E-Minis Close At Lows Of Day - Market Drops By Most Since August 11 As Key Support Levels Snapped

Tyler Durden's picture

After an attempt by the BTFD brigade to restore balance to the central planning force just after mid day was thwarted by developments out of Saudi Arabia, the upward bias gave up the ghost and correlation trading took over, with complete flight to safety overtaking all novel factors, and the market closed below key technical support levels, including both the 50 and 55 DMA. In fact the market closed below the 55 DMA for the first time since September 1, 2010. The stunningly resilient Euro also plunged, as all capital flew to the 10 Year. The last time we had an open to close move as large as today's was August 11 2010, when the market was spooked by the then downgrade of the economy by Jan Hatzius. As a reminder, the only thing that saved the market in August, and why stocks took off and never looked back at the end of August, was because the Fed announced QE Lite in mid August, and then leaked QE 2. What will have it this time, nobody knows.

And there goes the 55 DMA

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NewThor's picture

My flight to safety is The Strokes new album March 22nd.

Might as well rock and roll as the whole world turns over.

This is what the world gets for letting the CIA kill Jim Morrison,

Janis Joplin and Jimi Hendrix.

God Bless Everyone.

except for evil bankers, burn those fuckers in the middle of the sun

forever and ever, Amen.

Dr. Porkchop's picture

Why would the CIA kill Jim Morrison? I think he was doing it quite well on his own.

NewThor's picture

I've done my fair share of partying. NY. Hollywood. Austin. and no one

consumes the amount of drugs the fools in Houston do. The idea that Jim, 

Jimi and Janis all died within a month of each other is a joke. After they died, 

so did the counter culture movement. And, greed is good soon replaced 'Free Love'.

brandy night rocks's picture

After they died, 

so did the counter culture movement.


What the hell are you on about?  The fucking retarded 70s retread counter-culture movement is, as we type, in the White House.  Not to mention running most of the country's elite institutions. 

Too many drugs, homie.

malikai's picture

Furthermore, counterculture in its purity never has died. It will not die until the last human being stands alone. To place faith in rock(pop) stars as counterculture is self-masterbatory futility in extreme. Be the counterculture, never idolise it.

Pegasus Muse's picture

Well, early in the mornin' I'm a-givin' you a warnin'
Don't you step on my blue suede shoes.
Hey diddle diddle, I am playin' my fiddle,
Ain't got nothin' to lose.
Roll Over Beethoven and tell Tschaikowsky the news.

Confucious 222's picture

This is the end; the only end; my friend.

I've got some friends inside.

HarryWanqer's picture

No.  This is a great oppurtunity to buy.  This is the setup and justification for QE3.

If they stop, they lose everything.  If they continue, they probably lose everything.  With those outcomes, it's pretty clear what comes next.

equity_momo's picture

...you self-immolate?


-awww its a Q! sneaky you . M is easier to spot than you Q. 

johngaltfla's picture

EM, please don't feed the troll. But is amusing when Bernanke's butt nugget types something out though, that I must admit.

NewThor's picture

"I woke up this morning and I got myself a beer.

The future is uncertain and the End is always near." - The Doors

"The End has no End." - The Strokes

NewThor's picture

35 acres of land? Check.

Guns? Check. Check. Check. Check. Check. Check. Check.

Bullets? Check.

10 Horses? Check.

6 Dogs? Check.

Acoustic Guitars? Check.

Alcohol? Check.

Food? Check.

Water? Check.

A good woman for the cold nights? Dang. Nope.

...but I bet those will be way more availible and way, way

less maintenance when TSHTF

John Law Lives's picture

Maybe you would consider getting one of those Japanese women robots.  They say those things are getting more and more realistic all the time.  You might as well get some real use out of gadgets made in Asia.  ;->

NewThor's picture

I date asian women regularly. I have been treated for Yellow Fever, but have

found no cure. They're smart, fun and crazier than normal women.

They're not good girlfriend material. But then so few girls are these days.


h3m1ngw4y's picture

jou are just plain dumb

masterinchancery's picture

You forgot the gold and silver, which will lead to the quality bedwarmer!

duo's picture

the gold of the future is....yeast.

All the survivalists with tons of flour can't do dick without yeast.  I'm practicing how to propogate and dry yeast.

It's hard to make anything edible without yeast, including ALL acoholic beverages.

My goal is to be the Rothschild of yeast.

Yes, I've been drinking all afternoon.

tmosley's picture

Wild yeasts populate all fermentable fruits and grains.  That is where tame strains came from.

J K's picture

Stay away from the Brown Acid.

cat2's picture

reflate retarded, bitchez

The Axe's picture

Still a crazy to figure market--up or down..lol 

Biff Malibu's picture

Who here forgot to BTFD!!!!

Achtung!  Vie Vant Names!!!


hamurobby's picture

I did, but also covered with some puts, I needs more frns fomo (rhymes with pomo) pm's.

Its still all about the Clevelands...

equity_momo's picture

I STD (sold the dump) - its been my strategy for so long in retrospect it would have been less painful to get the clap every time we dumped.

