Market In Freefall As USDJPY Takes Out Stops, S&P Now Negative For The Year

Tyler Durden's picture

Just a few more pips in the USDJPY and we are in uncharted territory. Below 79.75 in the USDJPY there is little support, except for the BOJ. Flash crashes in assorted index tracking futures are being witnessed everywhere, with an emphasis on Europe. In the meantime, following the rush to safety (in the Yen), the market is plunging to day lows, and the S&P has just turned negative for the year.

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camaro68ss's picture

How low can you go, i say how low can you go!

sing it with me, how low can you go!

alien-IQ's picture

a tsunami of margin calls could be in the making. the end of day could present a glorious freefall.

then we'll see how low we can go today...and then of course...we still have tomorrow. Unemployment numbers and Friday options expiration. It's the clusterfuck trifecta (otherwise known as a bears wet dream).

TradingJoe's picture

checked out the PPTs heavily at work?!

alien-IQ's picture

yep..watching that. /Es up almost 20 points in 30 minutes and the USD dives.


still..I can't imagine anyone wanting to be holding long overnight with the chaos and uncertainty in Japan right now. I still think we could see a big end of day drop to a new low.

I went short the /ES on the break below 1270. Still holding that. If we see another break down near the EOD I'll double up my position and cash out at the bell or shortly thereafter. this keeps running up I'll stop myself out at 1265. But so far 1260 is proving to be pretty good resistance.

Damn this is fun:-)

TradingJoe's picture

Hah, you betcha its fun to trade but more importantly to watch PPTs scramble :))) I agree with your assessment, wont let anything overnight either, just the QQQQ puts i put on the other week and could already pay out handsomely , I wonder in all o this where oil is going to be?!

alien-IQ's picture

if the /ES breaks below 1255 with volume after 3:30, watch the market get monkey-hammered into the close.

but then again...we're playing against machines that have no capital limits...they could just as easily try to roof this bitch...logic is not a factor here.

it's gonna be a nail biter.

What does it all mean's picture

BOJ is buying Yen, and selling Dollars.  The trend is bound to reverse.  (They have been intervening for the last 3 days....)    Yen will depreciate.  

Why are you lying to the people?  Japan need their currency to be strong and then pay for this disaster...  

TradingJoe's picture

here we go again next vola! am just guessing here but 1255 is too weak for a hold! always watching options vola too and what I see is people freaking out extreme vola(fear) showing! I think the Qs will hit 41.75 in no time making me some 15 bucks bubba, on 60!puts!:))!

make sure your ESs give a little @4pm! and beyond! as to the PPTs POMO MOMO guys I think they have order to keep powder dry, it just does not work in the way down:))!


alien-IQ's picture

blah...closed it out at 1253. I was hoping for more but it was still a nice profit. Had to take it while it was there for the taking because who the fuck knows what these Machiavellian savages will decide to do with the market tomorrow. I 200+ gain on the DOW would not at all surprise me...regardless of what happens in Japan.

This market is so twisted I'm sometimes ashamed I make a living at this.

TradingJoe's picture

I hear ya' feel the same some times but after 23 years you get used to it:)))

i still think it will roll over to the 1200 level, see i like this gradual thing, instead of a

wooosshhhh down bottle necks are something very nasty!

well was nice talking to ya will hit the gym now, my disc hernia screams for it :))

maybe we should find a way to exchange personal emails, seems to me you know whatcha doing cant say this about many on this site! :))

Zero Govt's picture

Where is the PPT ?

Where is the almighty Federal Reserve ?

i've been boring people silly, no doubt, asking the 'theorists' to respond to their 'markets are rigged' conspiracy... c'mon Gentlemen you called it, where are the Feds hiding these past few days?   

Cleanclog's picture

3 days of BOJ pump = 3 months FED POMO yet S&P and Dow down for year, almost at levels of 3 months ago.

Haywood Jablowme's picture

Jeezus.....they are now having to resort using riot water cannons to feed the fuel pools.

In a sign of desperation, police will try to cool spent nuclear fuel at one of the facility's reactors with water cannon, normally used to quell riots

Probably time to start liquidating some PM's and take 1 last trip to Disney with the whole family.



treasurefish's picture

Who makes water cannons?  Maybe I should be long there.

Haywood Jablowme's picture

Apparently someone prefers King's Island over Disney.  Can't say I blame em'.  "The Beast" is one hell of a ride.



