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All It Takes For Panic-Sellers To Become Manic-Buyers: One Made Up Rumor

Submitted by Tyler Durden on 05/27/2015 16:03 -0400

Only one clip was suitable for today...

Volume today is around 20-30% lower than yesterday.

If (Yesterday's return < 0), THEN BTFD STUPID...

On the day, a blip lower at the open was quickly met with Greece rumors... and no matter what, were going to record highs...

RUMOR - 0953ET *GREECE, CREDITORS STARTED CRAFTING STAFF LEVEL ACCORD: OFFICIAL
BULLSHIT - 1030ET *TSIPRAS SAYS COUNTRY CLOSE TO DEAL WITH CREDITORS
DENIAL - 1224ET *GERMAN GOVT SURPRISED BY GREEK REPORTS OF PROGRESS: OFFICIAL
DENIAL CONFIRMED - 1520ET *SCHAEUBLE SAYS GREEK TALKS HAVEN'T YET GONE FAR

From Friday, Nasdaq soaring back to record highs on Broadcom deal and just general tom-foolery...

S&P Futures almosty perfectly top-ticked yesterday's highs... and faded after the cash close...

Then there's this...

The drivers of today's exuberant bounce... apart from a Greek Deal rumor that was 100% denied by Germany

VXXtermination near record lows for the ETF (as VIX tested back towards a 12 handle)

Double-fisted Short Squeeze-a-thon...

And Yen-nado...

* * *

The USDollar rose once again - even though it fell back off early strength...

USDJPY topped 124 (tagging it perfectly to run the stops and option triggers)

To a new 8-year high (and 7 pips from a 13 year high)

Early Treasury weakness rolled over into modest buying after the strong-ish 5Y auction which then accelerated into the last hour...

But what is most notable is the collapse/flattening in the 2s30s curve in the last few days -14bps... (2s30s now flattest in a month) This is the biggest 2-day flattening since Jnauary 6th (and 2nd biggest since April 2013)

The USDollar strength once again pressured commodities (though notably gold was flat)...

As Crude carnaged early then flopped around like a dead fish st 6-week lows...

The bottom line: Greek rumors ignited early momonetum... Today Trannies loved lower oil prices (yesterday they hated them)... Today stocks loved lower bond yields (yestereday they hated them)... VIX was hammered... there was a double-short-squeeze in "most shorted" stocks... USDJPY tags 124.00 and carry trades drive stocks to record highs... there was no macro data today at all in the US!

Now who could have seen this idiocy coming?

Today the upside stops will be hit

— zerohedge (@zerohedge) May 27, 2015

Charts: Bloomberg

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Wed, 05/27/2015 - 16:05 | 6137444 rccalhoun

Day-traders: buy every 1% pullback. its money.

Wed, 05/27/2015 - 16:07 | 6137453 FreeShitter

Every dip must be bought till you no longer physically can.

Wed, 05/27/2015 - 16:10 | 6137471 flacon

NFLX hit a new all time high today. Up +50% since beginning of last month.

Wed, 05/27/2015 - 16:13 | 6137488 walküre

that's just crazy

Wed, 05/27/2015 - 17:46 | 6137885 MonetaryApostate

This is what happens when Janet walks across the ship!!!

DON'T ROCK THE BOAT! :D

Wed, 05/27/2015 - 16:18 | 6137513 Agent P

I cancelled my subscription (DVD & streaming) earlier this month...wait until that shit hits the tape.

Wed, 05/27/2015 - 16:19 | 6137520 clooney_art

Tech bubble will end badly: Red Hat CEO

http://video.cnbc.com/gallery/?video=3000383294

Two CEOs in one day.... Snapchat and Red Hat.... Hmmm...

Wed, 05/27/2015 - 16:54 | 6137649 nink

Apple is the one to watch Remember Nokia, PALM, RIM......

Wed, 05/27/2015 - 17:12 | 6137740 winchester

what ever the up and down on a 1-5min timeline it is utter BS to analysis until the period of the whole day is taken in consideration.

