Total Greek Deal Failure Sparks Biggest Buying Spree Since 2011, Stocks Set New Records
Just to confirm reality for a second…
Yesterday: Yellen sees global turmoil if no Greece deal.
Today: Greece deal falls apart, ECB hints at bank runs; -> stocks hit record
Confused? Don’t be… Only one clip seems appropriate for a day like this…
As long as you ignore Greek contagion, economic downgrades, weak earnings, and that general sense that none of this makes any sense…
European negotiations (Warning NSFW)
Before we start, there was only one thing that mattered today… Squeeze the shorts again…
Biggest 2-day short squeeze in 5 months…
Squeeze all week…
This resulted in the biggest opening ramp since late 2011!
Post-FOMC, futures show the craziness…
Cash indices are soaring…
Despite all the headlines and denials and disaster…
Greek Stocks not happy…
And note that US stocks did nothing post EU close….
Nasdaq and Russell 2000 hit all-time highs intraday… (Nasdaq previous intrday high in 2000 – 5132.32)
*RUSSELL 2000 INDEX CLIMBS 1.3% TO END AT RECORD
*NASDAQ COMPOSITE RISES 1.3% TO CLOSE AT ALL-TIME HIGH
On the week. even Trannies are in the green…
Post-FOMC, Utes and Healthcare (Biotech) are leading and Energy lagging and Financials are hardly exuberant…
Treasury yields spiked higher wit a notable steepening (30Y +10bps off intraday lows today, 2Y unchanged) but with various dire headlines crossing into the close, bonds were bid…
Post-FOMC, prices are up for bonds…
The USDollar dumped and pumped as headlines hit and were rapidly denied
a look at EURUSD tells you all you need to know about liquidity and Grexit being contained…
Gold was well bid (its best post-FOMC day performance in a year)
Gold and Crude love the post-FOMC environment…
To summarize, here are today’s catalysts:
market up on Greece but Greece is flat
market up on Europe but Europe is down
market up on Japan but Japan tanked
market up on China but China dumped
market up on lower interest rates but rates are higher
market up on ORCL earnings but ORCL is getting slammed
TOMORROW IS QUAD WITCH! That is all!
Charts: Bloomberg
Bonus Chart: Nasdaq bitches!
Bonus Bonus Chart: Biotechs bitches-er!
Bonus Bonus Bonus Chart: UnFITBIT…
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Original article:
Total Greek Deal Failure Sparks Biggest Buying Spree Since 2011, Stocks Set New Records
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