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S&P 500 Futures Above 2012 Closing High

Tyler Durden's picture





 

All those who were patiently waiting for the S&P futures to close at new 2012 highs as the catalyst for Bernanke to announce QE3, can now exhale (if we end here): with S&P 500 2012 year-end earnings estimates the lowest they have been all year; with corporate revenues now negative quarter-over-quarter; and with US economic output sliding and GDP back under 2%; coupled with another step backward in housing; it was only logical that the S&P would close at fresh 2012 highs. And now, it is time for the NEW QE, LTRO 3 and more RRR and Interest Rate cuts from China and all shall be well.

S&P 500 Futures vs 10Y Interest Rates... futures just broke above 2012's closing highs...

 

Chart: Bloomberg

 


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Thu, 08/16/2012 - 14:49 | Link to Comment vbone
vbone's picture

too many bears around town bros! need to be squeezed

Thu, 08/16/2012 - 14:55 | Link to Comment Cdad
Cdad's picture

There are not too many of ANYTHING in this market.  There is literally no participation...which I'm sure, some enterprising criminal syndicate Wall Street banker can claim is...BULLISH!  Yep, that's right...zero capital flows are the mostest uber bullish thing around.  Nothing like not being able to find a bid of any size to send stocks higher...well, save for collapsing earnings...and wildly deteriorating global macro economies...with a pinch of pending debt defaults like never before seen!

The market has arrived at such a sad, sad place that it is painful to watch it top tick itself...with almost zero actual trades.

Way to go Wall Street!  You have officially killed your own industry.  

Thu, 08/16/2012 - 14:56 | Link to Comment Dr Benway
Dr Benway's picture

Dude of course it is bullish. Lower volume means more easily manipulated markets.

Thu, 08/16/2012 - 15:02 | Link to Comment MillionDollarBonus_
MillionDollarBonus_'s picture

It’s a sad day for doomer libertarians. As if the S&P 500 close isn’t bad enough for doomer ZH day traders, the VIX is now down at 14.37, indicating that investors are more confident than ever in the global recovery. It begs the question: at what point do doomer libertarians admit that they are DEAD WRONG about the economy? 

Thu, 08/16/2012 - 15:05 | Link to Comment fuu
fuu's picture

Douche.

Thu, 08/16/2012 - 15:42 | Link to Comment 0z
0z's picture

I will be DEAD wrong when my account balance reaches Zero. Until then, I am a stubborn son of a bitch, and remain a seller.

From Jesse Livermore:

It never was my thinking that made the big money for me. It always was my sitting. Got that? My sitting tight! It is no trick at all to be right on the market. You always find lots of early bulls in bull markets and early bears in bear markets. I've known many men who were right at exactly the right time, and began buying or selling stocks when prices were at the very level which should show the greatest profit. And their experience invariably matched mine--that is, they made no real money out of it. Men who can both be right and sit tight are uncommon.

Thu, 08/16/2012 - 15:51 | Link to Comment Quinvarius
Quinvarius's picture

You have totally misapplied that quote to your situation.  To get a selloff you need a banking crisis where banks are forced to sell and go under.  You cannot have a banking crisis in ZIRP and crony loan land.  All you get is a lot of printing.  Livermore had a lot to say about being long during inflation.

Unlike the Dbags on CNBC, I will never try to tell you it has anything to do with the economy being great.  It is pure money creation. 

Thu, 08/16/2012 - 15:10 | Link to Comment jcaz
jcaz's picture

That you're clueless enough to reference the VIX to support your specious view says all we need to know about your market knowledge, Skippy-

What next- quote Cramer?

Thu, 08/16/2012 - 17:41 | Link to Comment max2205
max2205's picture

Guess why??? It's like parents giving the kids more desert after they spent the day gorging at disney land.

It's fucking disgusting and isn't right

Thu, 08/16/2012 - 15:20 | Link to Comment malikai
malikai's picture

Good stuff. +1

You kept it small this time. But I do love to read, so maybe a little more next time, eh?

Thu, 08/16/2012 - 17:01 | Link to Comment JethroBodien
JethroBodien's picture

ROFL.  Global recovery.   I've never laughed so hard.

Thu, 08/16/2012 - 18:12 | Link to Comment Glasnost
Glasnost's picture

Meanwhile it seems that Europe is missing out on the 'global recovery' with its contracting GDP.