AbandonShip's picture

no, no, no.  They'll lower the margins on the way down just like the hike the margins on the way up!  Everything will be fiiiiine.

hamurobby's picture

I love this place.

Now if we could just get gold down 10-20% and take the profits from the downward move in equities and buy some more physical gold, that would be some biwinning.

jus_lite_reading's picture

WOW! A bunch of earthquakes occuring around the globe including canada up near where that nuclear power plant has shut down. Coincidence?


treasurefish's picture

That nuke reactor in Ontario dumped 73k liters of water, but say everying is cool.


This time, the reactor event happened before a random earthquake not too far away. Coincidence? No.

Math Man's picture

Put your rally caps back on....  

"The operator of Japan's tsunami-crippled nuclear plant says it has almost completed a new power line that could restore electricity to the complex and solve the crisis that has threatened a meltdown.

Tokyo Electric Power Co. spokesman Naoki Tsunoda said early Thursday the power line to Fukushima Dai-ichi is almost complete. Officials plan to try it "as soon as possible" but he could not say when."

Roger Knights's picture

This may explain much of the rally. But it may be too late for electricity to be much help--for instance, if it's too dangerous for workers to approach the scene, or if the internals have been damaged to badly to operate normally.

alpds's picture

what happen? why sudden pick up?

Johnny Lawrence's picture

The bear market rally could be at a close.

CPL's picture



Everyone grab somethign to short!!!

Yikes's picture

I've got my NFLX.  Come on down.

etrader's picture

BBC saying the Swiss want to pull their nationals out...

"The Swiss foreign ministry said it would lay on charter flights if necessary to bring Swiss nationals home."

sabra1's picture

i just grabbed little timmy!

the not so mighty maximiza's picture

The president retreating to Rio is what did it.

victor82's picture

Mark this down.

Obama's trip to Rio as Fukishima starts its meltdown will go down as his "Flight over Flooded New Orleans".

Book it.

Spastica Rex's picture

God, I hope you're right.

sabra1's picture

yeah right, come next election, his little sheep will gladly vote him in, ONE MORE TIME!! 

Zero Govt's picture

Obumma hasn't a snowball in Hells chance of re-election 2014 i'd be surprised if anyone in Washington WC, sorry DC, has a chance of re-election ...the whole clown show should be for the toilet by then

resipsaloquacious's picture

Yes, because what Obama does or does not do in relation to a tsumani and potential nuclear catastrophe in Japan is equivalent to what Bush and Brownie did and did not do during Katrina along the Gulf Coast (that is to say, Bush and Brownie shat the bed and then hang their unwashed sheets out the window for the world to see). 

Oh wait... no, those two situations are not analagous at all. 

What you meant to say is "I hope Obama's trip to Rio...".


jus_lite_reading's picture


According to news it's due to bandwidth issues! LMAO!

cougar_w's picture

Tsunami of a different kind.

I'm in cash. God help the rest.

Cognitive Dissonance's picture

Spring is coming cougar. Do you have that infernal 2/3 wheeled machine fixed yet?

cougar_w's picture

Given the cost of fuel I think I'll finish it this weekend ... and put a $8K price tag on it.

The scent of money.

Cognitive Dissonance's picture

I demand photos of the finished bike.....with cougar proudly "mounted" on it of course. :>)

Cursive's picture

@cog diss

I'll let ya'll know if we start selling rickshaw's at the dealership. :)

Cognitive Dissonance's picture

10-4 good buddy. See ya on the highway. :>)

I prefer Baby Ben blue if you can manage it.........with Bernanke pulling if you don't mind.

Chump's picture

With a nice whip in the base package I hope.  "Mush, bitch!"

Cognitive Dissonance's picture

NOW we shall see if the Fed and it's minions have any more credibility left. I say they have squandered most of it, but you never know what desperate men and women will do.

cougar_w's picture

They'll have to invent a new math to do that.

I wouldn't put it past them, however.

FunkyMonkeyBoy's picture

Where are these desperate women you speak of? I'm asking for a friend, of course.

Yield2Greatness's picture

Yes where?  BTW, FunkyMonkeyBoy is not my friend but I like him like one.

FunkyMonkeyBoy's picture

Where are these desperate women you speak of? I'm asking for a friend, of course.

FunkyMonkeyBoy's picture

Where are these desperate women you speak of? I'm asking for a friend, of course.