Late-Day Panic-Buying Sends Dow To Longest Record Streak In 30 Years

Tyler Durden's picture

Millions of investors cried out today...


"Pause that refreshes" or "Time to panic"?

Of course utter panic buying into the close ensure a green close and an 11th record in a row - the longest streak in 30 years - because everyone knows stocks don't close red into the weekend -

The Dow went green for the first time of the day with 17 seconds to the close!

But this was the 3rd up-week in a row for The Dow (and 5th up-week in a row for the S&P and Nasdaq). Biggest weekly drop for Small Caps in 5 weeks


After 15 straight days higher, the S&P tech sector suffered its biggest decline of the year...


Financials worst day in 5 weeks, Goldman worst day in Feb, worst week in 5 weeks...The Big Banks were all red on the week...


Stocks and Bonds are both up 5 days in a row...

This is the 6th day in a row that The Dow and the Long Bond have risen in price together... equal record longest streak (1989 and 1994)


But while stocks actually having a down day was briefly possible, it was precious metals that stood out...

Gold rose above $1250 this week for the first time since the election - Gold is up 8 of the last 9 weeks... Silver is up 9 weeks in a row, back above its 200DMA - longest streak since May 2006


Bitcoin hit a new record high...


Crucially, anxiety in Europe - ignored by most - has sparked panic bids into short-dated German paper


Dragging global DM yields lower across the curve...


Leaving Treasuries 'cheapest' to Bunds since 2000...


Even as 10Y yields tested 3-month lows...


This was the 10Y Bond Future's best week since June 2016...


The Dollar dropped on the week - the 7th weekly drop of the last 9...


Yen was the biggest driver (stronger against the greenback) but we note Cable had been until it tumbled today...


Copper was clubbed but bounced back, Precious metals were the week's big winners...

*  *  *

As we asked earlier... Who's Right?

The 30Y Yield just dropped back below 3.00% once again and 10Y is back at February lows - what happens next?


Despite the exuberance of hope, protection is heavily bid...


And if Utility stocks' demand is anything to go by, bond yields have a long way to fall...


Finally - absent the hope-strewn soft-survey data, 'hard' data has decidedly deteriorated...


So who's right? Stocks... or VIX and Bonds and Real macro data?


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QE4MeASAP's picture

Ahh, a happy ending on a Friday!  Anyone who didn't see that ramp coming deserves a slap in the face!

NugginFuts's picture

Wall of Worry = Wall of WTF!!!!

thesonandheir's picture

On a Friday as well.


President Trump has signed an E.O. outlawing risk at weekends now.


Won't be long though until the arse drops out of this casino.


Mid March is the key.

Logan 5's picture
Logan 5 (not verified) xythras Feb 24, 2017 4:24 PM

Well all I can say is:


'LA LA LAND' is, in fact, favored to win BEST PICTURE this weekend.

cheech_wizard's picture

I couldn't make it more than 5 minutes into it before shutting it off.

Standard Disclaimer: Mmmm, because they suck? BTW, Sabo strikes again (priceless!)


Logan 5's picture
Logan 5 (not verified) cheech_wizard Feb 24, 2017 5:24 PM

You need to be wearing those 3-D Hollywood made x-ray specs...


When the 'credits' roll, even though everything is a WEINSTEIN & CO flick, it makes it look like it was produced by a gang of entrepenurial Amish.


The governors ball & afterparty at Spago all feature healthy salads with fried foreskin croutons to keep the actors & actresses straight to their diets.

zippedydoodah's picture

Whatever happened to the PPT, Plunge Protection Team?

limited man's picture
limited man (not verified) zippedydoodah Feb 25, 2017 4:21 AM

I'm making over $7k a month working part time. I kept hearing other people tell me how much money they can make online so I decided to look into it. Well, it was all true and has totally changed my life. This is what I do...

New_Meat's picture

c'mon MDB, that sales pitch is so stale, can't be drivin much traffic, can it?

From here?

Jim Sampson's picture

These charts don't really do that jump justice.   It was almost straight up.

gatorengineer's picture

hyperbolic is the word you are looking for.....  Today was hard for even a cynic to stomach.


Sonovabitch - the lying Russians fucked over the Donnie Punt to the stars. 

And, those Wall Street bastards turned Trump's Bounce into Deflate Gate.

And, the liberal pussy heads stopped going long on stawks - that's gotta be treason.

Right ?

