Dow Tops 22,000 As Dollar Drops To 27-Month Lows

Tyler Durden's picture

It appears the market's attitude today was simple..,

Summarizing today:

  • Despite the biggest comany in the world blowing out earnings - Stocks ended the day 'unchish', VIX ended the day marginally higher
  • Despite weaker than expected jobs data, escalating tensions with Russia, and China and India facing off against each other - Bonds ended the day 'unchish', the Dollar ended the day 'unchish', and Gold was very modestly lower.
  • Despite weaker than expected inventory data, OPEC and NOPEC production rising - WTI ended the day notably higher.

Despite the exuberance of record highs in AAPL shares...


Stocks drifted aimlessly for much of the day with Small Caps the notable loser (worst day in a month)...


But of course - The Dow topped 22,000...thansk to 4 VIX stomps...


Almost 5% difference between INDU and TRAN in last 5 days and S&P is unch...

Here's why The Dow is surging...


Oh no sorry, here's why...


But 'Dow Theory' is not buying it - Trannies are testing their 200-day moving average, massively diverging from Industrials...


FANG Stocks sank again today (down almost 6% from last week's highs)...


The listless drift continues for the S&P 500, which hasn't gained 1% or more in a single day for 69 straight days, the longest streak since March 2007


There was a notable difference in the advance/decline line at today's open that continued for the day...


Treasury yields were mixed on the day with the long-end outperforming...


30Y Yield are hovering at 1-week lows...


The dollar index tested new 27-month lows before v-shaped-recovering...


As EUR strength (testing 1.19 intrday highs) and CAD weakness offset each other...


Silver fell back below its 50DMA - after flash smashing last night...


WTI is up 7 of the last 8 days - Despite disappointing inventory data and surging production, the machinese decided that the DOE-driven dip was for buying... (NOTE - the sudden jerk higher in prices was off support at the 100DMA)

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Mr Pink's picture

Yet silver is still 16 bucks

GlassHouse101's picture

No amount of PM rigging will fix what's coming to the USD.

silverer's picture

You are correct. Only the holder of the world reserve currency can get away with the murder of PM's. And the US is daily losing that status. Some really big sales are now going around the dollar. That will continue to grow until:

"No amount of PM rigging will fix what's coming to the USD."


Paul Kersey's picture

"Dow Tops 22,000 As Dollar Drops To 27-Month Lows"

Only goes to prove that the Dow is just a reflection of Fed induced asset inflation, as it takes more deflated dollars to buy ponzi assets. Meanwhile, those devalued dollars only serve to deflate stagnant wages.

post turtle saver's picture

... and yet, $46 USD will get you a barrel of oil as of June 2017

the same barrel of oil would have cost you $54 USD in June 2005 which, adjusted for inflation (depending on who you look at), is ~$68 USD in 2017 (some would say that should be even higher, but that just bolsters my observation further)...

so, effective cost of a bbl of oil in 2017 is two-thirds of what it was in 2005, yet somehow the Dow breaks 22k... yet somehow, the USD is considered "weak"...

let's look at it this way, given what we know about the petrodollar... either a) stocks are reaching these heights because the USD has lost purchasing power or b) stocks are reaching these heights because they're overpriced... I'd submit it's the latter and we're going to see a considerable correction soon...

this time it's different(tm)

Give Me Some Truth's picture

The Debt ceiling debate, and the fact the U.S. government will soon not be able to pay its bills, is a non-issue among economic experts and with the "markets." 


Give Me Some Truth's picture

These people are serious and, by now, brazen about capping and keeping sentiment for PMs dead. They know no one - at least anyone who matters - is going to raise an eyebrow about the counter-intuitive price actions. 

Pick the very best thing that could happen for precious metal enthusiasts. This event will result in a decline in precious metal prices. Or: If there is some increase, it will be minor and capped.

All we need to know is that the printing press has to be protected. And keeping sentiment for precious metals dead is Job One of protecting the printing press.


tropicthunder's picture

Exactly... Not to mention Gold already hitting that infinite selling ceiling of $1270 aka the fucking jooboy maginot line.

I have always had very strong premonitions with Gold and I can tell you that Gold is going to get smoked here soon.

The gold stocks are not signalling any meaningful move in gold and while the DX gets whacked, gold only gets a marginal move out of it.

That can only mean one thing, that the USD is closer to a bottom then a top here and that gold & silver are going to get nigger fucked in the ass soon.

