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AAPL Leads Stock Surge To New Highs

Tyler Durden's picture




 

Broadly speaking, risk assets were not as dismal as equity markets today - holding on near the highs for much of the day. The late day surge higher in AAPL - that dragged everything higher - was a recoupling to risk-assets on the day as volume surged and average trade size picked up significantly. AAPL ended up at the record-high day's closing VWAP (around $672) perhaps suggesting some algo-driven liftathon to enable the bigger boys to exit the heavily-weighted-in-the-index name - and right in front of Bernanke's big day tomorrow, it seems odd - other than short-covering squeezes - to be positioning this heavily long. HYG once again soared (playing catch-up to HY credit spreads), VXX tumbled into the close as VIX dropped following the ESM decision (though was not as ebullient as stocks ahead of tomorrow's NFP). Treasuries just kept leaking higher in yield (now 5 to 30Y yields higher by 5-10bps on the weeks) - and crushing the spread to MBS. The USD was stable most of the day after early weakness, on EUR strength after the ESM decision, was unwound. A bump-and-dump in commodities ended generally unchanged aside from Silver which had its own mysterious flash-crash soon after the US day session close. Credit tracked stock generally on the day and was quiet. S&P futures take out (after-hours) the highs of the day/year/four-years (as contracts rolled). Need Moar QE.


S&P 500 e-mini futures took out the year's highs after hours and turned back modestly lower (but found support at yesterday's closing VWAP twice today)...[note the futures volume is rolling also]

 

Commodities were dominated by some crazy Silver action today...

 

AAPL liftathon coincided with Monday's VWAP close...

 

and risk assets in general did not sell off with stocks - which led to the program buying catch up into the close we suspect as correlations tried to square up ahead of tomorrow...

 

and from the early June lows, the last few days have seen somewhat of a capitulation in HY spreads - even relative to the exuberance of stocks - while VIX has pulled back a little...

 

Charts: Bloomberg and Capital Context

 

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Wed, 09/12/2012 - 16:31 | 2787322 Thought criminal
Thought criminal's picture

I need to learn how to levitate like this market.

Wed, 09/12/2012 - 16:41 | 2787360 Ahmeexnal
Ahmeexnal's picture

Seems like Johnny Ives learned to master the RDF.
From another dimension, Steve whispers to him:
"use the FIELD, Johnny, use the FIELD"

Wed, 09/12/2012 - 17:43 | 2787568 BorisTheBlade
BorisTheBlade's picture

This market is so high, it must be some liquidity injection.

Thu, 09/13/2012 - 00:10 | 2788319 Muppet of the U...
Muppet of the Universe's picture

peak bank stupidity.  peak london whale.

http://www.youtube.com/watch?v=kUhYDHE0BPc

^ at your own risk.  some can deal, some can't.

Wed, 09/12/2012 - 16:32 | 2787324 Meesohaawnee
Meesohaawnee's picture

why do we "chart" and use TA  here? pointless.

Wed, 09/12/2012 - 16:54 | 2787420 B-rock
B-rock's picture

Bullshit it's pointless.  Algos and traders use it all day long.  Just watch a 5-minute ES chart tick by some day and you'll see that it slowly sets up to go long and then pops -- then it sets up short and dumps.... All day long.  As manipulated as the "market" is, it still moves to the technicals (probably more so now due to the feedback loop of the algos).

Wed, 09/12/2012 - 17:20 | 2787497 Cdad
Cdad's picture

"The techincals" as you say, they work when the market is being levitated...but not when it turns and breaks down.

Lighten up, Francis.

Wed, 09/12/2012 - 19:36 | 2787796 Muppet of the U...
Muppet of the Universe's picture

First of all.  I would like to congradulate ZH on the wonderous "aapl must close positive" comment.  Brilliant stuff.  --> this guy bought to spite you im sure ;D

Secondly.  There are thousands of strategies aside from directional betting, and even in directional betting, there are still even many more thousands of strategies.

If you are not seeing any stratgies you simply are not trying hard enough.

 

Besides.  You could just btfd.  Seriously.  I'm not even kidding.  btfd makes a shitton of money.

Wed, 09/12/2012 - 18:00 | 2787622 NotApplicable
NotApplicable's picture

Because instead of being a market metric, it is now an indicator of the rigging of the casino.

You might notice that this TA isn't used to make projections, but rather, to show the details on the crime in progress.