Thu, 08/16/2012 - 15:51 | Link to Comment Stock Tips Inve...
Stock Tips Investment's picture

Manipulation before the elections will be very evident. The market will likely continue to rise and will benefit those who stay tuned. The market has its own dynamic and no search more explanations. If the market goes up, take long positions and make money. If the market goes down, take short positions and make money.

Thu, 08/16/2012 - 15:06 | Link to Comment Yen Cross
Yen Cross's picture

I couldn't have said it better myself Cdad!  

Thu, 08/16/2012 - 15:13 | Link to Comment Meesohaawnee
Meesohaawnee's picture

well done Cdad.!!

Thu, 08/16/2012 - 14:56 | Link to Comment malikai
malikai's picture

SP looks like it has further to go. Tomorrow should be interesting.

http://www.quantsig.net/img/indx_sp500.png

http://www.quantsig.net/img/indx_dow.png

 

Thu, 08/16/2012 - 16:20 | Link to Comment Squid Vicious
Squid Vicious's picture

dont tell me you're that doosh from daneric's site...please

Thu, 08/16/2012 - 14:49 | Link to Comment derek_vineyard
derek_vineyard's picture

lets party like its nineteen ninety nine

Thu, 08/16/2012 - 14:50 | Link to Comment MFLTucson
MFLTucson's picture

The no growth equity market up on spin and propoganda, not to mention trillions in confetti.

Thu, 08/16/2012 - 14:50 | Link to Comment LawsofPhysics
LawsofPhysics's picture

And an interest rate hike in U.S. bonds?  Pretty please?

Thu, 08/16/2012 - 14:50 | Link to Comment Calidreaming
Calidreaming's picture

Ok , I guess the world is fixed.   Maybe I will go buy a house or something

Thu, 08/16/2012 - 15:04 | Link to Comment ZerOhead
ZerOhead's picture

Oh it's fixed alright... very very fixed.

Not sure if it's safe to go back into the water however, but then again you look more like the expert on that matter...

Thu, 08/16/2012 - 15:47 | Link to Comment 0z
0z's picture

Make sure you buy as many house as you can. That's how it's done!

Thu, 08/16/2012 - 14:50 | Link to Comment buzzsaw99
buzzsaw99's picture

His zirp endureth forever. Amen.

Thu, 08/16/2012 - 14:51 | Link to Comment Trichy
Trichy's picture

Corzine is getting some great buying oppurtunities, to Corzine his clients in the new fund, right from the start.

Thu, 08/16/2012 - 14:51 | Link to Comment HaroldWang
HaroldWang's picture

Equities cannot pull back in any meaningful fashion. It's pretty simple really. There is no connection with the economy or corporate earnings for that matter. If they push stocks higher, they go higher regardless. So just go along for the ride. We could easily be in low to mid 1500's SPX by election day. 

Thu, 08/16/2012 - 15:01 | Link to Comment Manthong
Manthong's picture

Equities, gold, oil

Maipulate gold and oil down and equities up..  The Grand Illuision that allows interest rates to be low and the economic condition to appear sound..

until reality at street level collapses the whole scam and whatever real money left scatters into hard assets.

Thu, 08/16/2012 - 17:07 | Link to Comment JethroBodien
JethroBodien's picture

I get the impression stocks are going up "out of spite" at this point.

 

Thu, 08/16/2012 - 14:53 | Link to Comment Hype Alert
Hype Alert's picture

Broken!

Thu, 08/16/2012 - 14:53 | Link to Comment obvious_sarcasm
obvious_sarcasm's picture

Time to short?

Thu, 08/16/2012 - 14:53 | Link to Comment falak pema
falak pema's picture

when you have nothing to say drown them in numbers !

Here is a presentation about the future by none other than GS, Abby Jospeh Cohen! The lady who got the 2008 crisis upside down!

Abby Joseph Cohen Themes And Risks - Business Insider

Incredible squid ink! 

Thu, 08/16/2012 - 14:56 | Link to Comment This is the end
This is the end's picture

Whatever, we have a looooooooooooooooooooong time to go on this. We still have a whole continent (Europe) who hasn't realized the consequence free joys of printing money. The simple act of printing money builds houses, creates jobs, perfectly allocates capital, makes people work harder and smarter and really makes all happier. The only question I have is why did they wait so long to show us all the magnificent alchemy of printing money? Why were they so short-sighted and stingy to not share this gift with the world 1000s of years ago? 

