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Market Update - The Damage So Far

Tyler Durden's picture


Well that escalated quickly... Builders -5% on the week, TBTF banks -7-10% post-Cyprus, 10Y at 1.81%, Commodity liquidations, and S&P futures down 16 points from the overnight highs...



and Financials are really suffering - though have a long way to go yet...




Charts: Bloomberg


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Wed, 04/03/2013 - 13:02 | 3403992 Tim Knight from...
Tim Knight from Slope of Hope's picture

Pray for rain.

Wed, 04/03/2013 - 13:02 | 3404002 climber
climber's picture

first spahn then spain, then pray for rain

Wed, 04/03/2013 - 13:05 | 3404020 Zero_Sum
Zero_Sum's picture

I'm praying for rain. I'm praying for tidal waves.

Wed, 04/03/2013 - 13:14 | 3404074 Creepy Lurker
Creepy Lurker's picture

Learn to swim.

Wed, 04/03/2013 - 13:19 | 3404088 redguard
redguard's picture

I want to see it all go riding down.

Wed, 04/03/2013 - 13:25 | 3404124 Dr. Richard Head
Dr. Richard Head's picture

Watch you flush it all away!!!!!!!!!!!!!!!!!!!

Wed, 04/03/2013 - 13:50 | 3404239 FL_Conservative
FL_Conservative's picture

16 pts on the S&P?  Calling the PPT to the rescue in 3....2....1....

Wed, 04/03/2013 - 14:38 | 3404520 Citium
Citium's picture

3 ring circus sideshow of freaks..

Wed, 04/03/2013 - 13:20 | 3404102 flacon
flacon's picture

There have been only 12 days in the past year and a half that gold has traded at these levels. Yeah I know "Buy more" but I ran out of paper a while ago. 

Wed, 04/03/2013 - 13:28 | 3404141 FoeHammer
FoeHammer's picture

Miners taking a huge beating. Dust up 13% today i believe

Wed, 04/03/2013 - 15:57 | 3404980 Panafrican Funk...
Panafrican Funktron Robot's picture

What I would suggest is that gold weakness since Aug. 2011 has likely presaged a tremendous down move in equities, in spite of the Fed backstopping.  

Wed, 04/03/2013 - 14:02 | 3404301 Hohum
Hohum's picture

FYI, it was Spahn then Sain then pray for rain.  Only two good pitchers on the Milwaukee Braves at that time.

Wed, 04/03/2013 - 16:44 | 3405335 Ludwig Van
Ludwig Van's picture

If you have to explain the pun, you didn't get it.


Wed, 04/03/2013 - 13:06 | 3404021 FoeHammer
FoeHammer's picture

Hey rainmaker! can you hear the call, please let these crops grow tall!

Wed, 04/03/2013 - 13:06 | 3404026 McMolotov
McMolotov's picture

Plan for pain.

Wed, 04/03/2013 - 16:02 | 3405019 SheepDog-One
SheepDog-One's picture

And remember when you're riding leveraged 20-1, all it takes is -5% drop and you're completely wiped out. 

Wed, 04/03/2013 - 13:03 | 3403994 flacon
flacon's picture

Is anything going up today? I'm kind of like really pissed off with the price of silver. TWENTY SIX dollar handle? What the hell?!

Wed, 04/03/2013 - 13:02 | 3404001 labestiol
labestiol's picture

Bitcoin (bitchez !)

Wed, 04/03/2013 - 13:15 | 3404078 smlbizman
smlbizman's picture

the phrase used around hear daily is "this time its different" bitcoin going parabolic and ending well, that would be different this time....

Wed, 04/03/2013 - 13:31 | 3404149 MiguelitoRaton
MiguelitoRaton's picture

CAC is up...not the index, my CAC.

Wed, 04/03/2013 - 13:24 | 3404123 Killtruck
Killtruck's picture

I see even FoxNews has a nice little slideshow titled "What will Bitcoins buy?" today. Woopeee!

Basically, I guess it's just pictures of everyday items for the huddled masses incapable of reading, but the very fact that Bitcoin is being shopped to the huddled masses in the first place should be...comforting. 

No, not comforting, disconcerting. Damn. I was WAAY off!

Wed, 04/03/2013 - 14:20 | 3404402 JimBowie1958
JimBowie1958's picture

Umm, seems the mere mention of Bitcoins seems to derail  most threads here on ZH.

So, yuo trolling?

Wed, 04/03/2013 - 14:45 | 3404569 Crash Overide
Crash Overide's picture

Silver and Gold Bitchez!



Wed, 04/03/2013 - 13:09 | 3404042 caimen garou
caimen garou's picture

sure,even though i've been buying silver  since  $4 it still makes my blood pressure rise when they pull this bullshit!

