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Biggest Drop In A Month For Stocks Led By Big Bank Battering

Tyler Durden's picture




 

Goldman Sachs and Morgan Stanley are down 6.5% on the week (and even BofA has turned red on the week) as US equities have started to show 'slight' strains on European fears (as well as global PMIs and US earnings - what else is there?). Homebuilders gave up all their week's outperformance in the first hour of the day. Dow Transports are down 2.5% on the week now - notably underperforming and reverting their outperformance. VIX surged 1.25 vols to 14.00% - with protection remaining bid relative to stock's modest drop so far. While Treasury yields pushed lower all day (-6bps on the week) as did WTI (-1.5% on the week now), gold and silver flatlined after the spike higher this morning (both up 1.4% on the week). JPY strength was a key factor today as carry-trades were unwound. Risk-assets in general were once again highly correlated as credit tracked lower closing at its lows of the day like stocks. Equity trading volume was above average but average trade size is still falling and S&P 500 futures inability to hold VWAP into the close suggests institutional selling pressure is picking up.

 

 

Trannies leading it lower...

 

but the major financials (as we warned post-CCAR deja vui from last year) are tumbling...

 

VIX is bid relative to stocks but breadth was weak today as selling was clear in underlying names as well as index protection...

 

FX markets stayed relatively rangebound this afternoon (if you look at the Dollar Index) but there were some significant shifts away from the EUR...

 

 

and HYG (high yield credit) tumbled in the last hour or so (with manic revrting ramp at the last second) putting pressure on risk-assets (as Capital Context's 'SPY Arb' model shows in the lower chart)

 

Chart: Bloomberg and Capital Context

 

Bonus Chart: All the wonderment at the strength of the homebuilders as some indicator that things are rocking and rolling and we are off to the races - we thought this chart might help...


 

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Thu, 03/21/2013 - 16:20 | 3359031 chubbyjjfong
chubbyjjfong's picture

You groin itching, Indian food belching, sweaty, hairy, xenical fart smelling, heaving fat piece of gutter licking, sasquatch’s crotch sniffing, fallopian tube weeping, sack of lard shit banking fucks!

Thu, 03/21/2013 - 16:29 | 3359093 vulcanraven
vulcanraven's picture

LongSoupLine would be proud

Thu, 03/21/2013 - 16:33 | 3359117 kaiserhoff
kaiserhoff's picture

Jim Grant just carved Ben a new one on CKGB.  I'm sure the Tylers will have it up soon.

The only thing he endorsed was gold miners.  Said the whole damn thing is an exercise in price fixing.

Bwaahahahahahaha.

Thu, 03/21/2013 - 16:38 | 3359134 SheepDog-One
SheepDog-One's picture

GOAL-SEEKING COCKSUCKERS!!

 

Thu, 03/21/2013 - 16:44 | 3359168 idea_hamster
idea_hamster's picture

"...fallopian tube weeping..."

Wait ... wut?

Thu, 03/21/2013 - 16:21 | 3359035 McMolotov
McMolotov's picture

Bankers and trannies going down...

Thu, 03/21/2013 - 17:24 | 3359337 max2205
max2205's picture

Tvix needs to get to 1, 000 to hit a 52 week high.  

Thu, 03/21/2013 - 16:21 | 3359036 redpill
redpill's picture

But I thought Cyprus didn't matter?

Thu, 03/21/2013 - 16:23 | 3359054 insanelysane
insanelysane's picture

Just a one off event.

Thu, 03/21/2013 - 16:21 | 3359037 Dr. Engali
Dr. Engali's picture

So BTFD then ?

Thu, 03/21/2013 - 16:30 | 3359102 knukles
knukles's picture

"bite the fucking dick"
Our new banker greeting

"Hi, Mike. Bite the fucking dick"

Thu, 03/21/2013 - 16:42 | 3359158 toys for tits
toys for tits's picture

TBTF= Torture Bankers, Then Fire 

Thu, 03/21/2013 - 16:31 | 3359112 Catflappo
Catflappo's picture

Fuck you Kuroda....   (need to say moooaaarr)

Thu, 03/21/2013 - 16:21 | 3359043 knukles
knukles's picture

Where's Krugman to explain all this dear mongering and silliness?

Thu, 03/21/2013 - 16:23 | 3359055 IridiumRebel
IridiumRebel's picture

Deer Mongering?

Thu, 03/21/2013 - 16:26 | 3359075 knukles
knukles's picture

Typing badly Got stuff on my fingers

Meant fear... :)

Dumb fuck doesn't get it that is not whether we're fearful, it's that we anticipate others becoming fearful that makes gold the deal of the lifetime.

