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Stocks Surge Despite Dashed Hellenic Hope, Crude Carnages

Tyler Durden's picture




 

Seems appropriate once again...

 

China did not help..

 

But today was all about Greece again, and CNBC's Michelle Caruso-Cabrera summed it up perfectly:

"Stocks are rallying on hopes of a deal. There is no deal! There will be no deal! Everyone's gone home"

Another day, another hope-driven spike that ends in tears and recriminations... The Dow got a lift as it broke stops through its 200DMA and Nasdaq back above 5000

 

The late day ramp was all machines ramping VWAP - as volume utterly collapsed...

 

VIX was clubbed like a baby seal... (notice the flash crash early on seemed to signal again) because why not sell Vol ahead of NFP

 

On the week, stocks remain driven by Greece and nothing else - not even today's mixed data (maybe NFP tomorrow will change that)

 

Futures show the mess more clearly...

 

The extent of hope is seemingly impossible to comprehend as GREK - the Greek ETF - manage to get all the way back to unchanged on the week!!!! Before giving up all its gains on the day...

 

Airlines were Baumgartner'd on news of a DoJ collusion probe...trading at the lowest since October 2014...

 

Depsite the carnage in crude to 11-week lows...

 

High Yield bonds and stocks did not play well with each today...

 

Treasury yields rose notably (seemingly led by Bunds weakness as Europe rallied into its close on hope of Greek deal)...

 

The US Dollar Surged today led by EUR weakness (but where were all the talking heads today about how EURUSD is showing how GREXIT doesn't matter?)

 

For some context on Crude's move today, Silver slipped but copper and gold were flat...

 

Charts: Bloomberg

Bonus Chart: Ahead of tonight's China open, some food for thought...

 

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Wed, 07/01/2015 - 16:11 | 6259341 Deathrips
Deathrips's picture

Rigged Market Surprises Again!!!

RIPS

Wed, 07/01/2015 - 16:36 | 6259460 dimwitted economist
dimwitted economist's picture

best recovery EVER! OIL DOWN... GAS UP!!! Happy 4th of July BITCHES!!!!!

Wed, 07/01/2015 - 17:30 | 6259684 Never One Roach
Never One Roach's picture
Houston's economy: It's about to get worse

 

The loss of 1,072 working rigs through June amounts to an ultimate loss of over 240,000 drilling-related jobs, according to a recent report from the Bauer College of Business at the University of Houston.

 

http://www.bizjournals.com/houston/blog/drilling-down/2015/06/houstons-e...

 

Wed, 07/01/2015 - 16:13 | 6259357 MFL8240
MFL8240's picture

Clown inc.

Wed, 07/01/2015 - 16:14 | 6259366 FreeShitter
FreeShitter's picture

Only GOD can stop these fuckers.

Wed, 07/01/2015 - 16:54 | 6259550 jomama
jomama's picture

Those godders never miss a chance to plug their wacky fucking cult.

Wed, 07/01/2015 - 18:24 | 6259889 Mayer Amschel R...
Mayer Amschel Rothschild's picture

That's with a capital G you damned dirty heathen.

Wed, 07/01/2015 - 17:27 | 6259671 invisible touch
invisible touch's picture

- shut the fuck up donny

Wed, 07/01/2015 - 18:02 | 6259803 JLM
JLM's picture

And when He does, I don't want to be around!

Wed, 07/01/2015 - 18:26 | 6259905 Savyindallas
Savyindallas's picture

I say we allow ISIS limited entry into New York City, DC and a few other selected areas where these bankster cretins hang out. Forced conversion to radical islam and/or beheadings  would still be a big improvement from the Luciferian practices of the Elite. Most Americans are well armed-we can take care of ourselves. 

Wed, 07/01/2015 - 16:14 | 6259368 Automatic Choke
Automatic Choke's picture

Somebody please wake me when this is over.  I let my Valueline subscription lapse about 4 years ago, as there was no point in trying to invest on fundamentals anymore.  It would be nice to get it back and roll up my sleeves.

Wed, 07/01/2015 - 16:15 | 6259370 TonyStewart14
TonyStewart14's picture

Absolutely senseless.  Higher USD bad for profits so that must be bullish.  Higher rates makes those future cash flows worth less so that must be bullish.  Oil and nat gas down so that must be bullish for the energy space.  Spike up on a Greece deal, but there is no Greece deal so that must be bullish.  All in the context of trading at 18x forward earnings estimates.  I love to know who is buying.  There will never be a correction again.  Ever.  This market is rigged to go up.  Nothing else is allowed. 

