Stocks Soar To Most-Overbought In 22 Years But Bitcoin Futures Debut Dominate

Bitcoin futures are here...

 

Small Caps and Trannies were today's biggest losers as Nasdaq led...

 

The S&P 500 has not been this overbought since 1995...

 

VIX briefly topped 10 after the NYC bomb explosion...but was clubbed into the close..

 

Utes ramped oddly in the afternoon but Energy stocks and Tech were best...

 

High-Tax stocks underperformed Low-Tax stocks...

 

 

But while some were paying attention to stocks, most eyes were glued to Bitcoin futures...

 

And as Bitcoin futures outperformed spot, bitcoin spot continued to outperform gold dramatically...

 

With Bitcoin soaring to a record high over $17,250 as gold dropped 0.5% today...

 

But it's also worth noting that as Gold futures legged lower so Bitcoin futures was modestly bid

 

Away from 'virtual' currencies, the dollar (another faith-based currency) managed to rally back to unchanged after some early weakness...

 

Treasury yields were all higher on the day with the short-end underperforming...

 

Which meant the yield curve flattening continues...

 

 

 

Despite an unchanged day in the dollar, PMs were slammed and Crude and copper bid...

 

Finally, we note that recent weeks have seen the obscene premium to NAV for Bitcoin Trust collapse as the underlying NAV has caught uo...

From 140% premium to just 13% now...

Comments

Hammer823 Kido Mon, 12/11/2017 - 16:11 Permalink

Another tightly managed intraday market, with indexes rising slowly all day long.There is 0% chance of any sell off during the holiday shopping season.Investors need to feel rich so they spend, spend, spend.It's comforting, trading a market that is so manipulated.What did traders do 20 or 30 years ago when free and comepetiive forces actually had influence?Vestiges of a time gone by.  Not only is the stock market too big to fail, it's too big to even correct.

In reply to by Kido

D.r. Funk Hammer823 Mon, 12/11/2017 - 16:45 Permalink

FUCK YEAH Hammer with the contentEchoing. Complementing. Whichever. Whatever. INDEXES RISING SLOWLY - ALL DAY LONG - yeah uh it's implies a subroutine running. as i said started saying a couple years ago. there are subroutines runningSO MANIPULATED MARKET - k so once you know that. look at the agendas and motivations that fit in with the manipulation. which are clear and repetitively displayed and affirmed. over and overFUCK YEAH  

In reply to by Hammer823

D.r. Funk Mon, 12/11/2017 - 16:12 Permalink

Programmed outcome was ~60 dowManipulated intial pop failed.Out of open wanted down.Intraday with standard various subroutines.Matching manipulated pop into close, reobtaining initial forced height. SEE MY FINGER ==SUB 11 VIX will, die, forever after this round==3% DRAWDOWN LAPSE not gonna hold forever==ADDITIONAL LEG closer to having its run, ended==PROGRAMMED ATH PSYOP ' cant go forever '==  

GotGalt Mon, 12/11/2017 - 16:07 Permalink

Zerohedge can practically cut & paste the same general 'daily market summary' anymore ha ha.  Stawks up.  Gold down.  Bitcoin to da moon!  Rinse, wash, repeat.

Keltner Channel Surf Mon, 12/11/2017 - 16:11 Permalink

"House of the Rising Stock"         from "House of the Rising Sun"       by  The AnimalsThere is a stock in New York they call UVXYAnd it's been the ruin of many a poor traderAnd God, I know, I'm oneMy mother’s been short Priceline since it was at 13My father favors an ‘IG9 Tranche’but don’t ask him what that meansMy brother gets things backwards since he stared into the sunThat’s why he keeps CCC munisin his (k)401Oh Jamie, tell your traders not to do what I have doneKept in my desk, while all-short RUTa freshly-loaded gunWell, I got one hand on the trigger, the other on my mouseI'm goin' back to Graham & Doddbefore they take my houseWell, there is a stock in New York they call TVIXAnd it's been the ruin of many a poor traderAnd God, I know, I'm one

ReturnOfDaMac Mon, 12/11/2017 - 16:18 Permalink

Gold got clubbed like a baby seal ... again!  Why do they continue to do this to the poor bugs.  At some point, even banksters have to get tired of smacking gold's ass, arms have to get tired sometime.  But anyway, they've been warned for a long time to sell rocks, buy stawks.  Wonder if it's time to sell stawks and but more BTC??