Wed, 05/27/2015 - 17:21 | 6137792 KJWqonfo7

Add Mark Cuban to the list.

http://www.bloomberg.com/news/articles/2015-03-05/mark-cuban-we-re-in-a-...

Wed, 05/27/2015 - 16:36 | 6137571 moonshadow

i think i'll do the same thing tonite and provide added momentum

Wed, 05/27/2015 - 16:46 | 6137601 Ban KKiller

Yeah, the "kids" showed me how to download all kinds of movies and TEEVEE for free.

Free shit army....donate today!

Wed, 05/27/2015 - 16:31 | 6137558 max2205

Now that would have made a good bonus chart....but no.....no bonus chart for you!

Wed, 05/27/2015 - 16:51 | 6137631 dimwitted economist

the ENTIRE thing is Fucking FAKE... if you don't know it by now.. i guess you NEVER Will Bitches!

Wed, 05/27/2015 - 16:06 | 6137447 FreeShitter

Yeller and tribe owns the system and can move it either way in the blink of an eye.....

Wed, 05/27/2015 - 16:06 | 6137450 Keltner Channel Surf

After taking a tiny loss on a speculative opening QQQs short, I noticed bizarre volume bars on my IB charts, moving from 30 million shares back to 1 million every time I refreshed, making me doubt their systems, then after the Greek headline hit I decided to take the day off, assuming we’d see an untradeable headline-parsing day. From the relentless tape, it’s clear Greece had nothing to do with it, just a continuation of the machine-driven, short-busting, mean-reverting range-bound pattern, a rather easy day to trade long, in retrospect.

Wed, 05/27/2015 - 16:28 | 6137547 flacon

In retrospect I should be a millionaire or better. ;)

Wed, 05/27/2015 - 16:35 | 6137570 Keltner Channel Surf

And when your shrewd accountant filed for a big fat tax refund, some IRS site hacker beat you to the punch. Yeah, this 'retrospect' stuff is too much pressure, better to remain in the moment, and serve as algo fodder.

Wed, 05/27/2015 - 16:57 | 6137660 walküre

Handelsblatt had an article today "the secret of becoming a billionaire". It wasn't an add!

I stopped reading at the headline.

Wed, 05/27/2015 - 16:44 | 6137594 jonytk

the algos are feed with live newstream and can recognize headlines, they are programmed to react to reuters and other main headlines. Maybe even before they are headlines, they got insiders.

Wed, 05/27/2015 - 16:12 | 6137481 This is it

BTFTop-er

Wed, 05/27/2015 - 16:14 | 6137491 Rainman

.... being prey for stop hunts is no way to go through life

Wed, 05/27/2015 - 16:15 | 6137493 walküre

Dresden meeting had one topic only. US$ dominance and high cost of US$

USDJPY probably topped here. They can't let it go higher or loose KONTROL.

Wed, 05/27/2015 - 16:15 | 6137498 Keltner Channel Surf

“Lyin’ ICE” by The Eagles

Traders’ wives just seem to find out early
How to sniff out their husband’s position size
No leveraged holds, and she won't have to worry
They'll share dinners at eight, and go in style

Late afternoon, his trading desk sits lonely
I guess every way of living has its vice
And it breaks her heart to find her lover Tony
Taking big risks with Nat Gas trades on ICE

So she claims to meet a Persian master weaving
A carpet for their big new flat downtown
But he knows where she's going as she's leaving
She’s headed for her attorney at Mayer Brown

You can't hide your lines on ICE
And your SPY is a thin disguise
She learned TradeStation, you realize
There ain't no way to hide your lyin’ ICE

He wakes up and sets his Keurig to “Stun”
And watches Nat Gas break to the downside
A red candle, it's gonna be a long one
Then algos ramp his 20 shares of SPY ...

Wed, 05/27/2015 - 16:35 | 6137568 Bell's 2 hearted

hot damn ... if flyspeck greece can move the needle like this ... can't wait till spain/italy (after greece defaults, of course) have their hands on needle ...

