Business

Bonds up, Stocks up... will Yellen spoil the party tomorrow?

Bonds are not buying the bullish Fed rate hike meme...

and JPY is strengthening again...

Charts: Bloomberg

Just like the ongoing fascination with $50 oil, everyone wants to know if the S&P will rise above the psychological level of 2,100 (or hit Jeff Gundlach's "all green" level of 2,200). To be sure, this comes at an awkward time for the big banks, many of whom, Goldman and JPM most notably, have recently warned that the market is either poised to drop, or that every rebound in the S&P should be actively sold (something both the smart money and retail investors have been doing aggressively and as buybacks have trickled down in recent weeks, many are wondering who is buying).

Submitted by Jim Quinn via The Burning Platform blog,

The mainstream media mouthpieces for the establishment peddle false narratives, disingenuous storylines, and outright propaganda to keep the ignorant masses confused, oblivious to reality, misinformed, and passively submissive to the opinions of highly paid “experts” and captured fiscal authorities. The existing social order likes things just as they are.

Submitted by David Stockman via Contra Corner blog,

The cowardly dithering in the Eccles Building is sucking Wall Street punters into a vortex. And it promises to be the mother of all bubble implosions.

There is no other possible outcome for a stock market that is trading at 24X reported earnings in the teeth of the most enormous headwinds ever accumulated.

Via Dana Lyons' Tumblr,

While the stock market saw big gains yesterday, one options exchange reported a near-record level of relative put buying.