Wed, 07/01/2015 - 16:15 | 6259375 khakuda
khakuda's picture

Rally on rumor. Discredit rumor. After brief selloff, rally further because now there is hope for new rumor tomorrow.

Wed, 07/01/2015 - 16:15 | 6259376 Keltner Channel Surf
Keltner Channel Surf's picture

“The Brownian-Motion”      from   “The Locomotion”       by Grand Funk Railroad

The market’s been doin' a familiar dance now
(Come on baby, do the Brownian-Motion)
Traders really hate it, ‘cause they don’t have a chance now
(Come on baby, do the Brownian-Motion)

Never seen both long and shorts get squeezed
As fibi lines get shredded like they are Swiss cheese
So, come on, come on, and do the Brownian-Motion with me:

You've got to smash the VIX now     (Ooooh)
Come on     (Come on)
Spike up      (Spike up)
Pull back     (Pull back)
Oh yeah, I think you've got the knack !

Woah, woah
Now that you can do it, well let’s buy the Trains now
But check your emotion when you lose your gains, now
Algos find it easy ‘cause they’re in control
On very little volume till the market close
So, come on, come on, and do the Brownian-Motion with me

{insert wacked-out guitar solo here}

Woah, woah
Churn around, then soar in a Brownian motion
(Come on baby, do the Brownian-Motion)
Break the Bollinger bands if’n you get the notion
There’s never been a trade that’s less easy to do
We’re in the tightest range since ‘52

So, come on, come on, and do the Brownian-Motion with me

Wed, 07/01/2015 - 17:27 | 6259673 wallstreetapost...
wallstreetaposteriori's picture

This is great! Thank you for the smile.

Wed, 07/01/2015 - 16:22 | 6259414 Pheonyte
Pheonyte's picture

So much for it being "on like Donkey Kong." As you were everyone, the shit show continues.

Wed, 07/01/2015 - 17:21 | 6259648 disabledvet
disabledvet's picture

"Wall Street sharks alerted to Euro-fish bloodbath!"

Talk about a FEEDING FRENZY.

Ask yourself this: "what does Europe produce that anyone needs?"

Certainly there are many goods bought by the world "made in Europe" (sic)

But they aren't making much that everyone else can already make...so watch out if those internal trade flows start to seize up over there.

Could get a HUGE demand collapse in "Europe" as goods just stop being sold over there.

So, yes indeed...the euro itself took a hit today..

Wed, 07/01/2015 - 16:29 | 6259435 wmbz
wmbz's picture

The un-fed owns the stawk market, no reason to think that it will crash. Jack Yellen will not let that happen.

The dust up in Greece is old news, a broken record. Like most countries it's a fucking mess, but that will never stop the money printers.

None of these debts will be repaid only a fool would believe they could be. The fiat system is well out of control, and like many others the greenback will end up on the ash heap of history at some point.

FUBAR!

Wed, 07/01/2015 - 17:26 | 6259667 disabledvet
disabledvet's picture

The "Greek Drama" is far from over because the Athens Stock Exchange must re-open.

Many on Wall Street are betting it never does I imagine.

Either way all capital in every Greek Bank everywhere will be wiped out when it does in my view...

Wed, 07/01/2015 - 16:52 | 6259534 The Bell Rang
The Bell Rang's picture

Well, i called a top on April 27'th. We closed about 1.5 % lower today than then. I believe today finished up a ii position from a i. The market should move a lot lower, we will see.  Trade safe.

 

Wed, 07/01/2015 - 16:53 | 6259542 ConManipulation
ConManipulation's picture

Fucking assholes!!

Wed, 07/01/2015 - 16:59 | 6259580 ted41776
ted41776's picture

can't go wrong with clown vomit, BTFD

Wed, 07/01/2015 - 17:28 | 6259678 Soul Glow
Soul Glow's picture

Greece is fiine!  DJ 20k any day now!

:)

Wed, 07/01/2015 - 18:40 | 6259981 razorthin
razorthin's picture

And the miners look like they are on the fast track to nationalization.  Jesus Christ.

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