Market Update: The Denial Unwind

Tyler Durden's picture

That escalated quickly. Germany's DAX is now negative year-to-date (at 5-month lows), Copper is at 18-month lows, the bid for safety has driven 2Y Swiss rates under -10bps, their lowest in 3 months, and US equity markets are crumbling after yesterday's dead-cat-bounce. There was little to no pre-open ramp this morning, no EUR-levered pump, and VIX is not playing ball with the manipulators. Something changed; the denial is beginning to unwind. Gold and silver are modestly bid as we suspect physical demand bleeds back into paper. Maybe stocks are catching down to the 'WTF' reality (as we discussed here and here).



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Schmuck Raker's picture


For the love of God, somebody POMO!

JPM Hater001's picture

<-----Kevin Henry is sick

<-----Kevin Henry is dead

hedgeless_horseman's picture



If you aren't on a first-name basis with Kevin, or his bosses, then you probably shouldn't be trading this market.

Plenty of support at 1540, right Kevin? 



Obchelli's picture

Did he run Boston Marathon?

hedgeless_horseman's picture



I am changing my password to: kev1nhenry1sdead!

JPM Hater001's picture

Don't answer that knock on the door.

urbanelf's picture

We need new temporary emergency measures!!!!

Sudden Debt's picture

you mean PORNO right?

well... because we're all here to share our knowledge:


TeamDepends's picture

We're afraid to look.  Last time we did it was a man, a nun, and a dog....

Sudden Debt's picture

what's wrong with nuns having sex? before a cam I mean...

akarc's picture

"For the love of God, somebody POMO!"

Everything works until it doesn't. It ain't like people don't know POMO is out there yet they are selling anyway. Then again, considering what the banks did in 2008 that we didn't know about until.........

whats happening now that we do not know about?  That gold slam down hurt somebody.

MillionDollarBonus_'s picture

This article does a great job of explaining why gold has fallen 15% over the last week, crushing goldbugz and making silverbug lemmings cry:

JPM Hater001's picture

I asked SIRI why some people are morons and she said because they listen to you.


Finally she understood the fucking question.

Zer0head's picture

Business Insider has a target demographic of moronic imbeciles.

Croesus's picture

@ MillionDollarBullshitArtist:

Let Gold fall. Half of the world's population loves the physical stuff, so the more it falls, the more affordable it becomes, and the more they buy.

They're strong handed, and only sell in emergencies, so it's a case of good money driving out bad.

So, falling gold prices are good for gold.

Stock crash = dead ahead.


JPM Hater001's picture

Yes, I cant wait until the billion people of India wake up the richest nation on the planet.

Then I'm sure we'll have a good reason to invade them.

McMolotov's picture

It'll be interesting to see how Uncle Sam decides to paint Hinduism as a cult of evildoers bent on world domination.

"They don't kill cows! They're gonna invade the US on cow-back! Get 'em!"

ebworthen's picture

Nice to see you.

What are we going to do with $16 Trillion in debt?

EscapeKey's picture

According to Krugman - double it!

NO level of debt/GDP is too high to stunt growth. The Japanese situation is entirely sustainable.

Sudden Debt's picture

Hide it under the nuclear waste dump at Indian River near New York which was build as a temp. sollution about 40 years ago and is leaking dangerously?


Dr. Engali's picture

Devalue and default....again.

Schmuck Raker's picture

+1 Cuz I've missed you MDB.

I guess you probably been busy beating old ladies' heads in with baby seals. Welcome back.

Meat Hammer's picture

I gave him an up-arrow, too, just because I respect someone who is an unabashed asshole.

Now go kick some puppies, MDB.

TeamDepends's picture

That rates a solid "meh".  You are slipping.

Dr. Engali's picture

Come on for such a long time away you can do better than that. Your creative juices should be flowing right now.

Yohimbo's picture


This silverbug isnt crying, This is a celebration of opportunity to trade more slave/Benny buks to buy more.

I will Never trade my loot for FRNs. That would be silly. 

KNow this, FRNs will be toilet paper at some time in the future, if that time is when my grandchildren hold my loot, so be it. 




kahunabear's picture

For the record, sarc. It is really nice to see the dip buyers get their heads handed to them, if only for a few hours.

Obchelli's picture

I wonder if BTFD is still valid strategy or prolly bernanka wants more short wood in woodstove to burn it little longer?

Aeternus's picture

Is it just me or does this feel eerily similar to 2008? Markets are going to tank soon, I can feel it.

akarc's picture

Is it just me or does this feel eerily similar to 2008? Markets are going to tank soon, I can feel it.

At the risk of sounding redundant watch oil. It is the tell. It was in 2008. Arabs will try and support brent. But won't be as effective factoring added U.S. supply since then. 

JPM Hater001's picture

I was sound asleep in 2008 but earlier this week in an effort to understand the absolute crush in metals I discovered that metals dropped 20% 1 month before the markets in 2008.

So you tell me, what is this 20% drop signalling?

SheepDog-One's picture

This time they have no snappy newfangled solutions!

Winston Churchill's picture

Dr Copper has been signaling for quite a while.

The markets ignored him, now PM's are telegraphing something truly horrible.

Exter's pyramid is way top heavy right now.

We need to know what the SBS is doing Tyler ?

Obchelli's picture

This time Bitcoin precedeed PM crash LOL

seek's picture

In 2008 it was signalling that something was broken in the banking system and someone(s) needed liquidity... bad.

I suspect it's the same this go-round, in spite of the central bank money faucet. In 2008, they did their best to cover it up, but it eventually got out of control. I am sure they're doing the same this time, but given the magnitudes involved, whatever broke is probably bigger than Lehman. My guess is we'll know within a month.

warezdog's picture

Of course they're going to tank, when they figure they've pushed them as high as they'll go it will be time to take any fool that has money left in out. It's not unlike the metal crushing, just another way to confiscate wealth. Any idiot that has money in this completely rigged market deserves to have it taken from them.

mendigo's picture

Has retail re-entered the market?

Sudden Debt's picture


makes sense to me...

realtick's picture

what do you use to pay for drinks at the bar?

realtick's picture

well then i guess your drinks just got more expensive by a factor of four

good move

Hulk's picture

So bitcoins are good for the liver, whodathunk that ???

SheepDog-One's picture

At the bar I pay for my drinks with my pool playing.

NotAMathWhiz's picture

Dollars, and alot more of them than ever before.  I read an article last week that some places are charning $15 - $20 for a single drink!

I'm pretty sure you just made his argument for him...