Once Germany allows the full money printing operation to begin in Europe (it might have started already) all of their problems will go away. The only reason Europe is having problems is because certain countries can't keep borrowing like we and the Japanese are. Once you get rid of that the printing and buying of up to 70% of new debt issuance will take this party much much higher. The hangover will be the end of the system. We just aren't there yet.

Thu, 08/16/2012 - 15:00 | Link to Comment khakuda
khakuda's picture

"The hangover will be the end of the system. We just aren't there yet."

Amazing that few outside of the readers of ZH get this minor point.

Thu, 08/16/2012 - 15:40 | Link to Comment Jason T
Jason T's picture

There is a physical economy outside of that money printing one.  

Germany had a 1% unemployment rate in the summer of 1922  .. 15 months later, graineries sat full because the farmers would't accept that confetti money from berlin.

Thu, 08/16/2012 - 15:02 | Link to Comment Piranhanoia
Piranhanoia's picture

All the leopard tanks will be upgraded to mountain lion.  All the U-boot sales will vanish and the European arms race will begin again.   Guess we will find out how many nukes Germany has purchased.   They know what happens if they weimar it.

Thu, 08/16/2012 - 15:39 | Link to Comment petolo
petolo's picture

I think Home Despot is having a special on wheelbarrows . The Weimar Special.

Thu, 08/16/2012 - 14:57 | Link to Comment DavidC
DavidC's picture

If someone can explain this to me I'll be grateful...

DavidC

Thu, 08/16/2012 - 14:57 | Link to Comment Hype Alert
Hype Alert's picture

If retail is selling out of the market, who is buying it higher?  Algo's just selling it circle jerk fashion to each other?  And when does one of them figure out the first out the door wins?

Thu, 08/16/2012 - 14:57 | Link to Comment The Axe
The Axe's picture

No market No volume No reality No Shit!!!!

Thu, 08/16/2012 - 14:58 | Link to Comment scatterbrains
scatterbrains's picture

This smells like a double top to me. Watch this pig roll over just as 10yr treas. futs are working off the last ticks of an RSI sell signal and from here can resume it's rally.  If a double top it's calling for 1100 bitchazzes

Thu, 08/16/2012 - 15:00 | Link to Comment Thought criminal
Thought criminal's picture

Come on algos, you can do better than that... how about some new all times highs?

Thu, 08/16/2012 - 15:01 | Link to Comment buzzsaw99
buzzsaw99's picture

The LLOYD is my shepherd; I shall not want. He maketh me to believe in green markets: He leadeth me beside the low volatility. He restoreth my 401K He leadeth me in the paths of bullishness for his name's sake. Yea, though I walk through the valley of the shadow of underemployment I will fear no evil: for He is with me; His HF prop trading and leveraged bid they comfort me. He preparest a 3% gain for me in the presence of short selling perma-bears Thou anointest my head with expensive imported oil; my SUV runneth over. Surely goodness and mercy shall follow me all the days of my life: and I will dwell in the house of the bernank forever. Amen.

Thu, 08/16/2012 - 15:13 | Link to Comment akak
akak's picture

LOL!!!

Classic! 

 

May I add:

"Fail Gary, full of shit, the Blythe is with thee.  Blessed art thou amongst CFTC regulators (sic), and blessed is the fruit of thy womb, manipulated silver.  Holy Gary, father of lies, pray for us investors, now and at the hour of the death of the dollar, Amen."

Thu, 08/16/2012 - 15:17 | Link to Comment buzzsaw99
buzzsaw99's picture

Ms Master told the bankers to join in a conference call. Then she took the seven silver contracts and four gold contracts, and when she had given thanks, she broke them and gave them to the traders, and they in turn to the people. They all sold and were satisfied.

Thu, 08/16/2012 - 15:19 | Link to Comment akak
akak's picture

"As often as ye shall do these corrupt things, do them in remembrance of me."

Thu, 08/16/2012 - 15:00 | Link to Comment sixsigma cygnus...
sixsigma cygnusatratus's picture

I have the strangest feeling we are rapidly approaching the "deer in the headlights" moment...

