how market tops are manufactured just before the muppets get left holding the bag.
Same here....bought some more UVXY @ 9.35. Its like watching a spring being compressed. I am just trying to figure out what is a good exit point when it goes to the upside.
I like the UVXY idea in theory. The VIX term structure is in serious contango, so the roll yield is going to kill you unless a shock hits quite quickly. It's a trading vehicle, not a holding vehicle. UVXY looks like it's about due for another 1/10 reverse split. Not good.
When does the Fed go public? They could make a killing with an IPO.
They already did in 1913, made a killin up to now.
I just finished a conference with people many would consider the smartest people in any room. They actually laughed when a presenter said that everything they have tried hasn't worked and most of what they did actually made the problem worse. It turns out that most of the time, them doing nothing and letting nature work is the right course of action.
See the problem is that doing nothing doesn't make them money, so doing harm is preferable since it makes them a lot of money.
If you haven't figured it out I was sitting in a room full of doctors talking about developing new drugs and running clinical trials.
I'm pretty sure the presentation made by Fed members would go the exact same way. Complete with the laughter when one of them spills the beans about the futility of their actions.
Omelets and broken eggs go hand in hand.
Who's hungry?
Most doctors aren't today any better than the quacks that traveled around when this country was just being born. Snake oil and other equally useless remedies were peddled then as they're peddling pills, potions or infusions today.
The difference is that doctors today have massive debts to start and they have several lobbies protecting their racket.
Doctors spend 2 months of their 10 year training to learn about nutrition. Fact is that nutrition makes up 80% of a person's health and the other 20% is environment. The best doctors are naturopaths. Finding a good one and getting an appointment is key!
V the Guerrilla Economist 24th April 2015 with Patrick Wood - Technocracy
http://www.youtube.com/watch?v=1WrjhOG4tUE (1:49:32)
Why am I buying gold or silver here again?
The Swiss fucking franc? Bwhahahaha.
Any war between Saudi Arabia and Iran takes twenty million barrels of oil a day off the market.
The dollar, debt and oil if that happens.
North Dakota will become the richest place on Earth if that war happens.
Boeing 787's, Tesla's, i-gadgets...and massive earnings for equities.
Delta airlines just did a billion in one quarter.
Take Coke private...
The new norbal.
Long live James Altucher.
The equity traders call us F/X traders crazy? I've seen some crazy shit, but the equity markets this week are "batshit crazy".
My guess is they like the softer $usd for nominal gains. The carry trade is unwinding and the yen tends to out perform the $usd even when the $usd is strengthening.
I was expecting more $usd strength earlier this week, but then came the bad macro and another leg down. That right shoulder on the daily MACD $usdx looks pretty mature, so I suspect we'll see some strengthening soon.
Just like last~time. You're warned.
I don't get the down arrows, Yen. Pretty objective analysis, and one I don't disagree with. These equity markets are "bat shit crazy." Last week, I went long vol on US equities on Tuesday (so long that my prime broker called and asked WTF I was doing). Made a ton of money as the week wound down and lost it all on Friday's BLS report. It seems like nothing I've learned in 25+ years of trading means much these days.
Thanks for the kind comment. I try to be objective, based on my observations.
$usdx daily. 05-14-2015 NY close.
You got thgat right on the bat shit Zombie markets. And my 30 + years only cause me grief and loss of lotsa money like many shorts. The equity markets are truly fucking nuts. Truly. Data sucks? UP. Data is horrible? UP. Bad news for bonds means good news for stocks. Good news for bonds is good news for stocks. And today was one of the most effed up in weeks. I give. It is impossible to figure and is irrational.
Everything is AWSUM....http://johndadlez.com/MP3/OL1_21_Creature.mp3
click music to get face money shot from Janet Jamuson.
Einstein's WRONG! What goes down MUST go up! ~~Yellenomics 101
PS: I just paid off my mortgage the other day...FUCK THE BANKS AND FUCK THIS RIGGED MARKET!
Who needs Viagra when I can watch the DOW go to the Moon. Alice, you still there?
Yellen is just the mouthpiece for the real Chairman , the KIKE roach Stanley Fischer former head of bank of Israel.
The Fed controls America's financial industry and, thus, its economy, foreign policy and all the rest. So if the Fed's main policy manager has dual citizenship with Israel and powerful Zionist opinions, doesn't that mean that the future of the United States is in the hands Zionists? We were warned:
AIPAC's Fed Candidate Stanley Fischer on a Warpath against Iran
Dual-citizen nominee's lifetime benefit to Israel comes at a heavy cost to America | NATSUMMIT.ORG
By Grant F. Smith, Director of Research, IRmep
The rushed campaign to insert Stanley Fischer straight from his position leading Israel's central bank into the number two spot at the Federal Reserve has allowed little time for research into the appointee's career or for informed public debate about his record. Like the failed recent Obama administration-Israel lobby pincer move to ram approval for U.S. military strikes on Syria through Congress, avoiding such due diligence through velocity may actually be the only means for successful Senate confirmation.
Some of Fischer's accomplishments—from co-authoring a seminal textbook on macroeconomics to handling economic crisis at the IMF have—not surprisingly—been recalled by his many supporters. Other doings that shed light on Fischer's controversial attributes—such as overhauling how U.S. aid and trade packages are delivered to Israel—have been mostly ignored. Appointing an openly dual Israeli-American citizen into the most important central bank in the world could be a watershed moment. While the doors of federal government have long swung open for Israel-lobby appointees focusing most—if not all—their energies on advancing the interests of a foreign state, any who were actually Israeli dual citizens have traditionally kept that a closely-guarded secret. Fischer's long-term boosters, including the American Israel Public Affairs Committee (AIPAC), likely want to accustom Americans to openly dual citizens circulating between top roles in the U.S. and Israeli governments. A closer examination of Fischer reveals that average Americans have good reason to oppose his appointment, because his lifelong achievements for Israel have imposed high costs and few benefits to the United States while making peace more difficult to achieve. … Read more…
http://irmep.org/fischer_aipac.htm
Live under the Tribe and DIE by the Tribe
We say that about our Cleveland Indians every year
Can't compare 2002-2008 to current environment. Pre-2008 biigest Treasury sell-off happened when the Fed began to HIKE, i.e. remove stimulus. Post-2008 the biggest Treasury sell-offs happened when the fed began QE, adding stimulus.