Wed, 09/12/2012 - 16:33 | 2787326 CPL
CPL's picture

Buy that dip...barf

Wed, 09/12/2012 - 16:36 | 2787340 techstrategy
techstrategy's picture

Look at all the MOMO stocks.  All are up 20-35% over the past 2-3 months.  No front running there whatsoever...

 

 

Wed, 09/12/2012 - 16:42 | 2787370 LongSoupLine
LongSoupLine's picture

Just another bid stuffing illegal manipulation in silver.

 

Fuck you SEC!  Fuck you CFTC!  Fuck you Blythe!

Wed, 09/12/2012 - 21:25 | 2788012 Thought criminal
Thought criminal's picture

Think I saw her running around almost naked only in shorts today...

Wed, 09/12/2012 - 16:44 | 2787382 RobinHood73
RobinHood73's picture

Apple could sell shit-on-a-shingle (they now do)  and algos HAVE to bid it to keep the Ponzi going. The unspoken implict asumption between primary dealers and the FED is , wink,wink free money for upticks. No SPY downticks allowed!!! Not until the fk!@#n Muppets engage!! And after tomorrow , we get to talk about QE4!

Wed, 09/12/2012 - 16:45 | 2787384 AndrewJackson
AndrewJackson's picture

I have a galaxy s3. Today my coworkers started talking about the sweet new features on the iphone 5 like an additional row for apps. It was that at that moment that I blew their minds with the fact that on android you can have has many rows and columns as you want! Iphone is really reaching the ipod relevance inflection point. Pretty soon, there will be no new buyers and the cool factor will wear off completely. 

Honestly though, the gs3 is a freaking awesome phone. It is completely customizable and has insane battery life. Granted I have a battery app that I customized for my use, but I can run my phone for two days with 4g. And that is on a 4.8 inch screen to boot. One great feature, is that once you root your phone you can upgrade to the latest software no problem. Within 10 minutes, I can switch my phone over to jelly bean or whatever the next latest and greatest is.

Wed, 09/12/2012 - 16:54 | 2787416 Ahmeexnal
Ahmeexnal's picture

who cares. anyone using a "smartphone" is an asswipe. andro[gynous]id included.

Wed, 09/12/2012 - 17:58 | 2787616 Freddie
Freddie's picture

The new Andromeda Galaxy G4 will allow you to shove it up your arse**le and in vibrate mode it will give you multiple organisms.

Wed, 09/12/2012 - 21:06 | 2787983 Ahmeexnal
Ahmeexnal's picture

hope and change!

AVANTI!

Wed, 09/12/2012 - 20:41 | 2787920 TWSceptic
TWSceptic's picture

don't be jelly.

 

and AJ iphone is def better than anything else. Believe me I tried them all.

Wed, 09/12/2012 - 16:59 | 2787434 CPL
Wed, 09/12/2012 - 17:00 | 2787437 techstrategy
techstrategy's picture

Have the G2.  Will get the Samsung Galaxy this holiday when everyone gets in a massive price war...  It is going to be a desperate holiday season...

Wed, 09/12/2012 - 16:50 | 2787400 falak pema
falak pema's picture

Look whats being envisaged in the current environment on this side of the pond : EADS & BAE talk of merging! 

EADS et BAE visent une fusion de géants qui bouleverserait le monde de la défense

A mega merger in the MIC/Aviation industry to make capital concentration even worse; the fewer the merrier....

Wed, 09/12/2012 - 18:28 | 2787669 Uncle Remus
Uncle Remus's picture

Will the BAE billboards in the US have to be in french and English then?

Wed, 09/12/2012 - 18:27 | 2787668 Uncle Remus
Uncle Remus's picture

muppet-holios

Wed, 09/12/2012 - 20:37 | 2787915 TWSceptic
TWSceptic's picture

I didn't believe silver was manipulated before but today opened my eyes.

Wed, 09/12/2012 - 20:41 | 2787924 azzhatter
azzhatter's picture

I have a 2004 Nokia phone that makes calls excellently. I also have a computer, it's a 2006 HP and works great

Thu, 09/13/2012 - 05:39 | 2788554 orangegeek
orangegeek's picture

AAPL - itunes/ipod, iphone and ipad. Overpriced Intel PCs.  Big news today - another iphone.  Tomorrow's technology?  TV's.

 

Future potential?  Suspect.

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