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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climber's picture

first spahn then spain, then pray for rain

Zero_Sum's picture

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

redguard's picture

I want to see it all go riding down.

FL_Conservative's picture

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

Citium's picture

3 ring circus sideshow of freaks..

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. 

FoeHammer's picture

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

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.  

Hohum's picture

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

Ludwig Van's picture

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


FoeHammer's picture

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

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. 

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?!

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....

MiguelitoRaton's picture

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

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!

JimBowie1958's picture

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

So, yuo trolling?

Crash Overide's picture

Silver and Gold Bitchez!



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!

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.

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.

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? 

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.

flacon's picture

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

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.

Debugas's picture

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

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:

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.

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....

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?

fomcy'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..

Thinking Bulldog's picture

We want The Deer! We want The Deer!

expres12's picture

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

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.

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!'

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.

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.

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.

ebworthen's picture

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

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.

hannah's picture

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

Syrin's picture

Lazy puppet.    LOL!    Classic.    Well said.

morning's picture

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