Keltner Channel Surf ReturnOfDaMac Mon, 12/11/2017 - 17:05 Permalink

I find it fascinating that many ZH gold bugs seem unaware of the metal’s main price driver, favoring conspiratorial explanations instead (not surprised, just fascinated).  So, I'll try my public service approach once again:

  • The nominal price of gold is largely determined by one of the strongest known financial correlations (-.82), a negative relationship with real interest rates which, taking the r-squared, suggests nearly 2/3s of the gold price variance is directly attributable to real rate moves and forward expectations
  • The other third of the variance is a combo of “flight-to-safety” and industrial demand, which tend to be short-lived, normally faded by gold traders when the moves go against their real rate forecast (i.e., election night, Rocket Man launches, etc.)
  • The real interest rate is the short-term “risk-free” (Fed-controlled) rate less inflation
  • Therefore, gold isn’t simply a ‘hedge against inflation’, but more correctly a hedge against inflation unchecked by Fed action
  • Nothing helped gold more in the period after the financial crisis than the Fed’s annoying ZIRP policy, as it ticked real rates into negative territory (i.e., INVERSE correlation).  The key question: is the slope of the real rate about to change ?
  • Though all world central bankers are currently doves and strong believers in the “wealth-effect” of asset bubbles, it would be a LARGE mistake to believe this fear is less than their fear of inflation (by their definition, not ours).  Thus, though any sharp inflation uptick next year would initially help gold, if the Fed slams on the brakes with a few 100 basis point increases in response, gold would be crushed far more than in recent weeks.
  • Therefore, the recent gold correction makes sense in light of the increase in the 10-yield over the past few days, likelihood of ‘inflationary’ tax cuts requiring a Fed response, etc.  No one knows the future of Fed-defined inflation, but the gold moves you’re seeing are mathematical responses to changing aggregate real rate forecasts by major players (whether we agree or not) and not any reaction to Bitcoin or politics.  If you know why you’re buying it, then by all means continue, but an understanding of the risk drivers is advised.  Best of luck …

In reply to by ReturnOfDaMac

coast1 Mon, 12/11/2017 - 16:19 Permalink

my experience...my birthday today, at the beach, its 55 and sunny in northwest...Jesus loves me :-)  I bought my first bitcoin today.Much security, email comfirm, phone confirm, bank confirm etc.  They only allowed me to buy $400 a week at this point, so I did $400..Fees were about 20 bucks.  It went from 16,500 to over 17,000 after i bought it...k then...see what happens

coast1 adr Mon, 12/11/2017 - 16:48 Permalink

I totally understand, but I have some cash, and the way I look at it is that cash is going down, while bitcoin going up, so put my cash in a bit of bitcoin...diversification ...maybe I will get some litecoin and ethereum too...dunno, dont really trust this bitcoin stuff, but how much trust is in the dollar?  cant friggin trust anything anymore.  I got a good amount of silver already

In reply to by adr

Consuelo Mon, 12/11/2017 - 16:23 Permalink

  A fully sealed EGR system.   Inputs: Fake data from nearly every reporting agency, stealth $QE, buybacks and artificially high asset prices.Outputs: Clean fresh air, rising wealth effects for the select few and zero reward for prudent savers.Does it get any better...?

Blankfuck Mon, 12/11/2017 - 17:03 Permalink

CNBC typical cheerleaders want that Santa Clause Rally and will be mentally jerking themselves off to promote it! buy buy buy Like the market never went up multi thousands of points aleady? No matter we need the drug The CNBC FUCKERS NEED SENSATIONALISM FOR VIEWERS! buy buy buy! The Ponzi markets continue through the year. buy buy buy!  Watch CNBC FUCKERS spewing the joy and bullshit with their party hats on! Oh fun it is the printed ponzi money! buy buy buy!  Oh please dont forget, Mr Trump dumpster, he needs his narcissist drug of people to make himself great daily! buy buy buy!