And things were going so good, too.

For about 3 weeks.  

Raffie's picture


Snaffew's picture

a 10 point ramp in the final 40 mins...I expected a bump to 2360 maybe...not 2367.34...that was outrageous. Someday the "ramps" will turn into slides...cannot wait!!

BlueHorseShoeLovesDT's picture

Surprising that it didn't go through 2370 Algos love round numbers, its a silicon thing.

Big Beta Bill's picture

Must finish green!

Squid Viscous's picture

this one goes to 11

BocceBaal's picture

I love how even ZH's banner for the article has the "Dow Record High" picture 11 times.

Kaiser Sousa's picture

“when the same bullshit happens every fucking day all u need to do is copy & paste…”
- Kaiser Sousa -

don’t make me fucking laugh…


Kaiser Sousa's picture


97 year old mom fell last night...

posted on break from the Kaiser...

but had tp speak on this epic ongoin fucking farcical shit show...


Sorry for your loss KS. With all of the bullshit going on, I sometimes wonder if I should ask for the check. 

Kaiser Sousa's picture

As I'm @ kaiser again I want 2  thank all well wishers from ur post...

Bad news...she fractured her hip...


Kaiser Sousa's picture

As I'm @ kaiser again I want 2  thank all well wishers from ur post...

Bad news...she fractured her hip...


Squid Viscous's picture

hope she's ok,

good stock you come from!

no pun intended...

Zarbo's picture

Deepest sympathy.  Hope she is okay.  Hope you are okay.

cowdiddly's picture

After being in the red all day, with exactly 30 seconds to go the Dow turns green.

What a farce this has become and they don't even try to hide it anymore.

yogibear's picture

Just capitalize on it. Buy the dips. Sell the close.

cowdiddly's picture

Nah, I'll wait for the Big Kahuna.

I've got nothing but time when dealing with crooks and a corrupted market.

thismarketisrigged's picture

anything to fucking ensure an 11th straight dow record high.


overseas ''markets'' fall, yields tumble,  but of course stawks dont give 2 shits, because no matter what happens, the ''markets'' in the u.s must finish green.


this is one big sick joke

Squid Viscous's picture

great weekend headlines for the goyim sheeples -

honey, maybe we should finally get back into the stocks  ?

i'll call that jew broker guy monday am, he seems really smart

BlueHorseShoeLovesDT's picture

Vix the gift that just keeps on giving, some one was playing for Armaggdon late yesterday and this morning.


Must be a Trump fear thing.


I mean WTF, the ES wasn't even down that much this morning and people were bidding VIX futures to the moon.


The "market" is too high has never been a good reason to short.

khakuda's picture

Welcome back magical late 90s stock bubble!  I'd like to thank Alan, Ben and Janet, along with all the others, who know that if you just leave interest rates below the inflation rate for enough years, magical bubbles are virtually guaranteed!

In the carnage that follows, they will once again just claim that no one saw it coming and find a scapegoat.

Traderone's picture

Do the guys at the CME rig VWAP with explosives late in the session? because every time the ES touches it in the last hour it just fucking EXPLODES and sends price rocketing and Shorts to their doom. Long explosives I say.

BlueHorseShoeLovesDT's picture

That was amazing I put on a 55 X 60 call spead at 2:45 giving a bump to 2360 about an even chance, 3:20 and boom goes the dynamite.


The Trump uncertainty principle has been great for traders.

Traderone's picture

Superb trade Sir, well done and a good weekend to you. 

Seasmoke's picture

Criminal. Comical. Up 85 points in last hour. But up over 25 points in last 5 minutes is even worse. What is The Tribe even trying to prove with this in our face blatant fraud ??

orangegeek's picture

CBs expanding their balance sheets again.


No controls on these CBs.


We could be in a bull market for the next 50 years.

yogibear's picture

Never fails.
Down during the day and ramp towards the close to a new record high.

Hohum's picture

Stocks AND bonds up 5 days in a row?  Skittles and unicorns!

jamesmmu's picture
Three Charts That Predicts That A Stock Market Crash Is Possible In 2017

Okienomics's picture


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SloMoe's picture

Need to keep the dogs salivating ahead of the SNAP I-Piece-O-Shit

Yen Cross's picture

   Silver also broke above the 200 week avg. for the first time since March 2013.

jonebize's picture

Anybody have any idea why the gold sector is down with this huge up day in gold?