As we "forecast" this morning (and a month ago - if our extrapolation of the Fed's balance sheet is correct - i.e. no Taper - that the [5]S&P 500 Fed L-A-B-I-A should be around 1800 by year-end [5]), the Fed can be proud [5] that they managed (remember it "costs" $3.25bn in POMO to create 1 S&P 500 point [5]) to get the key US equity index - the S&P 500 - near the critical 1,800 level...
K-Hen's PT for today: 1801
— zerohedge (@zerohedge) November 15, 2013 [6]
Mission (Almost) Accomplished...
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Cue Tom Lee... need to re-raise that year-end target again stat... (of course there is always the real "Bernanke" plan) [8]
The S&P is now its richest relative to LABIA since early August [5]...
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The last four weeks have seen the S&P 500 rise 4%, IG credit spreads drop 1bps, and HY credit spreads +6bps (as supply overwhelms a saturated credit market)...
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Off the debt-ceiling lows... indices are unstoppable... (Trannies +12.5%!)
With every dip in any sector bid to infinity... (Discretionary and Industrials +11%!!)
Gold made it back to unchanged on the week thanks the Yellenomics...
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Treasuries rallied 5-8bps on the week...
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FX markets saw USD weakness all day... ending the week -0.45% (and -0.9% against the EUR)...
Investors appeared to protecting some gains during day (and it was OPEX) but VIX was levered into the close as they tried to tag 1800..
Charts: Bloomberg
Bonus Chart: It seems the bubble in "bubble" speak has been a lot bubblier in the past...
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Bonus Bonus Chart: This is what a bubble looks like...
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Bonus Bonus Chart: You ain't seen nothing yet... NKY is up 1480 points in 6 days...
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