Wed, 04/03/2013 - 14:02 | 3404304 Whalley World
Whalley World's picture

I used to get upset with the smashdowns but realize i am not close to selling my  phys so, let them keep it on sale, it has just sparked me to take money out of bank (before bankers take it anyway) and put it into nice shiny round bits of real money.

Wed, 04/03/2013 - 13:14 | 3404067 little buddy bu...
little buddy buys the dips's picture

"Is anything going up today?"


yeah. i'm going up to my PM dealer to buy moar silver.


fuck bitcoin.

Wed, 04/03/2013 - 14:05 | 3404328 Crabshacker
Crabshacker's picture

Can you buy gold and silver with bitcoin? And when will the bitcoin chart (euro/bitcoin)

(usd/bitcoin) etc. charts become the norm? 

Wed, 04/03/2013 - 14:22 | 3404415 JimBowie1958
JimBowie1958's picture

yes, you can buy gold and silver with bitcoins.

that help?

Wed, 04/03/2013 - 13:14 | 3404070 CommunityStandard
CommunityStandard's picture

I'm kind of like really excited with the price of silver.  TWENTY SIX dollar handle?  Off to buy more!

- fixed it for you.

Wed, 04/03/2013 - 13:17 | 3404087 flacon
flacon's picture

I ran out of paper... so I can't buy 'moar'. 

Wed, 04/03/2013 - 13:41 | 3404196 sitenine
sitenine's picture

How the fuck did you run out of paper? It's literally flying out of the Bernank's ass! Besides, what did we say about dry powder? PMs are on sale, just like we said. Now, if you'll excuse me, I have some shopping to do.

Wed, 04/03/2013 - 15:08 | 3404692 Debugas
Debugas's picture

you need to be close to his ass to fly high ;)

Wed, 04/03/2013 - 13:19 | 3404096 gratefultraveller
gratefultraveller's picture

I had a look at ebay prices for silver phillies yesterday (Germany, finished auctions). Although the spot price in dollar has dropped 20% in the last couple of months (somewhat less in €), sales on the bay (for auctions, same time period) are all over the place, between € 25.50 and € 35 = unchanged to 20% higher than previously.

In other words, spot price has moved x - 20%, bay prices have risen x + 0/20%

That delta tells me that some people are paying no matter what only to lay their hands on some physical (even though there are still dealers that have coins available at the "official" price).

Looks like the begin of a panic to me.

Fellow ZH'lers living in Europe might appreciate this great price comparison site:

Wed, 04/03/2013 - 13:22 | 3404109 ebworthen
ebworthen's picture

Central Bankers are desperate to knock PM prices down, especially now, as they are THE alternative to money in bank accounts.

A hit to the value right when Europeans are looking to get cash out of bank accounts?  How special!

Or, funds who want to liquidate PM ETF money to buy stocks for the next ramp up, then rotate again.

Wed, 04/03/2013 - 13:22 | 3404112 GoldForCash
GoldForCash's picture

Tptb are trying to shake loose the newbie pm holders. That would result in a more positive dollar. More pm's are being sold now than ever before. My bank account is pulled down to 1.01. Doing the best I can to beat the banktards....

Wed, 04/03/2013 - 16:53 | 3405373 Gief Gold Plox
Gief Gold Plox's picture


Oh, and I also ran out of paper. Pity. Why oh why can't I print moar like all the really nicely dressed crooks?

Wed, 04/03/2013 - 13:07 | 3404013 rogeliokh
rogeliokh's picture

"Commodity liquidations" ??? They've been liquidating Gold/Silver since last September. When GOLD is up, then it's currency, and when it's down it's all of the sudden commodity. Crimex closing in 25 minutes. GOLD is tanking now
what a force..

Wed, 04/03/2013 - 13:05 | 3404016 Thinking Bulldog
Thinking Bulldog's picture

We want The Deer! We want The Deer!

Wed, 04/03/2013 - 13:58 | 3404275 expres12
expres12's picture

I'd settle for Maria Bartiromo crying on the exchange floor...

Wed, 04/03/2013 - 13:04 | 3404017 seek
seek's picture

Given the hit gold has taken the last couple days and the other downtrends... I got a feeling someone is selling because they need cash. Anf given how messed up the dutch banks are, I have an idea of the general area of the problem.

I've been a skeptic regarding the next downshift for a while but I think the next Lehman could be happening this week.

Wed, 04/03/2013 - 13:15 | 3404080 FoeHammer
FoeHammer's picture

"I got a feeling someone is selling because they need cash. " That seems like a fair assumption to me.