May he be eaten by a starving Russian oligarch

Thu, 03/21/2013 - 16:30 | 3359098 IridiumRebel
IridiumRebel's picture

That's why I rushed in to comment rendering it forever MOAR.

Thu, 03/21/2013 - 16:21 | 3359044 IridiumRebel
IridiumRebel's picture

Good. Fuck Too Big to Fail.

Thu, 03/21/2013 - 16:23 | 3359056 Ineverslice
Ineverslice's picture

 

Cisco takes a hit.

Thu, 03/21/2013 - 16:24 | 3359065 q99x2
q99x2's picture

They ain't seen nothing yet. They screwed up God's work and its payback time.

Thu, 03/21/2013 - 16:27 | 3359078 knukles
knukles's picture

Now that's spiritual. :)

Thu, 03/21/2013 - 16:25 | 3359072 Wile-E-Coyote
Wile-E-Coyote's picture

You know what I want, the whole fucking system to fail. I want law and order to collapse, so I can go after those fucking bankers with a Bowie knife and cut their fucking bollocks off.

Thu, 03/21/2013 - 16:29 | 3359083 Dan Conway
Dan Conway's picture

Correction:  you want law and order to be enforced.  Law and order has already has collapsed for criminals (both big and small). 

Thu, 03/21/2013 - 16:29 | 3359087 Wile-E-Coyote
Wile-E-Coyote's picture

Yeah I have two drones circling my house, fuck em.

Thu, 03/21/2013 - 16:27 | 3359077 IndicaTive
IndicaTive's picture

We're changing 401k companies. 2-3 week blackout period begins Monday. This should be interesting.

Thu, 03/21/2013 - 16:31 | 3359108 Go Tribe
Go Tribe's picture

Blackout? You mean you won't be able to see your digital assets for two weeks?

WTF?

Thu, 03/21/2013 - 18:06 | 3359521 IndicaTive
IndicaTive's picture

I'll be able to see them for a few days. No changes allowed though.

Thu, 03/21/2013 - 16:28 | 3359084 tallen
tallen's picture

Stocks can go down????

Thu, 03/21/2013 - 16:29 | 3359089 wagthetails
wagthetails's picture

just relax, everything is fine. EU is just going to put Cyprus on DOUBLE SECRET PROBATION, which will, of course, contain the mess. 

Thu, 03/21/2013 - 16:29 | 3359090 Cunnial
Cunnial's picture

Um, guys, theres something wrong my ES chart... It's red? Anyone else having this problem?

Thu, 03/21/2013 - 16:31 | 3359109 BlueStreet
BlueStreet's picture

What a beautiful color. 

Thu, 03/21/2013 - 16:39 | 3359141 SheepDog-One
SheepDog-One's picture

Try flippin it upside down.

Thu, 03/21/2013 - 16:30 | 3359099 BlueStreet
BlueStreet's picture

Fuck you Fink

Thu, 03/21/2013 - 16:30 | 3359101 swissaustrian
swissaustrian's picture

Goldman Sachs' and Morgan Stanley's CDS exposure to Cypriot banks is?

Thu, 03/21/2013 - 16:35 | 3359123 toys for tits
toys for tits's picture

I was going to say that at least one bank will warn about exposure after trading tomorrow.  Bury it on Friday.

Thu, 03/21/2013 - 16:39 | 3359139 wagthetails
wagthetails's picture

Good question...and i'm sure the repsonse would be similar to that famous Enron call when Skilling called the analyst an ass.  I doubt either of those banks, in their response, would be 1/10th as well manored as Skilling

Thu, 03/21/2013 - 16:45 | 3359176 toys for tits
toys for tits's picture

What do you thing he's thinking?

'Man if we could have just held on five years'.

Thu, 03/21/2013 - 16:50 | 3359197 wagthetails
wagthetails's picture

I guess even criminal can't time the market perfectly. 

Thu, 03/21/2013 - 17:26 | 3359346 max2205
max2205's picture

Gs goes down because they want it to go down.  Moar cheap shares

Thu, 03/21/2013 - 16:31 | 3359111 thismarketisrigged
thismarketisrigged's picture

i hope our banking system crashes so hard.

 

i want these bankers in jail immediatley

 

bunch of fucking thieves they are, living off all our money so they can fucking spend wrecklessley and make a fortune.

