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Nasdaq Soars To Record High With Biggest Rally Since October's "Bullard" Bounce

Tyler Durden's picture




 

Artist's imprerssion of Nasdaq trader's reaction to the greek deal this week (forward to 45 seconds in...and feel the anticipation)

Stock went up... some more than others... as Futures show gapped up on the Greek vote - kept squeezing into the US open and then diverged with Nasdaq melting up...

 

Cash indices all gapped higher at the open but from that squeeze - there was major divergence (Dow Industrials and Trannies actually lower)

 

On the week, the Nasdaq is now up over 3.25%...

 

In summary...

*  *  *

The last few days saw the biggest short-squeeze in 5 months...

 

Which is helping The Nasdaq to its biggest 6-day run since October's Bullard ramp...

 

And then there's this massively free-cash-flow negative idiot-maker...

 

One more good reason why stocks just keep surging... JPY carry is back on now that Grexit event risk has been 'removed' from carry traders risks... fun-durr-mentals

 

VIXnado...back at an 11 handle!!

 

as The backwardation unwinds to the steepest in 2 months...

 

Bonds continued their rally with 30Y leading the way...

 

As it appears the Moar QE trade is back in full swing...

 

FX markets continued to be dominated by a plunge in EUR and JPY...

 

And, digging into the details, your daily FX roundup (courtesy of ForexLive):

We learned a few things from the ECB but nothing earth-shattering. The economic assessment gave a lift to the euro but it was quickly wiped out. The FX market reacted little to the Greek ELA but European stocks rallied.

 

After the press conference a second wave of euro buying hit and pulled it from a session low of 1.0856 to 1.0927 at the options cut. From there, the sellers returned in a broad USD mini-rally and it slipped to 1.0875 at the end of the week (hold your horses there buddy ... its Friday here in the world's greatest country but not the weekend yet - Eamonn) day.

 

USD/JPY hit a session high of 124.18 very early in US trading but slipped into the options cut, falling to 123.89. Steady buying from there took it back to 124.13. Yellen had very little effect, if any.

 

Cable hit a bump today, falling to 1.5560 from 1.5615 but the dip buyers were ready and it climbed all the way back. A second dip also found support and the pair finishes only modestly lower on the day at 1.5612.

 

USD/CAD finishes at the highs of the day at 1.2966. Dips toward 1.2900 have found good support since the BOC cut. A touch off 1.2906 at the options cut set the stage for a steady rally to the highs.

 

The Aussie was generally perky as it clawed back some of yesterday's losses. The high of 0.7437 peaked just above the 61.8% retracement of the slump on Wednesday but some sellers appeared late and drove it to 0.7401. There were some massive options running off in AUD and that was the buzz. The lows in USD right across the board today were at the cut.

Commodities were mixed with copper limping higher as PMs leaked a little more and crude tumbled...

 

 

Crude continues to tumble back to a $50 handle as Iran and default fears mount...

 

Charts: Bloomberg

Bonus Chart: VXX hits its 347th Record Low......

 

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Thu, 07/16/2015 - 16:07 | 6320713 yrad
yrad's picture

Since Lehman!

 

-Drink!

Thu, 07/16/2015 - 16:22 | 6320777 DavidC
DavidC's picture

Since ZH is no longer on the ball with results (it used to be very good).

Google's second-quarter revenue rises 11 pct

July 16 (Reuters) - Google Inc's GOOGL.O second-quarter revenue rose 11 percent, helped by an 11 percent increase in ad sales.
Google's shares rose 5 percent in after-market trading.
The company's consolidated revenue rose to $17.73 billion in the quarter ended June 30, from $15.96 billion a year earlier. (http://bit.ly/1CGbMq5)
Net income rose to $3.93 billion, or $4.93 per Class A and B share, from $3.35 billion, or $4.88 per share.

DavidC

Thu, 07/16/2015 - 17:38 | 6321097 Ignatius
Ignatius's picture

Simpler.  With corporate personhood, off-shoring, TPP, MIC, etc., etc., people are going with the winners who by all appearences are going to be the corporate fascists.  Get a piece of the rock.TM

Thu, 07/16/2015 - 17:40 | 6321103 disabledvet
disabledvet's picture

"They're doing it again."

Meaning Wall Street.

With this big of an energy boom the whole wolrd is short dollars...constrict the supply (share buybacks, really low interest rates) and start "creating demand" (free money for the longs.)

Tactical shorting has done okay since taper..but as per the market over all you've pretty much been killed.

"The Fed MIGHT start raising interest rates this fall."

Yeah, okay.

In the meantime the Federal Government is in fact running a huge surplus right now. "There is no debt supply to monetize currently."

The irony is that Puerto Rico has just defaulted on 68 BILLION in debt.

Talk about "how to lose money in a bull market."

Oil at ten bucks a barrel still sounds about right to me.