Thu, 08/16/2012 - 15:01 | Link to Comment ptoemmes
ptoemmes's picture

I know this stock market does not exist.  I know that when I look at the ticker, the Matrix is telling my brain that it is....

http://www.youtube.com/watch?v=Z7BuQFUhsRM

 

Thu, 08/16/2012 - 15:02 | Link to Comment Racer
Racer's picture

Ah I gettit, witching tomorrow........

Thu, 08/16/2012 - 15:04 | Link to Comment Father Lucifer
Father Lucifer's picture

Blowoff top? for all the blow me hard MSM.

Thu, 08/16/2012 - 15:04 | Link to Comment Central Bankster
Central Bankster's picture

Oh big shocker... The rigged market is moving higher on unicorn tears and elf turds. Bernanke wants to help slaughter as many muppets as possible by first killing the rational short positions and later by raping the buy and hold "investors" who look at "long term fundamentals" based on rigged market signals like interest rates and marked to fantasy balance sheets. Fucking brilliant.

Thu, 08/16/2012 - 15:09 | Link to Comment Dr. Engali
Dr. Engali's picture

Ok fellow Hedgers I'm going to take one for the team. I'm going all in long and leveraged. That should mark the top. So put your short positions on now.

Thu, 08/16/2012 - 15:12 | Link to Comment Christoph830
Christoph830's picture

Cool, I'll return the favor next time.

Thu, 08/16/2012 - 15:16 | Link to Comment Squid Vicious
Squid Vicious's picture

me too Dr. just loaded the boat with some good stuff, homebuilders and robo-tard retailers mostly see ya at 1500!!! 

Thu, 08/16/2012 - 15:09 | Link to Comment A_MacLaren
A_MacLaren's picture

The algo-bots were programmed to give CNBS a reason to cheer.

Thu, 08/16/2012 - 15:14 | Link to Comment This is the end
This is the end's picture

In reality if the S&P makes $100 in earnings for 2012 which is not a stretch the market is not overpriced and you can argue it is relatively cheap considering interest rates with a 14:1 plus 2% dividend implying a total return of about 9% vs. less than 1% on 5-Yr. That seems to make stocks look pretty cheap to me. The other side to that is that we are borrowing somewhere close to $2 trillion a year to keep the economy at a level they can make the $100. That cannot go on forever. As Tyler has pointed out, labor costs are at all time lows, profitability at all time highs, etc. this is due to turn. Plus there will be conseuqences from all of the borrowing so we should start to see the effects of declining revenues, too much debt, reduced profitiability and increased input costs (labor, input costs) reduce the $100. But for the time being stocks do look cheap here especially relative to bonds.

Thu, 08/16/2012 - 15:16 | Link to Comment slaughterer
slaughterer's picture

Today is May 16th, 2008.

Thu, 08/16/2012 - 15:20 | Link to Comment rubearish10
rubearish10's picture

It's great when TD holds his breath when he writes.

Thu, 08/16/2012 - 15:22 | Link to Comment TrumpXVI
TrumpXVI's picture

To the MOON, Alice!!

Thu, 08/16/2012 - 15:23 | Link to Comment Meesohaawnee
Meesohaawnee's picture

so rigged market ramps crude ... gee and we just cant figure out why a family of four in southeast asia trying to feed two kids hate us.

Thu, 08/16/2012 - 15:53 | Link to Comment pleseus
pleseus's picture

Talk about a disconnect from reality. Irrational exuberance. Stocks only go up. No correction in sight. Yeah right. Too many equity bulls on one side of the boat. The turn downward will be swift and severe once no QE3 reality sets in.

Thu, 08/16/2012 - 16:14 | Link to Comment JohnKozac
JohnKozac's picture

I'm going to stay at a Holiday Inn tonght and celebrate!

Why? I don't know.

Thu, 08/16/2012 - 17:42 | Link to Comment ivcollapse12
ivcollapse12's picture

so now we test the highs unless a swan flies by... i like swans now

Fri, 08/17/2012 - 02:46 | Link to Comment Kaikoura
Kaikoura's picture

Anyone realize that the Hindenburg Omen is in play? Has been triggered before every major/minor market crash in the last 21 years. Read here for more: www.stephensexton.com

 

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