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"Irrelevant" Greece 'Deal' Sparks Week-Long Stock And Bond Buying Frenzy
This old clip seems very appropriate... Full Throttle until around 2:00... everyone smiling as the 'boat' surges ever faster... then hubris gets its revenge...
Just as we said this morning...
We expect the traditional no volume, USDJPY-levitation driven buying of ES will surely resume once US algos wake up and launch the self-trading spoof programs.
And Volume just got worse and worse all week...
Some context that Greece doesn't matter... On the week...
- Nasdaq +4.1% to record highs - best week since Bullard bounce in October
- S&P +2.3% - best week since March
Trannies and Small Caps disappointed on the week...
On the day - Nasdaq started off crazy right after the close as GOOG hit then just squeezed higher to fresh record highs... S&P unch, Dow down...
But Small Caps were ugly today...
But all the exuberance in Nasdaq is focused in an ever-shrinking number of names...
Note that once the short squeeze had ended there was no follow through at all in the major indices... and in fact shorts started gathering pace again...
Google had a day...
And Netflix had a week...
ETSY Soared because Goldman mentioned it in a Google call... and shorts got "Volkwagen'd"
- VIX -28% - biggest drop since Jan 2013
- Energy Stocks XLE -1.3% - down a record 11 straight weeks to Jan 2013 lows
- Financial Stocks XLF +2.75% - best week since Feb
- Greek Stocks (GREK) -8.2% - worst week since January
It is pretty clear who won and who lost from the Greek bailout...
- China ASHR +0.37% - not exactly the 'recovery' that all that intervention hoped for
- China FXI +0.17% - first gain in 4 weeks
- 30Y TSY -11bps - best week since May
And where do rates go next? if the lagged correlation with crude holds up, considerably lower...
- USD Index +1.9% - best week since May
- EURUSD -2.5% - worst week since May
JPY flatlined today... and thus so did stocks. But it has been a one way street for USD strength, everything else weakness this week...
And digging into the details a little more, your daily FX roundup (courtesy of ForexLive):
- Silver -4.1% - down 8 of last 9 weeks
- Gold -2.2% - down 7 of lats 9 weeks, worst week since March
Ugly for precious metals leaves them still massively outperforming Nasdaq since the dotcom bubble...
- WTI Crude -4.3% - 5th losing week in a row... worst 3-week loss in 2015)
Charts: Bloomberg
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Don't go near the water.
The stawk' market loves Greece. I think this is about the 189th stawk' market rally based off supposed Greek deals, rumors, meetings, bailouts, restructuring, end of riots, job cuts, tax hikes, elections, etc. Sometimes I think the stawk' market rallies just because the sun is shining in Greece and its a nice day on the beach.
All I see are opportunities......to BTFATH(again).
Small Caps just gave you one.
How could you not love this shit.
Because being human relies on physical realities.... such as day & night, gavity, & seasons. An illusionary financial system that blows perpetual asset bubbles because of ZIRP puts people in a no win situation because no one can judge natural market dynamics. When to get in, when to get out, etc...
So everyone just jumps in. Then, when they all try to get out, .gov will ban selling equities because the rush to exit will be historic.
At least, that's what I've heard could happen.
Jimmy looked so cool...until he tumbled.
This whole thing is like watching one of those fail videos where they are dancing on the edge of a cliff. Just a matter of time, but you still cringe.
Cringe?
At least two of them should be dead actually. Rather heroic in my book.
"I'm okay.
No, you're not okay honey."
Apparently the folks who designed that beautiful boat took "Human Fail" into account.
Didn't they start with seven?
Well...at least they kept the camera running.
Maybe they can find out what happened to Free that way.
So I do find it interesting that interest rates have been doing nothing but going up since Taper was announced "and everyone seemed surprised."
Dollar going to the moon, commodities getting slammed, sovereign defaults...you name it.
None of this is "news." Been going on for TWO FUCKING YEARS NOW.
I do find it interesting that Banking profits have been stellar though.
That says to me "other than what happened to Fred" there does appear to have something of a recovery here.
That's the thing about blowing a bubble, it's just too much fun to stop.
Good thing the blonde fared the best, she's the most bangable one; and hopefully she dumped the bald dope driving the boat and told him to go whack his pud on the nearest street corner - what a douchebag.
Steve Liesman's younger brother?
"Fed Chair Full Throttle" no less.
That guy got exactly what was coming to him. To his credit he was able to stand up briefly.
So indeed it is interesting that we're still talking a rate rise this Fall.
Apparently they weren't going fast enough otherwise they could have completely JUMPED "the second wave."
They should've thrown that chick in the pink swimsuit and the bald guy overboard. That little narcissist was unhurt, sat throwing little temper tantrum and never concerned herself with checking to see if everyone was okay. The guy driving is the classic invincible tool, pretty good analogy all in all.
The slow motion version is better. https://www.youtube.com/watch?v=21ij4BtHsxw
Holy shit, look at that volume!
Wow!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Fucker was a poor captain but still better than Yellen.
I hope silver goes to less than $10 an ounce. I love this shit. Gives the little guys an opportunity to hedge.
I hate the misleading charts. If you look at the volume chart, you'll see the one on the far left has high volume during the rise, not during the decline. Putting misleading arrows on things hurts your credibility.
I bet that Boat's name is "Algos Go No Bid"
When are the rape rooms opening on Crete?
Boy rooms in Athens.
The video never gets old, especially at 1:07, when the guy reaches around for his strategically placed sunglasses, breaks one of the tarts' nails, only to have his specs go flying starboard during the wreck.
Ya know, if someone's distant relative, in,say, Kenya, knew ahead of the GOOG ramp, they cudda made a bunch on 7/17/15 calls. Just sayin'.
It's about the future, Madam Chancellor. One where you currently appear to be at odds with your associate in the IMF in taking ownership of what is about to transpire. You could slow down and change direction to another future. Or you can stay on the same course with the same result as the 7 person boat in this post. Managing Director Lagarde's lucky number is 7. Are you sure you want to end up in the same boat?
People can be very frightened of change. Are you a visionary leader that I mentioned in an earlier post might come from Germany? Or will you continue to lead the German people down a very similar historical financial path as the 1930's? Again. You know the subsequent suffering that will result from this course. A visionary leader challenges the status quo. They don't go along for the ride. Especially when they know it will end in a preventable disaster.
I'll quote one of your countrymen "Sooner will a camel pass through a needle's eye than a great man be "discovered" by an election." You could prove this historical quote wrong in many ways. Please reconsider your current course.
Gross negligence?
Hahaha! that's exactly what the banksters will say... " turn the camera off, get rid of these beers.."