Ferg .'s picture

Beautiful triangle break in the ES . Retraced a bit in the hours after the NYSE open but that's typical breakout behaviour ( Previous support tested as new resistance ) . Shorted after the retracement myself and made a nice tidy profit . With no POMO tomorrow and the possibility of escalating tensions in Saudi Arabia I'd say we're good for another decent drop to end the week .

tickhound's picture

...and ye shall hear of qe's and rumors of qe's...

NewThor's picture

Has anyone else seen the Bank of America murals in their HQ?

They are creepy. BUT! One thing that struck me is they were made in

1990, and the only writing on them is EQ, which is QE backwards.

I really believe those dumb dickholes were letting us know QE was coming a 

decade ago.

The Murals are here....


h3m1ngw4y's picture

hey fringe how did you get the captchas right? please spare us oh mighty fringe thor

NewThor's picture

Zomg. u r the toughest Ethug ever.




is that better? 

NOTW777's picture

does this mean that ben needs bill

HamyWanger's picture

The primary dealers are here to buy the dip, with fresh, free money. 

DOW +2% tomorrow. 

homersimpson's picture

At the end of the day, whether you're Harry or Hamy, you guys are still bulltards.

equity_momo's picture

Except theres no POMO tomorrow and its a Friday (weekend tail risk hello?) and oh , beware the Ides of March bitchez!

Non Passaran's picture

I haven't sold my PM mining stocks thinking the same.
So far, (not) so good.

I just saw the news, they fired on demonstrators in Saudi Arabia.
Considerig everyhing, I'm less optimistic about your theory today...

treemagnet's picture

No pomo, no shorts to cover and put in a bid, no pomo, no cash for redemptions, middle east angst, no pomo, light volume, no pomo, and all on a friday, and no pomo.

Wanna go long into this weekend?


IQ 145's picture

 Well, as I posted yesterday for Robo Trader, who previously asked "when will the market go down"; it started on Feb. 22. You're now in a Bear Market. The top is in; now you can laugh at me when it makes a new high in a month; but my opinion is: not.

LongSoupLine's picture

HFT bots, with no POMO floor, priming to go full retard sell.

NOTW777's picture

CMG and PNRA catering the protests?


cant the chinese build some more empty cities

max2205's picture

These CNBC girls need to get back in their seats....having them walk arould is killing my fantasy....I don't need to see what their entire body looks like...uggg...back to bloomberg

LongSoupLine's picture

the hell with them walking around...the fantasy dies when those yentas open their pie hole and yap their telepromptor "recovery still intact" horseshit.

tsx500's picture

no shit.  bring back  my honey margaret brennan.   giggitty giggitty goo ! !

Cdad's picture

What will have it this time, nobody knows?

B. Stutland, B. Kilduff, C. Cramer, and Middle East expert E. Burnett are working on it.  All more than proved themselves to be complete idiot, market manipulators today.  What a day.

Good grief...and by that I mean we are freakin' doomed when this is the crowd assigned to explain things for us.


hambone's picture

There should be a warning in the lower right hand of the TV when watching CNBC - "May cause mental bulltardation" and "listening to and watching CNBC in tandem contributes to brain damage".

Edit - might need to add the same warning to HamyWangers missives.

Cdad's picture

You know for sure that, when hour after hour on the Ministry of Truth [CNBC] constantly saying that volatility looked ok, that vol is about to explode.

All of them know that you must get ahead on the vol trade...you don't wait until it explodes tomorrow morning and then say...hmmmm...vol...I better sell my stock.

These guys on CNBC have become ridiculous.  All of them have clearly rotated from stock to calls...and they will say ANYTHING to keep things alive one more day.

Again, the primary takeaway is to short Comcast...for doing NOTHING about the credibility collapse at the network.

And BUY VXX...as the price dislocation over the past six months [from VIX] is all you need as insurance.

So pissed off today...f'n Marxist pricks!

Cdad's picture

LOL!  Just checked the ratings for the Ministry of Truth [CNBC].  Get this...reruns of American Greed wipe the rest of their field.  LOL!

Rating overall at the Ministry of Truth would indicate that I am about the last person with the tv on there.  You would think they would call me or something.  Check just how bad the Squawk Box hits are?  Fuck...perhaps Joe should spend an extra lot of time picking out his bumper music for tomorrow?


Oh...and since he is on..."ya look at da" and "we talk about da"..."ya look at da" and "we talk about da"...Najarian.  I don't know...when you are bringing in X NFL player/option junkies with limited vocabularies...are you really serious about your programing?  Fucking dumb shit!

This network will either fire hose the place...or go under.  Comcast cannot carry it at a loss like GM did.  Things should start getting interesting soon.




edwardscpa's picture

Looking at the chart, I believe this is one of those dips we've been hearing about.  Our instructions are clear...

IQ 145's picture

 DO NOT buy this dip! Okay. there I said it.

gwar5's picture

Look out below?