Thu, 07/16/2015 - 17:53 | 6321155 Down to Earth T...
Down to Earth Thinking's picture

the CIA always wins becaue they have control

Thu, 07/16/2015 - 16:08 | 6320719 Model T
Model T's picture

What's a VXX ?

Thu, 07/16/2015 - 16:18 | 6320742 RockyRacoon
RockyRacoon's picture

I think that was John Holmes condom size.... oh wait, he never used one.  Never mind.

Thu, 07/16/2015 - 16:14 | 6320746 Rainman
Rainman's picture

google is your friend

                  http://sixfigureinvesting.com/2013/04/how-does-vxx-work/

Thu, 07/16/2015 - 16:11 | 6320730 KnuckleDragger-X
KnuckleDragger-X's picture

This will end with the hero riding off into the sunset on his free range, gluten free, transsexual horse....

Thu, 07/16/2015 - 17:54 | 6321162 Down to Earth T...
Down to Earth Thinking's picture

yelling , hands up , don't shoot ! even if it isn't real ?

Fri, 07/17/2015 - 16:15 | 6324954 mkhs
mkhs's picture

Fuck you and the free range horse you rode in on.

Thu, 07/16/2015 - 16:14 | 6320745 spastic_colon
spastic_colon's picture

more recorder tomorrow since it looks like goog murdered their earnings

Thu, 07/16/2015 - 16:24 | 6320786 DavidC
DavidC's picture

Yup, and earnings tell us what the company has DONE, NOT what it's going to do...

DavidC

Thu, 07/16/2015 - 16:39 | 6320845 spastic_colon
spastic_colon's picture

so stocks must really be undervalued /s.............algos love to extrapolate since they have no analysis function, as far as they're concerned GOOG will incease earnings 11% infinitum

Thu, 07/16/2015 - 16:17 | 6320756 large_wooden_badger
large_wooden_badger's picture

Who needs a player when you can just wind up the piano?

Thu, 07/16/2015 - 16:19 | 6320764 Amish Hacker
Amish Hacker's picture

If a coinflip comes up heads 20 times in a row, only a mathematician would think the odds of heads on the next roll are 50-50. Everyone else would realize that the coin is not honest, and it will come up heads every time. 

Thu, 07/16/2015 - 16:38 | 6320855 RealistDuJour
RealistDuJour's picture

So the Zerohedge Apostles would say it's due for a tails and never made any money.  The rest of us will have been profiting after the 11th or 12th head in a row to know that the game is positively skewed, and rather than snivel about it, just go with it and makes the profits.

Thu, 07/16/2015 - 17:21 | 6321038 HopefulCynical
HopefulCynical's picture

That's only half of what you should be doing.

The other half is to accumulate PMs on weakness - slowly - and to have a plan for taking profits as the madness continues.

Additionally, stocking up on food, becoming reasonably proficient with weapons, getting yourself into good physical shape and planning out whether you are going to hunker down or bug out when the music finally stops, are all highly recommended.

Thu, 07/16/2015 - 17:53 | 6321156 WhackoWarner
WhackoWarner's picture

LEMMING HEADING FOR CLIFF says mostly what you say.  So I guess you are the one Lemming being led to slaughter that will know when to pull out?

Point is in a rigged game of musical chairs "How long do you play the game?"

Thu, 07/16/2015 - 18:27 | 6321271 1033eruth
1033eruth's picture

I would say until the Fed stops creating money.  The only advice anybody needed since TARP was BTFD.  Anybody could have been rich today, if they just followed that simple investing strategy.  

Thu, 07/16/2015 - 18:54 | 6321347 JoWazzoo
JoWazzoo's picture

Piss on it.  I have learned my lesson.  Selling my house and "investing' 100 % in Netflix and Google stawk.  You obviously cannot go wrong doing so.

Thu, 07/16/2015 - 19:05 | 6321380 LooseLee
LooseLee's picture

Yep. You're an 'easy' dumbass. Just follow the ball as it rolls off the cliff. What a moron who cannot think on his own...

Thu, 07/16/2015 - 16:21 | 6320770 QE49er
QE49er's picture

Mr. Yellen, how many people will be killing themselves when this house of cards collapses?

Thu, 07/16/2015 - 17:26 | 6321054 Osmium
Osmium's picture

If everyone killing themselves is a banker, I don't give a shit.

Thu, 07/16/2015 - 17:59 | 6321176 WhackoWarner
WhackoWarner's picture

Yeah but is will be the working people going down to death WAY before any of the elite have even one tiny little flutter of concern....only when they get hit.

 

And the really true elites are so cushioned by real assets.  It is the noveau riche elite that will take that hit.  Not the old money.  The guys do not even appear on any "laundry list" of the world's richest idiots.  These guys/gals/lineages ar not in the open.

Thu, 07/16/2015 - 16:22 | 6320776 thismarketisrigged
thismarketisrigged's picture

that humpback whale video is very neat.