Perception and Reality will converge. It's inevitable. 


My question is, When will Cramer roll out and say that we should keep our money in banks? 'Banks are fine! Don't be silly!'

Wed, 04/03/2013 - 14:57 | 3404633 dow2000
dow2000's picture

I actually went to my credit union to take out 3k in cash (in NYC).  Their eyes poppes out and their mouth dropped open, I swear.  "Sorry sir we are low on cash today (really?) the most we can give you is $500".  Umm now that's scary, had them cut me certified check and I'm off to my local TBTF to see if they can cash, NOT deposit it.

Wed, 04/03/2013 - 14:58 | 3404634 dow2000
dow2000's picture

I actually went to my credit union to take out 3k in cash (in NYC).  Their eyes poppes out and their mouth dropped open, I swear.  "Sorry sir we are low on cash today (really?) the most we can give you is $500".  Umm now that's scary, had them cut me certified check and I'm off to my local TBTF to see if they can cash, NOT deposit it.

Wed, 04/03/2013 - 13:20 | 3404108 Winston Churchill
Winston Churchill's picture

Over the weekend.

I think the bank runs are now so bad behind the curtain ,that the game is over.

We just are not allowed to see it.

The O'bowel panic to get the guns was too late I hope.

Thats what happens when you have a lazy puppet.

Wed, 04/03/2013 - 13:26 | 3404125 ebworthen
ebworthen's picture

Found a 9mm with three 17 round magazines last night and ordered it after hearing more news reports about the hysteria.

Wed, 04/03/2013 - 13:31 | 3404159 Winston Churchill
Winston Churchill's picture

I just ordered more 9mm for a gun I don't have.

Looks like they are going for the ammo as a stopgap ,

knowing it will take SCOTUS forever to overule it.

They are in a screaming desperate  panic now.

SHF is very close.

Wed, 04/03/2013 - 14:11 | 3404351 hannah
hannah's picture

last weekend cabelas had 7.62 for a dollar a round....! i always said buy ammo instead of gold.

Wed, 04/03/2013 - 15:01 | 3404660 Syrin
Syrin's picture

Lazy puppet.    LOL!    Classic.    Well said.

Wed, 04/03/2013 - 14:03 | 3404305 morning
morning's picture

Two weeks delivery time for gold and unknown for silver here in Portugal.

Wed, 04/03/2013 - 13:10 | 3404048 rogeliokh
rogeliokh's picture

20 minutes left, you bankster bastards!!!

Wed, 04/03/2013 - 13:11 | 3404054 thismarketisrigged
thismarketisrigged's picture

dont worry, these frauds will find a way to bring it back by days end.


what else would u expect

Wed, 04/03/2013 - 13:11 | 3404055 stant
stant's picture

bitchcoin bitchez

Wed, 04/03/2013 - 16:59 | 3405423 Gief Gold Plox
Gief Gold Plox's picture

To be completely candid, I'm coin mining as I'm typing this. That said, I am not ready to replace the shiny in my vault with bitcons quite yet. Something about being able to have sound money if the power goes out appeals to me.

Barbaric, I know.

Wed, 04/03/2013 - 13:16 | 3404058 Temporalist
Temporalist's picture

"They've done studies you know.  60% of the time, it works every time."

Wed, 04/03/2013 - 13:12 | 3404060's picture

Time for war! (Sadly)

Wed, 04/03/2013 - 13:15 | 3404076 dufferin
dufferin's picture

They have to blame on someone...

Wed, 04/03/2013 - 13:19 | 3404089 rogeliokh
rogeliokh's picture

I have a feeling that for the last 10min they can generate $50/oz drop quick.

Wed, 04/03/2013 - 13:19 | 3404094 Apocalyptic Cav...
Apocalyptic Cave Dweller's picture

"I got a feeling someone is selling because they need cash. "




its called Tax time, I know 50% of you do not pay them so it is unknown to you.........

Wed, 04/03/2013 - 13:22 | 3404115 rogeliokh
rogeliokh's picture

"its called Tax time" why instead doesn't sell SPY stocks,
which are in huge profit.

Wed, 04/03/2013 - 13:25 | 3404128 Alpha Monkey
Alpha Monkey's picture

Not only did I not pay any... I got a refund! Booya!!

Wed, 04/03/2013 - 14:27 | 3404455 translator zero
translator zero's picture

How can you get a refund if you didn't pay any taxes? Have you checked your pay stubs for deductions?

Wed, 04/03/2013 - 14:35 | 3404501 seek
seek's picture

Earned income tax credits. Had a widowed friend with kids that usually cleared around 2K+ a year from those.

