If this doesn't wake people up to the unreality of the stock 'market', nothing will. Hertz has ripped higher 8 days in a row, surging over 18% in that period as analysts and talking heads piled on proclaiming how wonderful it is.. and then:
*HERTZ HAS DECIDED TO WITHDRAW 2014 FINANCIAL
*HERTZ EXPECTS TO BE WELL BELOW LOW END OF 2014
Today the S&P futures traded the lowest volume of the year today (for a
non-holiday trading day) and volume has slid consistently lower as this
rally of the last 8 days. The S&P outperformed today (up over 0.5%) as
yesterday's oil-is-falling-so-buy-Trannies meme reversed into
oil-is-falling-so-sell-Trannies which ended the day almost unchanged.
The Nasdaq made new 14-year highs, up 5 days in a row. Treasury
yields dropped notably early on then surged higher as US stocks opened (30Y
+8bps on the week).
Commodities in general were clubbed like baby seals with copper, silver, and
WTI hammered (but not Brent) after the inflation/housing data
leaving oil under $95 - its lowest in 7 months. Gold fell much more modestly
(but ended below $1300).
AAPL closes at all-time high.
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