Wed, 05/27/2015 - 17:14 | 6137754 winchester

and you still think greece gonna default and exit... fucking idiot...

Wed, 05/27/2015 - 16:36 | 6137574 H H Henry P P P...

Buy on rumor, buy on news.

Wed, 05/27/2015 - 16:52 | 6137636 Downtoolong

All it takes……One Made Up Rumor

I think Carl Icahn figured this out some time ago.But, he calls it active investing.

Wed, 05/27/2015 - 17:14 | 6137747 Freedumb

Banzai7's Schäuble image seems appropriate here:

http://farm8.staticflickr.com/7254/7663676070_743dbac0a9_b.jpg

Wed, 05/27/2015 - 17:17 | 6137768 Chuck Knoblauch

The rumor isn't as important as knowing the outcome.

I pulled that one out of my ass.

Wed, 05/27/2015 - 17:17 | 6137776 large_wooden_badger

The markets are in full retard.

Wed, 05/27/2015 - 17:34 | 6137837 e_goldstein

Wtf are these "markets" things you speak of?

Thu, 05/28/2015 - 14:32 | 6140814 large_wooden_badger

Playgrounds for the rich and connected, a lot like liar's poker except on a much grander scale

Wed, 05/27/2015 - 17:22 | 6137798 Slowdrip

It all makes me so nervous.....

Wed, 05/27/2015 - 17:45 | 6137880 disabledvet

We've got nothing on China right now.

Wed, 05/27/2015 - 17:49 | 6137896 Crocodile

I just farted.

Wed, 05/27/2015 - 17:51 | 6137905 disabledvet

Yen at 400to a dollar sounds about right to me.

They might have found their "escape velocity."

Wed, 05/27/2015 - 17:52 | 6137908 Amish Hacker

Years from now, students of financial markets will look back on our era and wonder how the public slept through such a massive crime wave.

Wed, 05/27/2015 - 18:25 | 6138034 FreeShitter

Fuckbook/MSM/Psych meds/Tee-Vee.

Wed, 05/27/2015 - 18:38 | 6137955 Sailorgirl

Paying for the Past | 2015 Fiscal Summit

Wed, 05/27/2015 - 18:44 | 6138074 Racer

zerohedge ‏@zerohedge 13m13 minutes ago

KURODA DOESN'T SEE ANY ASSET BUBBLE OR STOCK MARKET BUBBLE

"Stocks have reached a permantely high plateau"... until......

Bernanke 'sub-prime is well contained'

Yet another classic quote to go with -

'We have to destroy the village to save it'

Biden 'spend money to save from going bankrupt'

Wed, 05/27/2015 - 22:41 | 6138715 JoWazzoo

So then I can safely assume that Tuesday didn't happen? If it did were those buying today, the same folks who sold yesterday?

Do brokers give back all the money they Margin Called yesterday ... today?

Beyond a doubt - a WTF!!!!!?????? day.

Wonder how may of the wives that threatened divorce last night over dinner, unthreatened tonight?

Clearly - this is ONE EFFED UP market. Really. I did expect a 50 - 70 % retracement...butttt OMG.

NASDAQ set a new high and other major indexes nearly reacovered ALL Tuesday losses.

Was this the PPT in action? Or simply all the Corp Buybacks buying the dip?

Wed, 05/27/2015 - 23:32 | 6138832 Die Weiße Rose

ATHENS, Greece (AP) -- Greece's cash-strapped government insisted Wednesday it was "very close" to reaching a vital deal with bailout lenders,

but the optimism in Athens was swiftly shot down by German Finance Minister Wolfgang Schaeuble.

http://hosted.ap.org/dynamic/stories/E/EU_GREECE_BAILOUT?SITE=AP&SECTION...

German Finance Minister Wolfgang Schäuble does not seem to see the 'irrational flexibility' ...

of the irrational exuberant anti-Austerity staff "working on a deal" or is it a scam ?

how much money are these anti-Austerity 'officials' making to ruin Greece even more ?

WR;)

All It Takes For Panic-Sellers To Become Manic-Buyers: One Made Up Rumor

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