Wed, 04/03/2013 - 14:32 | 3404484 translator zero
translator zero's picture

How can you get a refund if you didn't pay any taxes? Have you checked your pay stubs for deductions?

Wed, 04/03/2013 - 14:01 | 3404289 Henry Chinaski
Henry Chinaski's picture

Another grand conspiracy by TPTB: blow up a stock market bubble so rich people have enough money to pay their taxes.  [/sarc]

There is precedent for tax time selloffs and that is probably as good a reason as any to STFU and BTFD.  The dip in PMs is compelling.  I could see PM prices going much lower if the recovery is on track like we are being told.  On the other hand, if our wise leaders and economic experts are bullshitting us, then this could a buying opportunity that might not be seen again for very long (enough) time(line).

Wed, 04/03/2013 - 18:21 | 3405818 Kelley
Kelley's picture

Because people sell their PM paper 12 days before the tax deadline at a time when NK is threatening nuclear war in the next 48 hours, the price of gold and silver dropped??

Sorry, but you'll need a better excuse than that one.

Wed, 04/03/2013 - 13:23 | 3404114 caimen garou
caimen garou's picture

never fear the ppt will be here before the closing bell!

Wed, 04/03/2013 - 13:24 | 3404119 widget
widget's picture

What lunatics are selling gold at this point? I am curious as to how cnbc will explain this now that "getting liquidity by taking profits on the only trade that had gains" will not fly anymore...

Wed, 04/03/2013 - 13:26 | 3404127 malikai
malikai's picture

Gold has completely inverted.

Wed, 04/03/2013 - 14:25 | 3404431 debtor of last ...
debtor of last resort's picture

Hello phizz.

Wed, 04/03/2013 - 13:34 | 3404162 T-NUTZ
T-NUTZ's picture

some sucka just sold me his SLV for 26.7.  what an idiot

Wed, 04/03/2013 - 13:49 | 3404236 SK8boarder
SK8boarder's picture

What was the ask 

Wed, 04/03/2013 - 13:38 | 3404185 insanelysane
insanelysane's picture

I rip Bloomberg tv almost daily but this guy Cory is becoming the Santelli of that outfit.  He called Tesla out on their bs numbers.  Seems like their big press release the other day about being profitable should have really said our backlog is down because we had 10k orders cancelled out of 15k total orders.  I feel a lot better if there is only 1 person out of the hundreds at these media outlets actually looking at data without blankly regurgitating it.

Wed, 04/03/2013 - 13:45 | 3404211 CcalSD
CcalSD's picture

Isn't it a POMO day!?  Where's uncle Benny when you need him?

Wed, 04/03/2013 - 13:45 | 3404216 SK8boarder
SK8boarder's picture

Some one tell me, why do they always have it there way with Gold and Silver,, Its like there Butt slaves,,, always,,  Its hard to watch..

Wed, 04/03/2013 - 13:50 | 3404237 Yen Cross
Yen Cross's picture

     No comment needed; MVOLUSE Quote - US Tape A+B+C Volume Index - Bloomberg


Wed, 04/03/2013 - 13:59 | 3404262 mdtrader
mdtrader's picture

Gold goes down when the stock market is up and gold goes down when the stock market is down. Not a good combination!

Wed, 04/03/2013 - 14:39 | 3404521 orangegeek
orangegeek's picture

Then it's probably not the market indexes that key influence gold.


Try the US Dollar - correlates nicely.

Wed, 04/03/2013 - 14:37 | 3404514 orangegeek
orangegeek's picture

As gold rises, US Dollar falls and vice versa - this was posted on March 25.


Take a look at the weekly.  US Dollar has been climbing for some time - and gold had hardly moved.  It would appear that gold has been catching up to the US Dollar move up.

Wed, 04/03/2013 - 15:15 | 3404722 FreedomCostsaBu...
FreedomCostsaBuck-o-Five's picture

3:15 pm.... Time for some SERIOUS Vwap!!!

Wed, 04/03/2013 - 15:21 | 3404748 The worst trader
The worst trader's picture

Fuck you Bernak

Wed, 04/03/2013 - 15:39 | 3404825 The worst trader
The worst trader's picture

fuck you to all the vxx shorters. I hope you grt it in your ass!

Wed, 04/03/2013 - 15:39 | 3404834 Haager
Haager's picture

It's out of everything into treasuries, so Ben is charged at max price. Money will flow back into everything and the banksters pockets afterwards.

Wed, 04/03/2013 - 16:14 | 3405134 20-20 Hindsight
20-20 Hindsight's picture

So DOW is back where it was two days ago... big fucking deal.  Expect, +150 pts. tomorrow.  

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