This page has been archived and commenting is disabled.
Dow Down 1000 Points From Highs, Nikkei Nuked
It's not just Japanese stocks that are in trouble. The Dow Industrials futures just lost 15,500 - the lowest level since the debt-ceiling lows mid-November and down over 1000 points from 2013's closing highs. The terrible ISM print triggerd wholesale buying in bonds and bullion and selling of stocks and the USD as the Dow broke below its 200DMA. VIX has hit 20% this morning and credit markets still suggest the S&P is 60-70 points rich.
The Dow is down 1000 poinst from its highs...
and below Debt-ceiling recovery lows...
as the Dow drops below its 200DMA...
The Nikkei is getting nuked and now trades over 2,000 points from its highs and over 1100 points "cheap" to the Dow...
Bonds are well bid... as is bullion...
It seems the taper is dragging the US wealth effect lower faster than Philip Seymour-Hoffman's drug dealer's income.
Charts: Bloomberg
»
- 15370 reads
- Printer-friendly version
- Send to friend
- advertisements -
bad news is bad news again?
As long as Jamie's bonus is safe we're cool
DOW 10,000 hats?
Yes, pretty please. That would be a good start ....
Run baby run
Run Forest! Run!!
Fixed it..
Was not expecting PSH snark.
+1 Would LOL again.
Hoping for 6,443.27 (March 6, 2009) again... Then it's time to buy.
I'm not a technical/chart guy, but let me give fair warning that my "Dow 15000" baseball cap is worn out, and if I have to buy another one from the cnBSc gift shop, I am sending the bill to Yellen.
And if I have to buy a 2nd, "Dow 12000" baseball cap in the near future, I'm double billing Yellen for it.
Didn't they just throw Alcoa out of the Dow 30 to try and keep it erect?
C'mon, DJIA, throw out and replace some more dogs of the Dow 30 if that's what it takes! And hurry!
Yeah, no kidding. I'll need to replace my " The DOW hit 15,000 and all I got was this stoopid t shirt" t shirt.
Doesn't Yellen know she can just double QE in order to try and further artificially depress interest rates, to allow already massively indebted corporations to buy back even more blocks/mountains of their own shares of stock, going even further into debt, thus KICKING THE CAN SOME MORE?
WTF, BernYellen?
it has been my sense that an over-lauded "buy the dip" market would end in not a crash, but rather a slow, painful drip down, where buying the dip gets you further in the deep.
Remember we ground lower off the 2007 highs for almost a year until September of 2008.... THEN the wheels came off (key event: when Hank Paulson and then-newly-minted Ben Bernanke walked up the hill and said "We need 3/4 of a trillion dollars of taxpayer money by Wednesday or we're all dead.")
Yep, I sold Dec 2007, but got sucked in Apr 2008 after a 20% dip. Learned my lesson.
That reminds me of The Great Crash:
John Kenneth Galbraith, author of 1929 - The Great Crash, described the pattern of the 1929-1932 bear market as follows:
that's the feeling, yes Smiddy. kill them slowly, with resurgences of hope for survival, then a wish for a fast death that saps the spirit
Hey hey BTFATH is SOOOOOO 2013. Time to move on:
New Acro: STFDCB
Short The Furry Dead Cat Bounce
Sorry to all those cat lovers out there:
https://www.youtube.com/watch?v=DTVOK2yvbBM
PPS: apologies to "Its Only Rock N Roll" http://www.zerohedge.com/news/2013-10-31/you-know-its-top-when#comment-4...
You said, "The Dow Industrials futures just lost 15,500"... uh it may have dropped to 15,500 but not lost it. If it had lost 15,500 I'd be at home hunkering down with the rest of you.
It lost the support price of 15,500....the implication was there
Why wait? But buy a good bottle of scotch on the way home to hunker down with.
it that you Fonz trolling us here??
DOW 15,000 SUPPORT BROKEN!
Told ya not to wait!
Hooked on Phonics Worked for Me!
I see the DOW going to 30,000. What's to stop it? The money has to go somewhere. Word.
I agree if the value of the dollar is cut in half.
fonestar, bad news is bad news again because the illusion of control is fading away.
it just bumped a smal resistance... and a diamond and a hindenburg crap...
Janet will print it up again.
Agree Sudden... I am not shorting this market. When they announce no taper you will see the markets go ballistic, until they crap all over the place. Sticking with my gold, silve and miners. Maybe, just maybe, it is our turn.
Amen to that. Gold, silver, and miners for now. All the Fed can do is print, and as progressively more people come to realize that it's not possible to print our way out of this mess, and that it is printing that got us in this mess and continues to make it worse, money will flood out of fiat in torrents. Hold on and enjoy the ride!
If this is the long awaited collapse, this is what the start of it would look like.
I concur with the sentiment and for those who believe we are going to simply see a Yellen reflate...we have always said hyper-inflation was just around the corner. It begins with commodities then money leaves the system and it's evrything else not nailed down.
we have always said hyper-inflation was just around the corner
Yep, it is always lurking in this environment, just below the surface. And this is the fatal weakness of the "managed economy" model, it is the idea that human emotions and expectations can be managed through threats, jawboning, Liesman-ing, etc. Eventually, reality intrudes.
