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Welcome Janet: Worst February Start For Stocks In 32 Years

Tyler Durden's picture





 

The Nasdaq plunged by the most in over 8 months today and broke all the way back to unchanged from the December taper decision of the Fed. All major US equity indices are now negative from the time the Fed decided to slow its flow of free money. The Dow closed below its 200DMA for the first time since December 2012. The S&P 500 closed the furthest below its 100DMA since QE3 started. USDJPY was in charge and everything was higher or lower beta off of that as it broke 102 early then 101 later in the day (with the Nikkei -700 points from the day's highs). Treasuries rallied around 5bps to fresh 7-month low yields for 30Y. Gold and Silver surged, adding 1% on the day as the USD lost 0.25% on the day (led by the 1% strength in the JPY). VIX smashed to 14 month highs over 21%. Credit deteriorated but stocks are catching down.

Just 8 hours into her reign, QEeen Janet has some work to do...

"Not off the lows"

 

 

Summing up the JPY carry trade unwind... (h/t @StalingradandPoor)

 

This is the worst start to a month since 1982 for the Dow and S&P and the worst since records started on the Nasdaq.

The Dow Industrials slammed back under the 200DMA - lowest in over 3 months; down 3% since the taper and down over 7% in 2014

The Nasdaq is down 2.6% - its biggest drop in 8 months - its worst start to a month on record; testing the 100DMA and unchanged to Taper

The S&P dropped 2.2% - its biggest drop since June; lowest in over 3 months and well below its 100DMA - furthest below its 100DMA sicne Nov 2012.

 

Since the taper, major indices are all negative now...

 

And since the new year, they are in trouble...

 

USDJPY was in charge...

 

VIX has risen 64% on the last 2 weeks - its fastest rise since the US debt downgrade debacle in summer 2011...and the highest close since December 2012

 

It seems, once again, that credit investors smelled something long before the exuberant marginal stock buyer...

 

The USD weakened led by JPY and EUR strength...

 

Treasuries were well bid all day after the weak ISM data... 2s10s pushed to 228bps - its lowest in over 3 months

 

What is perhaps more worrisome is the surge in bill-yields around the debt-ceiling...

 

And commodities were very mixed with growthy oil and copper down and safe haven gold and silver up...

 

Charts: Bloomberg

Bonus Chart: The Nikkei is down 2300 points year to date (from 16,450 to 14,160) and the Dow is down over 1200 points year-to-date (from 16,540 at the close of 2013 to 15,316 lows today)

 

Bonus Bonus Chart: HerbaLOL...

 

Bonus Bonus Bonus Chart: FX Carry implies a major unwind of the spec VIX Futures short positions...

 


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Mon, 02/03/2014 - 17:07 | Link to Comment RacerX
RacerX's picture

ooh every day the buying opportunity gets better and better.

Mon, 02/03/2014 - 17:08 | Link to Comment Levadiakos
Levadiakos's picture

Captain Kirk: This is an extremely primitive and paranoid culture. 

Mon, 02/03/2014 - 17:11 | Link to Comment camaro68ss
camaro68ss's picture

What a beautiful day, fuck you the bernake, I mean yellen!

 Margin call BITCHEZ!

Jump you fuck!

Mon, 02/03/2014 - 17:16 | Link to Comment JPM Hater001
JPM Hater001's picture

<---Today I feel Happy Hungry and Sleepy

<---Today I realized I fucked up listening to my broker

Mon, 02/03/2014 - 17:19 | Link to Comment Occident Mortal
Occident Mortal's picture

Great news for me as I shorted the DOW at 16,000 and went long on gold at 1,220.

As posted on here.

Waited 5 years for the setup.

Mon, 02/03/2014 - 17:27 | Link to Comment Levadiakos
Levadiakos's picture

Gold? HAhahaHhaAHAHAHA

Mon, 02/03/2014 - 17:33 | Link to Comment Rick Blaine
Rick Blaine's picture

At least today's action was more exciting/entertaining than the Super Bowl last night.

Still, this is nothing - I still have my "oh shit" line at like Dow 12K...and we have a long, long way to go for that to happen.

Mon, 02/03/2014 - 17:58 | Link to Comment fuu
fuu's picture

Damnit, Janet, we're fucking screwed.

Mon, 02/03/2014 - 18:18 | Link to Comment Erudite Redneck
Erudite Redneck's picture

John Ipstein on NPR said this morning Yellen is widely credited with predicting the housing crisis. LOL.