Thu, 03/21/2013 - 16:33 | 3359118 stormsailor
stormsailor's picture

ALREADY BURNED MY DICK ON A DROP TO 1539 ONCE.  I'M GONNA WAIT FOR SOME FOLLOW THROUGH.   another bear trap, until it isn't.

Thu, 03/21/2013 - 18:27 | 3359596 Awakened Sheeple
Awakened Sheeple's picture

Good Idea. Coiling now. Don't get ahead of this thing, yet. I wouldn't be surprised to see us move back to the highs before rug gets pulled out.

Keeping my fingers crossed :p

Thu, 03/21/2013 - 16:40 | 3359126 SheepDog-One
SheepDog-One's picture

Be careful here, goal-seeking leverage monkeys! It will only take a 5% drop to wipe you all out! 

Thu, 03/21/2013 - 16:39 | 3359128 francis_sawyer
francis_sawyer's picture

Biddy Botter bought bum butter

But blended it in her big bank batter

'Blah' said she, bum butter's bitter & it's blended in my big bank batter

Biddy bought better butter

better than the bitter butter

now her big bank batter's better

~~~

Meanwhile ~ NEWSFLASH from the Middle East

"The sixth sick shiek's sixth sheep's sick"

Thu, 03/21/2013 - 17:21 | 3359318 earleflorida
earleflorida's picture

:-))

Thu, 03/21/2013 - 17:50 | 3359464 francis_sawyer
francis_sawyer's picture

More junks... I'm assuming that Biddy Botter is Hebrew too... [2nd cousin to Spiderman]...

Thu, 03/21/2013 - 16:37 | 3359129 Mark123
Mark123's picture

My thoughts....wow, some reality seeps into the market...is this the beginning of a big sell-off?

 

CNBC message - good entry point for people who have missed this great bull market.

 

Reality - Fed must allow odd day of sell-off to maintain illusion of a free capital market.  Shorts to get ass-raped tomorrow or next week by evil creatures with unlimited 0% overdraft accounts somewhere in the Cayman Islands.  Honest, hard-working middle class shrinks just a bit more.

Thu, 03/21/2013 - 16:48 | 3359186 SmallerGovNow2
SmallerGovNow2's picture

Was there no POMO today or what?

Thu, 03/21/2013 - 16:38 | 3359135 slaughterer
slaughterer's picture

Tomorrow = surprise rally.  EVERYTHING goes UP again!

Thu, 03/21/2013 - 17:01 | 3359252 reload
reload's picture

I disagree: Friday, heading into a weekend of great uncertainty with unknown as well as known dangers very real,,,,,,,,we sell off.

Or Ben and Kevin just buy everything, as usual.

Disclosure-long puts as of the London open.

 

 

 

 

Thu, 03/21/2013 - 16:40 | 3359149 Silverhog
Silverhog's picture

CNBC worked hard to down play Cyprus all day. "Come back to the Party" Who cares about a stupid Cat 5 Hurricane.

Thu, 03/21/2013 - 16:44 | 3359169 SheepDog-One
SheepDog-One's picture

Nothing to see here! It's a mere flesh wound!! 

Your arms are off you stupid bastard!

 

Thu, 03/21/2013 - 16:41 | 3359155 Legolas
Legolas's picture

Has there been any news or rumors about how much is being withdrawn from US banks, or even countries other than Cyprus?

 

Just wondering.  I know it's one of those lag stats, though.

Thu, 03/21/2013 - 17:02 | 3359264 Bill Blackstone
Bill Blackstone's picture

My money's coming out tomorrow, for what it's worth. 

Cash rules everything around me; C.R.E.A.M. get the money, Federal Reserve Note y'all

Thu, 03/21/2013 - 16:42 | 3359163 SheepDog-One
SheepDog-One's picture

Shit, I almost forgot...FUK U BERNANK!

Thu, 03/21/2013 - 16:43 | 3359164 Mad Mohel
Mad Mohel's picture

What was that Fink bastard spouting off yesterday? Tempest in a teapot? The bearded one is even on the ropes saying his printing finger is tired and he looks forward to leaving. Down bitches down! Muahahaahahahahah

Thu, 03/21/2013 - 18:39 | 3359648 Woodrox
Woodrox's picture

fillng in for byron wein probably

Thu, 03/21/2013 - 16:48 | 3359189 dobermangang
dobermangang's picture

TIBX just reported missing revenue numbers.  Down 11% afterhours.

http://blogs.barrons.com/techtraderdaily/2013/03/21/tibco-drops-11-fyq1-...

Another canary dies in the tech software coal mine.

Thu, 03/21/2013 - 16:51 | 3359205 thismarketisrigged
thismarketisrigged's picture

the funniest thing on cnbc was, at the end of the day they had some guy on and he said that being down 90 pts on the dow was not such a big deal ( i agree bc they rigged this thing so badly that 90 pt drop is not a big pct),

 