I don't think she will because she can't without causing far more harm than good:
The Fed, QE, Rates And You
http://market-ticker.org/akcs-www?singlepost=3327908
They recognize the problem they've caused.
Commodities will have a tough time reflating in a world wide recession. Especially with every CB on the planet manipulating contracts to prevent it. If we have learned anything these last 5+ years, it is there is no rule of law, and there is no market. So stop acting like there is both. 2008 was engineered. 2014 or whatever the date is, will be engineered also.
Yeeeeeeee HAW! RIDE THAT SHIT LIKE SLIM PICKENS!
Close your eyes and repeat after me. The fed's printing has nothing to do with the markets. The free markets are a barometer on the health of the economy. Now tap your heals together three times.
Whoah! It worked! I just did it and now I'm.... jeez, I'm not sure where I am. A snow-covered field out in the middle of nowhere. There's a little farm house nearby.
Oh, wait.... I think I know where I am. Doc, you bastard, I'm in freaking Kansas. Now I gotta pay for a flight back home.
What Doc? No BTFD?
Keep this shit coming, got a long way to go and these -1% days are just so slow and boring. bring on the -4% days.
More like -4% day....singular. The days after the -4% day will be -10%, -15%, kaboom.
again...the problem here is contagion..."knock on effects"...all being sold as a false bill of goods (Kevin Bacon's "all is well" moment. Sorry to hear abot SPH btw. Huge loss for theater in New York.)
The epicenter remains Europe which is simply rolling over the untenable.
And this "media weapon" that has been created will turn on its "master" at some point.
ZH called the bottom again! Well done!
I like the negative correlation between QE and PMs
I don't like the neg correlation because they are going to continue to plump the markets like a basted turkey and gold will be seen as a raven on the mantelpiece and not be given its due.
The FED is tapering because the turkey has a really big tape worm and was loosing weight faster than it could eat. It's probably too late to try that again. Now they're hoping the turkey will lay a few eggs before it dies.
"It seems the taper is dragging the US wealth effect lower faster than Philip Seymour-Hoffman's drug dealer's income."
I love zerohedge, but make up your fucking minds already. If they print, you bitch, and if they taper, you bitch. Printing is wrong - I get that - but tapering is not, even if it hits the "wealth effect" because the wealth effect it hit was a falsely generated pile of fiat shit that accrued only to bankers and connected assholes, so fuck them.
It's not a drag on a wealth effect that is happening ... it is a correction that is long overdue and needs to go a lot futher than a meager 1000 points.
Can you point to me where Tyler said that tapering is bad? There's a difference between describing what's going on and evaluating it. That quote is purely descriptive.
I wants more QE...moar!!!
"There's a difference between describing what's going on and evaluating it."
Exactly, although Tyler should have put "wealth effect" in quotes as it doesn't actually exist in its intended sense of stimulating the economy.
The schadenfreude is vectorless.
Very nice SR, that is a trippy visual....
ori
How long until everything but Gold and Silver are sold?
2035
Yellen is going to tapping CTRL-P faster than she flicks her bean. Oh wait, she has a penis.
Eeww. That created a disturbing mental image. Eeeck.
Ka boom !
.. obviously tapering doesnt work, back to plan Ctrl-P ..
How about Ctl-Alt-Delete?
So who's buying the dip today Yellin?
Thanks for making me snort coffee through my nose with that Philip Seymour-Hoffman crack, Tylers. That hurts like heck (though probably not as much as his OD did d'oh)
And the loss will show up in the next ism report
While we were watching the worst super bowl I've ever seen my sister says, "Philip Seymour-Hoffman died."
I said, "Wow the whacked out coke head finally OD'd."
She looked at me like how can you say something like that. Then she searched for the whole story and says, "How did you know he overdosed?"
Free benny bux is like crack and the market overdosed in 2013. There isn't any withdrawal, just death.
Its real simple.. When funiture stores like Raymore & Flaigan offer 4 years of interest free purchase you know things are starting to slow down
Any day now some twit with money credentials will come out and make a move that is a strong equity signal and hope to alay eveyones biggest fear, ie Warren Buffet etal buy some S&P futures. Or in a month Yellen reverses course and re-ignites QE with a 150 Billion a month move.
In other news, I think a rather large derivative shop is about to come un-glued.
Happy Trails - Mu Cha-Cha's
Hugh Hendry -- how those longs working out beeotch?
If the guy couldn't look in the mirror in December I can imagine he avoids anything with a reflection like the plague now! It must be hilarious to see him driving in his Ferarri and break into tears evey time he checks the rear view mirror. Oh well, it's trending!
How are all of the indebted pensions going to manage if stawks don't generate 10% this year?
29 ticks down on ES from a reasonable short entry at the key levels I posted here repeatedly. Not too shabby.
Has anyone checked in on Hugh hendry lately?
we're not even at an actual correction until DJI 14929.38