 

anyways,  whats new, another fucking shit show. goog up fucking 60 plus after hours, despite missing on the top line ( just like nflx did) but dont worry, everything is fucking awesome.

 

is the nasdaq ever going to go down again? i mean what can go wrong, goog, amzn, nflx, aapl, fuckbook, what fucking awesome companies.

 

goog. exp 17.79 on top line. results- 17.73. - analysts says- rev in line. NO ITS NOT U FUCKING DOUCHEBAG, ITS A MISS, THAT DESPITE THE WATERED DOWN EXPECTATIONS.

 

I REALLY NEED SHIT TO HIT THE FAN ALREADY, IM TIRED OF THIS ALREADY

Thu, 07/16/2015 - 17:42 | 6321110 Squid Viscous
Squid Viscous's picture

who cares about their numbers, it's Joogle - your friendly CIA and Mossad at work protecting the interwebs

Thu, 07/16/2015 - 18:27 | 6321270 Seal
Seal's picture

After Hours : 641.41 61.56 (10.62%) 6:26PM EDT

Thu, 07/16/2015 - 18:55 | 6321351 cheech_wizard
cheech_wizard's picture

Ruth Porat (born 1957) is an American financial executive. She has been Chief Financial Officer and Executive Vice President of Morgan Stanley since January 2010. As of May 26, 2015, she is to become the first female CFO of Google. ...

 

Standard Disclaimer: Watch me pull a rabbit out of my hat. Rocky: Again?

Thu, 07/16/2015 - 21:44 | 6321816 lost money
lost money's picture

why are you tired of making money?

oh, right, you have been listening to ZH and been shorting the market, buying PM or just sitiing on the sideline and in any case  LOSING MONEY

 

Thu, 07/16/2015 - 16:24 | 6320787 markar
markar's picture

We Zimbabweed some folks

Thu, 07/16/2015 - 16:36 | 6320841 Moccasin
Moccasin's picture

These central bank and IMF bitches who live in an economic dreamland think they can kick the can further down the yellow brick road forever. The cb's just print more money, create more sovereign debt, ZIRP, raise taxes on the working class, legalize a bail-in future for all (except those who can move large $ums out of country already/oligarch class) and shear the people while calling it a hair cut! The dream will end with bang and out go the lights, martial law would be the only logical next step. After the Greek débâcle and the betrayal of the Greek people by their own feeble, lying government I have lost hope in humanities ability to right the ship. Unless the Greek people hang a few treasonous politicians from the lamp posts in Athens there is not much to cheer about. So called stewards of the economy are driving the people into destitution and oblivion, the Zombie apocalypse is upon us.

Thu, 07/16/2015 - 16:52 | 6320928 FreeShitter
FreeShitter's picture

So do what I do, BTFD....obtain profits, buy hookers and blow and the zombie apoc wont feel as bad.

Thu, 07/16/2015 - 16:59 | 6320955 Moccasin
Moccasin's picture

I agree, "Let the good times roll, because when you're dead you're done, let the good times roll". I have stocked up on metal and I feel like a bag holder in silver, maybe it is time to get back into stocks and btfd.... ahhhhhh...arrrgghhh.... it's hard to smile.

Thu, 07/16/2015 - 16:54 | 6320937 Winston Churchill
Winston Churchill's picture

Bloody optimist.

Thu, 07/16/2015 - 16:54 | 6320936 jomama
jomama's picture

Here's the part where I act surprised

Thu, 07/16/2015 - 17:41 | 6321104 TheRideNeverEnds
TheRideNeverEnds's picture

Exactly, anyone who didn't know the day they started ticking down that they would surely bottom within 5-7% off all time highs and immediately rocket back to new all time highs is either brand new to trading or an idiot.

There is zero chance anyone alive and over 20 right now will see another bear market in USA equity indexes unless cyborg tech soon lets us live forever most people reading this post will be dead and buried long before the S&P ever sees another down 20%+ move. Hell you may never again see the market 10% off ATHs.

What reason does anyone have to sell anything? All the 'market' does is go up.

Thu, 07/16/2015 - 17:51 | 6321150 Falconsixone
Falconsixone's picture

Got TPP?

Thu, 07/16/2015 - 17:54 | 6321161 Thisisbullishright
Thisisbullishright's picture

Whatever you're going to do, do it now or very soon, because the Gubberment is about to lock this bitch down!!

 

Thu, 07/16/2015 - 18:14 | 6321232 nsurf9
nsurf9's picture

As long as we let "our" government steal the buying power of our currency and rob us of the interest on our earnings - these markets will never correct.

Thu, 07/16/2015 - 18:40 | 6321302 I Write Code
I Write Code's picture

Netflix?

Thu, 07/16/2015 - 19:04 | 6321378 JoWazzoo
JoWazzoo's picture

So $ is up big time past few days and S & P percentage wise goes UP 2 + times what DJIA does.  Guess all those overseas earnings doan matter anymore.  One effed up market.

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