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European Stocks Plunge To Seven-Month Lows; Banks In Bear Market
The narrow EuroStoxx 50 index is now at its lowest in over seven months (-5.4% year-to-date and -12.5% from its highs in May) and the broader EuroStoxx 600 is also flailing lower. The European bank stocks pushed down to their lowest in almost 10 months and are now in bear market territory - down 22.5% from their highs. Spain and Italy are now testing their lowest level in 9 months. While the sovereign bond market had been relatively quiet last week, it started to catch down to stocks today with Portugal, Spain, Italy, and Belgium all giving up significant parts of their Draghi-promise gains. Europe's VIX broke above 26% for the first time in almost 10 months. Think that there should be a flight-to-safety? Think again - Swiss 2Y rates spiked to 10.1bps (remember it was -44.5bps in August 2012) - their highest in 22 months. EURUSD smashed lower in the pre-open US and then oscillated higher in the most mechanically odd manner for the rest of the EU day...
and EURUSD goes robotic...
Nothing unusual there at all..
zigzag algo having some fun with the EURUSD
— zerohedge (@zerohedge) June 24, 2013
Charts: Bloomberg
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ZH
You're at a loss for words?
think 401k money will just sit back and ride this down like they did in 2008? After last week, and with today's 200 pt dive... bet we'll see a lot of folks "rebalancing" to the most conservative funds... Of course, that's what? MM and bond funds?? Hmm.
mmmmmm. Money market funds. Yummy.
Zombie head?
C'mon European Stocks cratering ain't the important news, why not do as CNBS does and run a hard hitting puff piece about Steve LIESMAN playing the guitar???
Wow, you even changed your speech pattern. And everyone knows Stevie plays skin flute, with you as second chair.
Zit Hole?
Zimbabwean Horse-shit
Must be the "Wealth Effect" yes?
"for those that are already wealthy" i'm afraid. i'd like to think there's hope for those of us who persevere...who search for truth...who wonder aloud...at the wonder of the human capacity to b.s./...those who work, effort, strive...go above and beyond...simply put we are all to perish. don't just abandon hope...just abandon. recklessly if you dare... now move along...unfortunately while the predictions yet again have been born (with a wonderful Treasury Surprise thrown in) "the world still has not ended." that's something to hang our hat on is it not? or are we all just truly pining for Frontier Games and nothing more? http://en.wikipedia.org/wiki/Battle_of_the_Frontiers
Untold trillions in free money to these banskter criminals and all we got was this lousy depression anyway.
Hit 'System Reset' button, the sooner the better.
FUCK.
Sell it all. GET ME THE FUCK OUT.
My name is Ben 'Geethner' Krugman, and I approve of this message.
Fuckers.
The euro crisis is behind us.
~ another stupid socialist Hollande~
LOL Doc, how many people are going to be trot out to tell us everything is fine? It reminds me when I was on a transatlantic flight that hit extreme turbulence. An air hostess stood up to tell us everything was fine as luggage in the compartments above us rained down and our oxygen masks dropped. She was thrown against the side of the cabin and her little hat was knocked off. She created something for us to focus on and laugh as the plane very slowly climbed out of its descent.
Not sure if we are climbing out of the descent this time, though.
I am a perma bear admittedly but I need to see some real pain. Oil is still too high and 2.60% ain't cuttin it for me to buy stocks. I want to see bonafide panic.
That being said it's just another dip I will miss buying.
I dunno, Fonz. This is world wide. China is the EU's biggest trading partner and we know the condition its in right now. Our banks have over-exposure to EU banks, Chinese banks, and every other country's banks you can think of. It could be just another dip - for now. I don't have a lot of faith right now for the plane to come out of the dive on any kind of permanent basis. We have untested children in the cockpit.
I'm going camping again this week. I will have my laptop with me and will be around on a limited basis unless we get rained on. I have to step away for a couple of days and try to figure out which way the channel is going, or whether or not we are going to breech floors again. I'm not touching anything until Wednesday but I wouldn't recommend that to anyone else. Slaughterer could be right and we might be just hitting temporary turbulance. I honestly can't tell.
Have a good trip. something tells me we will all be here babbling when you get back as if you never left.
"The euro crisis is behind us."
What's missing is: "With euro catastrophe slowly but surely approaching."
PMs now catching up... as it were. Safety in the liquidity of the dollar. I picked a bad day to give up sniffing glue.
Should have taken our medicine in 2008.
Fuck you Hank !
the longer you wait to take your meds the longer it takes to get well if you recover at all
Seen the Spanish and Italian bond rates lately?
Ooops!