however, when we are up 90 pts, its considered a great day for wall st and everyone is partying there.

 

down 90 pts= no big deal

up 90 pts= party like its end of the world.

 

i hope we can get a few sustained days of red going.

Thu, 03/21/2013 - 17:01 | 3359255 toys for tits
toys for tits's picture

Unless Cyprus does something stupid like scalp depositors, tomorrow we'll have a circuit breaker trip on the down side IMO.

Thu, 03/21/2013 - 18:41 | 3359653 Woodrox
Woodrox's picture

on that note a 10% correction takes us back to dec 31.

 

Thu, 03/21/2013 - 16:53 | 3359213 holgerdanske
holgerdanske's picture

A once of event, ----like----- death?

Thu, 03/21/2013 - 17:17 | 3359307 monopoly
monopoly's picture

This is always a great wrap on the market. Love it. Thank you Zero Hedge.

Thu, 03/21/2013 - 17:18 | 3359313 EclecticParrot
EclecticParrot's picture

Even though I largely missed what turned out to be one of the coolest trading days of the year (with well-defined, easy-to enter moves and, at 2:10, the most obvious "hammer" candle bottom on the 5-min chart you'll ever see) due to HVAC issues, furnace salesmen, etc., the one saving grace is that today's events prompted me to spin my Van Morrison "Cyprus Avenue" MP3 from Astral Weeks.  Ah -- while there may not be a god, we humans often come rather close (Bach, Mr. Morrison, James Joyce, Vermeer, etc.)

Thu, 03/21/2013 - 18:44 | 3359667 Woodrox
Woodrox's picture

blue parrot... what  county state am I in...the blue parrot bar owner is your generation i assume, based on van morrison, love his music....thought blue parrot was a strip club the first time i heard the name....ignorantly the name symbolism is lost on me

 

Thu, 03/21/2013 - 18:51 | 3359693 fuu
Thu, 03/21/2013 - 19:20 | 3359781 EclecticParrot
EclecticParrot's picture

Appreciate the links and comments.  "Caledonia soul" music will never die.  A bit off topic for market mavens (but you got your long sought after down day, so indulge us a bit, will you?), but Van M. fans who haven't explored his first  band in the 1960s when he was in his low Twenties, "Them", are doing themselves a grave disservice.  With a more caustic, bleating singing style and a band that blew away The Animals and other imitators, "Friday's Child" (http://www.youtube.com/watch?v=fRH8M-VyFHs) is top 5 on many Van fan's list, actually No. 1 for me.  (Unfortunately, expensive to find is the best compilation of this period, the 2CD "Story of Them Featuring Van Morrison", but the damn thing goes for $100+ on Amazon.  Scalping bastards, though wouldn't part with mine for 10X that price.)

Thu, 03/21/2013 - 17:27 | 3359354 zipit
zipit's picture

Did someone say the C word?

Thu, 03/21/2013 - 18:23 | 3359579 Burticus
Thu, 03/21/2013 - 18:38 | 3359638 Woodrox
Woodrox's picture

Can someone Help me understand what the divergence to the FXE (euro) in the past 3 months has been with regards to global consumer plays , to name 3... sny, un, deo....sanofli, unlever,  diageo. prior to december 2012 they tracked the euro, since the euro hgas been under pressure , these stocks have not... assume others too.....my theory, flight to the safety of global staples?

thanks

 

Thu, 03/21/2013 - 18:39 | 3359642 chump666
chump666's picture

Have to see what happens in Asia and futures.  FX is showing risk on, AUD spike, EUR can't crack deep below 1.30.  The money printers are going all out.  DXY is looking shaky.  The NY FED assault on the pesky USD is on:

http://www.reuters.com/article/2013/03/21/fed-forex-swaps-central-banks-...

This + the POMO will maintain a stock market run for Wall Street.  The CB swaps should be watched carefully, since QEinfinty hasn't been able to knock down the USD, to see who takes the whole amount.  BoJ just took the last one, which could be a cartel play to keep the stocks bid.

 

Thu, 03/21/2013 - 19:19 | 3359799 Herdee
Herdee's picture

BEWARE THE IDES OF MARCH! Looking pretty risky to hold over this weekend.I'm not the trend trading type.I like to sleep on my money.

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