Who could have seen that coming? Bob Pisani is about to get "worried" as VIX broke above 25
Remember 'The Santa Claus Rally' that Bob Pisani said "we should expect" - well The Dow is now down over 1200 points from the highs just before the end of the year and extending those losses as Reuters reports, PBOC advisors are said to call for steeper yuan depreciation, pressuring the government to depreciate by 10-15%.
Stocks are rallying "and they should" according to CNBC's Bob Pisani... but nothing else is playing along.
"2015 Was Like Commuting By Rollercoaster" - Art Cashin Reviews The 2015 Market And Shares His 2016 OutlookSubmitted by Tyler Durden on 12/10/2015 13:27 -0500
"2015 was like commuting by rollercoaster. There were heart-stopping drops, there were nearly vertical ascents, and when it was all over you got off just about where you started and it cost you money."
From its highs at $60.97 (after opening at $60), Ferrari has crashed over 16% and broken below its IPO prices today...
Listen to the following 15 second clip of Bob Pisani explaining what the important thing is... and decide which centrally-planned, micro-managed economy's omnipotence he is questioning...
While Bob Pisani last week told the world that he was "encouraged" by the decoupling of energy-related stocks from their basic raw material oil prices, today's rational response to fresh 5-year-lows in crude oil prices would suggest the 'most important thing' is to be "discouraged." Just how long did 'investors' think energy stocks and crude could remain decoupled... as the post-FOMC Yellen squeeze is erased rapidly...
Having destroyed any remnants of the "it's earnings that matter" meme, we thought the following chart would clarify just how bad the outlook for Q4 EPS is. As Factset notes, "the decline in the bottom-up EPS estimate recorded during the course of the first month (October) of the fourth quarter was higher than the 1-year, 5-year, and 10-year averages." That is not a 'good' thing..
"The dove dissenting says it all," trader quips. "Fed comes in with a bit of a Hawkish tilt as it rids of key policy line around labor market..." If they are only fighting inflation now, they have less ability to enact more dovish policy. I think this should be a "risk off" trade.