If rates go much higher, Spain and Italy will have to revisit the decision of whether to drop out of the Euro and startup their own printing presses.
I hope this time around crowds will surround parliaments during debates where these matters may be discussed.
I want to see some "direct democracy" at work...
Such BS...I bought SPXS (triple short S&P) and the S&P is down 1.8%, but SPXS is only up 3%. WTF?
The difference is just the vig you pay to the boyz.
Let me check my calculator, click click... tap tap... click tap... hmmm... You're are getting screwed.
I did the calculation in my head and came up with the same result.
How many times market gonna run at VWAP on no volume? So funny to watch these algos at work.
End of quarter very near - i wont be shorting stocks - the window dressers will likely bid stocks up later this week.
ZH, a post on Canadian bonds?? For fuck sake they are EXPLODING.
2 years... 1.28%... a month ago : 1.03%
5 years...1.89%... a month ago : 1.375%
10 years...2.53%... a month and a half ago : 1.67%
30 years...2.95%... a month ago : 2.56%
Let me switch to CNBC quickly ... ok, all I have to say is "buy the dip". Yep, on CNBC moments ago :)
Someone on CNBS just said "Investors are thinking that the multiples on companies are too high and there may be some good shorts out there."
Almost fell off my couch.
My own analysis is that the lack of Hostess snack cakes retarded the US GDP by 5% in the first half of the year. However, pent up demand for snacks will give the US a huge, HUGE, jump in GDP for the 2nd half.
AAPL back below 400. This could be the day the market crumbles like that bldg in
Philly. Or not.
The FED is predicting GDP +5.05% for 2015.
ROFLMAO!
Steve LIESman, Pillsbury Doughboy for the FED, is saying that the problem with the markets is bad communication from the FED, and is absolutely flumoxed that the markets are crashing.
OMFG!
And, yet another J.P. Morgan economist on CNBC trying to re-assure investors that once the "training wheels" are off - the economy and markets will be happily riding down easy street (and please give us your savings and retierment to play with).
I saw that too. Liesman pitching 5% growth and yelling that everyone should be buying stocks.
Then the guest tells him the fed will be wrong and he pivots to "then they won't be tapering". way to have it both ways you vile piece of garbage.
Oh, I get it now.
To make that happen they need to crash the economy next year, 2014 GDP -19.2%...
Please do not worry.
A Fed talking head will be out shortly to calm (i.e. goose) markets back toward all-time highs. The end-of-quarter draws nigh.
Shorts, curb your enthusiasm and hold on to your powder. And your shorts.
EURO to collapse by year end...
everytime someone makes a prediction like that I check the age of the account. congrats, your's the record holder, with 44 weeks & 4 days
I presume it's too much to ask for a reasoning behind this fervent wish, isn't it?
1. Greece, Italy or Spain throw in the towel
2. This wave of crisis pushes France to the point where it makes requests Germany can't accept. Germany leaves.
3. Eurozone-wide run on banks
better get the helicopters fired up again... http://tinyurl.com/mem7o7x
The MBS market has completely lost liquidity this morning, great job Ben, you painted yourself in a corner.
Don't worry. That guy behind the curtain is flipping all the right economic switches and pulling the right levers. He's a wizard after all.
I think Ben and all the other central bankers should wear wizard hats when on duty.
Houses of cards collapse slowly at first and then accelerate.
Heres one to make you lot laugh,
The government here is pushing for GM crops and food to be widely available to the public, saying its in our best interest and all that jazz,
While they themselves are banning it from the restaurants and bars in the houses of parliament. Anything strike you as odd there folks? Its good for proletariat but not the fuckers who would ram it down our throats then?
We are living through unbelievable times where up is down and down is up. These thieving fucking chancers must know by now that we know they are scum fucking shit on the bottom of our shoes, so why force this shit at ever increasing increments as fast as they can? AHAA!
Its all they can do before the dam breaks isnt it. Listen up NSA and GCHQ, it wont work fuckers, we know. Your time is up number 7, bring the boat back please and collect your deposit.
Is it possible the Zig-Zag algo was named after a certain brand of rolling papers produced since the late 1800s (founded in France, of course) ? That would explain the guffawing laughter coming from most trading desks this time of day, as junior traders make a run for various Pepperidge Farm cookies . . .
Trickle up effect....the misery of the masses is working its way up the ladder.
I have been getting an email a week from Fidelity, inviting me to webinars on investing my 401k, notes on investing in this uncertain time, etc. Did the same thing in 2008, right before it all melted, they were still telling us to stay the course. I now take these email like a smoke detector, and I'm looking to the doors expecting to see fire.
Something like that.