Only reason for Bond sell-off is pricing in QE4. But Fed has indicated they want to "normalize" and will use cover of "improving" employment (yes the Fed know the numbers are bullshit as much as you do) to try one rate hike and see what happens.
Since the ONLY reason for current level of equities is Fed life-support, any reduction in stimulus will hammer Stocks the same way as happened at the END of previous QE programs. So unless Fed co-ordinates a BOJ or ECB QE at same time as a hike, the subsequent equity sell-off should make bonds a buy.
On the other hand, who the fuck knows.
Soundtrack..http://johndadlez.com/MP3/OL1_21_Creature.mp3
I told you.
Just wait, tomorrow is friday. LOL. UP 700?
Tomorrow will be a telling day, if it can actually stay at the high and close above it watch out. If we're all convinced DOW 20k is enroute then let's go long. That way we can finally get the crash lol.
Tyler can you post some anti Mohammad stuff? or maybe you don't have the sack??
ahh ok, just stick with the Jesus bashing then... it's always a crowd pleaser
The stock market is now the index of corruption. It shows what the oligarch elite have stolen. The news is we’re deeper in recession and at the same time the stock market is a bullish market. There’s no other reason than that the money is being transferred to the big international banks and their clients, the corporation executives.
Hey JR it's ironic how all the $ bulls used the " U.S. decoupling" mantra... Then they realized,that's not the fact, and use the weakening $usd to drive equity prices higher. lol
Batten the Hatches, the shitstorm is coming.
I noticed this, Yen. Whether we need the strong dollar or the weak dollar, the master bankers decide first what they need and then they lie about the pathway. Strong or weak, it’s whatever works to support the stock market index which they use to indicate how the economy is going.
Ironically, as the maladjusted stock market goes higher and higher, the balance scale tips up for the bankers and the pan drops down for the exploited American.
You should have been a "Founding Father" JR.
Integritous souls are " few & far" between.... ;-)
The US Federal Reserve is the market maker for the US stock markets and has been for almost 10 years.
This means that yellen (the Fed) buys apple, amazon and any other stock (directly and most often through proxy) with sufficient weight to move indexes up and short squeeze the masses to make MOAR profit.
Fuck you and die yellen. Fuck you and die bernanke.
OK OK, sell in JUNE and go away
Having lived through the Greenspan late 90s bubble and real estate bubbles, I have to say this market is even scarier because the mantra out of central banks now is to never tighten, just to keep doubling down and insisting they are right. Instead of acknowledging that they have done more than enough and unintended consequences are increasing in number by the day, they just soldier onwards because they can't see any problems....even though they didn't see problems the last 2 bubbles either until well after it was too late.
When people point out that they are insane, they point back to their interventions 7 years ago to justify the continued interventions today, when the two have little to do with one another. The first was a legitimate panic situation and what followed has been a constant feeding of the bubble.
Wonder hgow many time index records have been setr based on short covering?
Cool action before lift off today. Was watching SPY trade in a 20 cent channel for 1 1/2 hours. What a effed up zombie market.
http://www.marketwatch.com/story/draghi-hits-back-at-argument-qe-fuels-inequality-2015-05-14?link=MW_home_latest_news
WASHINGTON (MarketWatch) — In a major speech delivered in Washington, European Central Bank President Mario Draghi hit back at a popular argument that low interest rates, and quantitative easing in particular, not only hurt savers but also benefit the wealthy disproportionately and fuel inequality.
The remarks are notable as the criticism of the ECB’s action is similar to that faced by the Federal Reserve and other central banks for similar policies. The ECB‘s main interest rate is just above zero, and it announced it would start buying bonds in September.
Draghi said that there’s distributional effects from monetary policy inaction -- younger households in particular would be most affected and they tend to be net debtors.
“They tend to be net debtors, with debt denominated in nominal terms, and are therefore most exposed to rising real debt burdens. In contrast, older households tend to have positive net wealth, some of it held in nominal assets. Inflation undershooting therefore results in redistribution from younger to older households,” he said.
While acknowledging “there are always distributional consequences to monetary policy decisions,” Draghi says it’s necessary to raise aggregate demand by encouraging firms and households to bring forward spending decisions.
He didn’t deny that quantitative easing boosts asset prices.
“It is true that our low policy rates, forward guidance and asset purchases raise the current market value of financial assets and thereby benefit the holders of those assets,” he said. “But what matters more is the exact mirror effect of this rise in asset prices, which is a lower cost of equity for entrepreneurs, a lower cost of finance for investors in real projects, and a lower cost of borrowing for consumers.”
“Financial assets are always, in the final analysis, a claim on the wealth generated by the productive part of the economy,” he added. “So it is in their interest that output growth remains on a robust path as this maximizes the likelihood that their claims are honored in full.”
He also said there’s little sign of financial instability — defending central bankers from another oft-heard criticism.
“At the moment there is little indication that generalized financial imbalances are emerging. As a matter of fact, the two most important indicators of growing financial imbalances — real estate prices and credit growth — show only tentative signs of turning upwards,” he said.