Mon, 02/03/2014 - 18:21 | Link to Comment long-shorty
long-shorty's picture

is it just me or does that picture of a deer seem to mark every bottom?

Mon, 02/03/2014 - 18:49 | Link to Comment Spastica Rex
Spastica Rex's picture

Oh, please.

Denver's performance mirrored that of stawks today.

Extremely entertaining.

Mon, 02/03/2014 - 19:43 | Link to Comment new game
new game's picture

get the patient a morphine drip, everything will be fine. you won't feel a thing, i promise!

Mon, 02/03/2014 - 20:29 | Link to Comment DeadFred
DeadFred's picture

With current market rules you can't reach 12K until Wednesday morning.

Mon, 02/03/2014 - 17:29 | Link to Comment NoDebt
NoDebt's picture

"Reports from multiple workers at the Marriner Eccles building of Ben Bernanke laughing maniacally as he exited the building for the final time last week were today denied by the Federal Reserve."

"He was just recalling a very funny joke he heard 18 years ago.  It had nothing to do with the state in which he left the world economy and financial system, said a spokesman for the Federal Reserve."

Mon, 02/03/2014 - 17:31 | Link to Comment SoilMyselfRotten
SoilMyselfRotten's picture

All you can eat Janet

Mon, 02/03/2014 - 17:42 | Link to Comment LMAOLORI
LMAOLORI's picture

camaro 68ss "Jump you f*#@!"

                                                      Maybe they're being pushed...

A RASH OF DEATHS AND A MISSING REPORTER – WITH TIES TO WALL STREET INVESTIGATIONS
Mon, 02/03/2014 - 17:09 | Link to Comment greatbeard
greatbeard's picture

>> the buying opportunity gets better and better.

Been that way with gold and silver for a couple of years.  It gets old after a while.

 

 

Mon, 02/03/2014 - 17:13 | Link to Comment 666
666's picture

BTFD = Big Time F***ing Drop.

Mon, 02/03/2014 - 17:17 | Link to Comment williambanzai7
williambanzai7's picture

Mon, 02/03/2014 - 17:19 | Link to Comment camaro68ss
camaro68ss's picture

A dike holding a dike, classic

Mon, 02/03/2014 - 17:55 | Link to Comment Agent P
Agent P's picture

She does have the Dutch boy haircut. 

Mon, 02/03/2014 - 17:24 | Link to Comment MsCreant
MsCreant's picture

Too much liquidity. Nice.

Mon, 02/03/2014 - 17:39 | Link to Comment ThirdWorldDude
ThirdWorldDude's picture

Here comes the water...

All I knew and all I believed
are crumbling images

that no longer comfort me.
I scramble to reach higher ground,
some order and sanity,
or something to comfort me.

So I take what is mine,and hold what is mine,

suffocate what is mine, and bury what's mine.
Soon the water will come
and claim what is mine.
I must leave it behind,
and climb to a new place now.

This ground is not the rock I thought it to be.

Thought I was high, and free.
I thought I was there
divine destiny.

I was wrong.
This changes everything.

The water is rising up on me.
Thought the sun would come deliver me,
but the truth has come to punish me instead.

The ground is breaking down right under me.
Cleanse and purge me
in the water.

Mon, 02/03/2014 - 17:39 | Link to Comment firstdivision
firstdivision's picture

Janet was busy doing a practice run in NG

Mon, 02/03/2014 - 17:53 | Link to Comment williambanzai7
williambanzai7's picture

Tue, 02/04/2014 - 02:44 | Link to Comment Colonel Klink
Colonel Klink's picture

You got Yellen's head on the wrong body William!

Mon, 02/03/2014 - 19:59 | Link to Comment stocktivity
stocktivity's picture

"Old Yellen" already has her hands full. QE4 coming any day now to buy stocks.

Mon, 02/03/2014 - 17:09 | Link to Comment Droel
Droel's picture

Time to break out the Dow 15,000 hats again?

Or the 10,000?

Mon, 02/03/2014 - 17:15 | Link to Comment Boston
Boston's picture

Time to break out the US 10yr 2.50% hats again?

Or the 2.0% hats?

