NASDAQ

After two months of sharp currency devaluation, the market was carefully watching last night's China trade data to see if the Yuan debasement had led to a positive trade outcome to the world's second largest economy, and as reported last night, it was not disappointed when China reported a December trade surplus of $60.09 billion from $54.1 billion in November, as a result of exports beating expectations and rising 2.3%, the first increase since June, while imports declined by just 4%, the smallest drop since 2014 despite China importing a record amount of oil, or 33.2 million tons, in December.

For imprisonments, the US really does have no close second: it’s the unquestionable global market-leader, for prisons and prisoners. And this gets us to the market-leader for prisons within America itself, and to the stunning corruption that stands behind it. So, here’s that extraordinary example, and the story behind its corruption, which will provide a close-up view of America’s general corruption, from the top (including the government itself) on down.

An angry bear has been released after nearly seven years in hibernation, and the entire world is going to be absolutely shocked by what happens next.

Carnage continues. Small Caps have now joined Trannies in bear market territory (down 20% from the highs to September 2014 lows). S&P 500 is now in correction mode (down 10.7% from all-time-highs) as is Nasdaq.

Initially both European stocks and US equity futures were grateful that China has picked at least one asset class to prop up overnight, and rose in an extremely illiquid market with European shares gaining for first time in 4 days, as S&P futures rise even as the MSCI Asia Pacific ex-Japan index just fell to the lowest level in more than 4 years. However, as of moments ago the Stoxx 600 had faded all its earlier gains and was trading near the flatline, as an algo takes out all stops on the top and bottom once more, and looks set to move on to US futures shortly.

"One for the NASDAQ haters: Silver double bubble chart along with NASDAQ chart. Similar feel." - Citi's Brent Donnelly

“The commonwealth has committed itself to a ‘scorched earth’ strategy of blaming its fiscal and structural problems on lenders, Congress and others, in an effort to deflect responsibility and obtain retroactive application of bankruptcy laws.”

The half-life of the latest "market supporting" intervention by the Chinese government: just about 12 hours.

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%.

They tried to slam VIX (and failed). JPY was sold (but failed). And Crude was temporarily ramped (but failed). So how do you stall a sell-off - BREAK THE MARKET AGAIN!!

"With the macro backdrop more vulnerable today than at any time since the financial crisis, and the S&P 500 and NASDAQ still near all-time highs, we anticipate a downside move to 1900 on the S&P within the first two months of the year. We reiterate our view that Crude and Energy remain structurally broken and possess significant downside from current levels which will only agitate and exacerbate the ongoing collaps."