GunnerySgtHartman's picture

Hookers and blow for everybody!  /s

Rainman's picture

yay ... I was ready this time for the onslaught of hat orders.

Kaiser Sousa's picture

Dow Jones Propaganda Index crossed the long awaited 22,000 mark today - how both that!!!

easy to understand given all the progress on all the pressing issues facing this bankrupt shell of a empire being achieved in D.C.  - RIGHT!!!

health care repeal and reform - i don’t think so.

taxes lowered -  i don’t think so.

secession of hostilities with the rest of the globe - i don’t think so.

making Ameridumb “great again” - nigga pleeze…

manufacturing brought back to our shores from China to employ Ameridumbs making real shit again - i don’t think so.

but hey at least they accomplished this again...

remember this from yesterday and over the last 8 years

"once again, name any other "market that manages to close at the same price 3 days in arrow driven by “selling” in same venues every fucking day & right after closing on the Crimex?????"

 July 31st -  $1268

August1st - $1268

August 2  - $1268

and today??? $1266
im still buyin'em both with every debt coupon dollar that comes my way...


Snaffew's picture

if they lower taxes they will simply widen the debt levels by printing more money to compensate---this in turn lowers the purchasing power of the dollar.  Fuck lowering the taxes---lower the incessant and maniacal spending and we will all be better off.

vegas's picture

Just another routine day in the manipuated Unicorn meat futures markets, a/k/a SP500 & Dow30, where you too can buy/sell, then go out for breakfast, get the car washed, run some other errands, then come back and see if it moved a tick. I'm getting tired of this central bank shitshow. You've killed gold, silver, interest rates, and the VIX, and if it gets much worse than today, just shut the fucking place down and start offering online craps.

Bubenthauser's picture

It's a shitshow alright.

CalifornianSeven's picture

the last 2 charts appear to be the same 50DMA chart.

Clock Crasher's picture

miners are captured until silver is set free

Gold can go to 1,300 yet if silver gold ratio does not fall miners are captured

going into our fourth year this fall of GSR in the deep 70's

surf@jm's picture

The central banks own it all.....

Well, I guess you marxists have got your world communism finally.......

Fundies's picture

22K has got a nice ring to it. Hopefully that ring gets stuffed full of cock soon enough. 

H H Henry P P P Paulson's picture

Already sold my tvix after 3 days at a loss lol.  Don't like the hammer that formed today, gonna be another manufactured 20+ points for sp500 tomorrow.

coast1's picture

in 2010 the dollar was 80... 

Agent P's picture

Hats...excellent...thank you

LawsofPhysics's picture

"Full Faith and Credit"  ....


...just the same I felt compelled to book some profits....    ...tomorrow we should hit 25K easy.

Manipuflation's picture

What is going on with the CAD?  I bought CAD in mid May but had to pay premium for cash.  I'm probably in at around 1.28.  So I made 3 cents on the dollar?  I am not a FOREX expert.  I didn't it for an investment or a carry trade but I guess I am in it now.  It all started over some false promises from a Canadian ZHer who does not post here anymore and the deal fell through.  What can you do?  I would like to to go to Canada and spend it and have one hell of a keg party.  We can shoot one of their mooses and roast that fucker.  I live in Minnesota so I know what to expect from Canada.  Still though Canada is a six hour drive.

I collect Canada coins and such anyway so it is not a big deal.  I kind of like their scrip because it is very colourful.  I have Aussie scrip as well which is similar but has pictures of people on it that you have no clue who they are.  I like it.  Maybe something will work out where I need to go to Canada and I will have some Canuck cash ready to go because it is huge pain in the ass to actually get foreign cash.  You might be a terrrrist, tourist, terrorist, after all.

It wouldn't be that bad of an idea to stack a few rubles at least for me.  Not a lot of them but some. 

FredGSanford.'s picture

Now that we have Dow 22000, let's see who can get closest to the day we get to Dow 23,000!! I say Jan. 10, 2018. What you guys say?

PontifexMaximus's picture

mr t jordan of SNB is very happy, the US should be too, they can send another invoice for what so ever, the Swiss will pay it

wattie's picture


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c2nnib2l's picture

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Dre4dwolf's picture

Corporation borrows money at essentially zero %

Corporation uses money to buy back its own stock

Stock price rises

Rinse Repeat