Stocks Up, Bonds Up, Gold Up, & Dollar Down But Tax-Hope Tumbles

Tyler Durden's picture

Think you had a bad day...

 

Overnight saw market watchers celebrate the exuberant run in Japan's Nikkei 225 to its highest levels since 1996 (up 200% from its 2008/9 lows)...

So - some context - it has taken 21 years of "buy and hold" to breakeven... and the index still needs to rally 88% further to get back to even from its record highs in 1989.

 

Stocks (and gold) ramped higher in the last hour (on regurgitated headlines about Mnuchin preferring Powell for Fed head - which hit 2 weeks ago) but of course, something had to be done to ensure stocks looked good post-FOMC Minutes...

 

After the initial dip following FOMC Minutes, stocks turned around on the day...(Small Caps ended the day red - Here are the closes for Russell 2000 for the last 8 days - 1509, 1511, 1508, 1512, 1510, 1504, 1508, 1507)

 

But this was the headline of the day... The Fed's Williams warns that they "don't want there to be excesses in financial markets... " as VIX is slammed to ramp stocks for another new all-time-high...

 

USDJPY and Stocks were once again inseparable...

 

And, while hope remains in the mainstream, the market is rapidly pricing out tax reform...

 

The Retailer Rout continues...

 

While the yield curve collapses further, banks are bid ahead of the big earnings reports of the next 2 days...

 

Treasury yields fell once again...with a notable flattening...

 

The Dollar Index continued its post-Golden Week demise, extending losses on a dovish Fed statement (re: inflation) and on Mnuchin-Powell headlines...

 

Gold continues its post-Golden Week recovery, surging after Fed Minutes...

 

WTI bounced back above $50 today (and RBOB rallied) after OPEC jawboning and ahead of tonight's API data...

 

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Kaiser Sousa's picture

nothing like all of the wine country in California goin up in flames to send the Fraud Markets to “new all time record highs” ...now is there???

- The End -

DEATH TO THE MONEYCHANGERS.

D.r. Funk's picture

Deepstate merely bubbling and topping off at every excuse and piggyback headline. There are so many (or too many) btfd-lemmings to stop it. I excoriated (and continue to excoriate) them at many points the last 3+ years. But of course it's just "uh uh uh uhh btfd beetches"

breaking point approaches baby!

SuperRay's picture

Uh oh. An anti-Semite. Gotcha!! Now apologize and beg forgiveness

grasha87's picture

I have created a currency that is neither deflationary nor inflationary, and is based on Say's Law. It helps alleviate unemployment and falling incomes during recessions and is based on the free market:

 

https://bunky1787.wordpress.com/2017/09/06/the-wallark-neo-scrip/

Traderone's picture

It's a real shame the U.S. team won't be in Russia for the world cup. It won't be the same without their fans.

Wait What's picture

"It won't be the same without their fans' MONEY." fixed it for ya

Keltner Channel Surf's picture

Some claim adding the principle of relegation to the USA would allow uncovering of ‘hidden talent’ and improve future national team prospects.

Experts agree this could work, but with one small change to the European model:  instead of team-based relegation, we’d relegate entire leagues – bye-bye MLS.

Then, we could stop pretending we’re ‘on track’, and continue what everyone here is actually doing in practice, that is,  watching:   a) Pulisic play in the Bundesliga on Fox Sports;  b) the USA Women’s team, by far the most entertaining (and dominant) country-based team we’ve ever had.

jamesmmu's picture
Dick Bove: Market Dangerous as Late 1990’s, Bank Stocks Could ‘Come Crashing Down… Mike Maloney: Alarm Bells Ringing For Stock Markets

http://investmentwatchblog.com/dick-bove-market-dangerous-as-late-1990s-...

allamerican's picture

OSTK now integrated with shapeshift, digital exchange mgmt.

Vlad the Inhaler's picture

Wtf was that Snapchat melt up?

shizzledizzle's picture

An opportunity to short it! I've made some good coin buying puts any time it crests the $16 mark.

allamerican's picture

caught the call then seen move thru 15, momentum traders. stay away that shit. itll get blown out on follow thru.

D.r. Funk's picture

"Exuberant run in nikkei"

Yeah kuroda and boj directly manipulating share prices. kind of an offputting phrase to find tylers put up today. at least they fucking admit it, japan, full admitted manipulation of their stocks and etfs

Japan Is My Biggest Short

E - W - V - Still - Alive

 

 

Jtrillian's picture

Repeat after me:

There are no markets, only CENTRAL BANKS.

 

Kaiser Sousa's picture

(echo, echio, echo, echo.................................................)

D.r. Funk's picture

I would just add it's bigger thou. The drift-negation subroutines and programmed vix squelching, today for instance, insinuate the more obviously beguiling and deceitful scope some of us continue to point to

Wait What's picture

QE = asset nationalization = no markets

Q.E.D.

ronron's picture

ya. but what about bitcoin?

Fundies's picture

Schlongwave predicted this.

grasha87's picture

I have created a currency that is neither deflationary nor inflationary, and is based on Say's Law. It helps alleviate unemployment and falling incomes during recessions and is based on the free market:

 

https://bunky1787.wordpress.com/2017/09/06/the-wallark-neo-scrip/