Mon, 02/03/2014 - 17:21 | Link to Comment Levadiakos
Levadiakos's picture

This isn't a taper, it's an amputation

Mon, 02/03/2014 - 17:42 | Link to Comment HardlyZero
HardlyZero's picture

operation BareBank...taking the backside off the world markets.  Too much fat.

http://www.youtube.com/watch?v=wEKkJHSO8A0

 

Mon, 02/03/2014 - 18:00 | Link to Comment Mentaliusanything
Mentaliusanything's picture

Cue Monty Python and The Black Knight...Tis but a sctatch.. Tis but a flesh wound.. Right I'll do you for that.

Such is the state of this comedy

Mon, 02/03/2014 - 18:54 | Link to Comment SAT 800
SAT 800's picture

Haw, Ha, Ha; Eat shit and die Stock Market Fools. I love the deer in the headlights. LOL.

Mon, 02/03/2014 - 17:32 | Link to Comment Papasmurf
Papasmurf's picture

Soon it's time to replay the old Mark Haines video of dow 10,000.

Mon, 02/03/2014 - 17:08 | Link to Comment Droel
Droel's picture

delete

Mon, 02/03/2014 - 17:11 | Link to Comment SillySalesmanQu...
SillySalesmanQuestion's picture

Good luck Mrs. Debtfire on getting all those stampeding sheep back. Maybe Ben will let you use his helicopter...

Mon, 02/03/2014 - 17:40 | Link to Comment HardlyZero
HardlyZero's picture

Does Yellin' have the keys ?  to the copter or printer ?

Mon, 02/03/2014 - 21:01 | Link to Comment buckethead
buckethead's picture

Mrs Debtfire. That has a ring to it.

Mon, 02/03/2014 - 21:25 | Link to Comment buckethead
buckethead's picture

edit... double post

Mon, 02/03/2014 - 17:11 | Link to Comment Make_Mine_A_Double
Make_Mine_A_Double's picture

Wait....the drugs and booze aren't working anymore....

Mon, 02/03/2014 - 17:17 | Link to Comment Levadiakos
Levadiakos's picture

I picked a bad day to stop my Skittles, Az ice tea w Robitussen habit. Glade Springtime Mist and a straw anyone?

Mon, 02/03/2014 - 17:12 | Link to Comment thismarketisrigged
thismarketisrigged's picture

this is fucking awesome.

 

no more hearing these fuckers come on tv and talk about how great everything is, they all look so fucking sad and worried, and trying to come up with excuses as to why the markets keep tanking.

 

heck, they r already making excuses for a bad jobs report this friday, with what else, the weather to blame.

 

i only own gold and silver and no equity position whatsoever, i am not long, i am not short, i am out, yet i get such joy out of seeing this thing tank.

 

i hope its just the beginning.

Mon, 02/03/2014 - 17:17 | Link to Comment Pool Shark
Pool Shark's picture

 

 

Ditto.

Making some extra popcorn; gonna watch me some "Market Limbo:"

"How low can ya go; how low can ya go; how low can ya go..."

 

 

Mon, 02/03/2014 - 17:20 | Link to Comment F-Tipp
F-Tipp's picture

"...and on further examining economic data, the Federal Reserve Board has decided to increase its asset purchases..."

Mon, 02/03/2014 - 17:53 | Link to Comment El Vaquero
El Vaquero's picture

Not so fast!  It's pushing treasury yields down.  People are running to "safety."  Which is more important, interest rates, or stocks?  They just have to pull this off without cratering a megabank somewhere, and it'll extend things a little while longer.  Then they can start stealing retirement accounts when this wears off.  At some point, yes, they'll have to start printing again, but is it really now?

Mon, 02/03/2014 - 18:04 | Link to Comment fonzannoon
fonzannoon's picture

It's soon. 

Mon, 02/03/2014 - 18:08 | Link to Comment El Vaquero
El Vaquero's picture

The thing that scares me, is that if they can put off the printing with stealing retirement accounts for a while, the un-taper will be that much larger and more violent.  $85bn/mo?  Pfft, that'll be for pikers.  The other thing is, even if they do print, there's a good chance they'll still steal the retirement accounts.  The printing will be to stop the shadow banking system from imploding, and the theft will be to keep interest rates down and the government funded.  They're cunts, the lot of 'em.  Nasty, stinky diseased cunts. 

Mon, 02/03/2014 - 19:37 | Link to Comment gatorengineer
gatorengineer's picture

Fonz, the market hasnt seen these levels since mid October....... of 13

Mon, 02/03/2014 - 19:54 | Link to Comment new game
new game's picture

mathematically lower rates are of the utmost importance. the train gets fresh fuel and stays on the tracks.

the script is over yonder in the radiation zone...

besides, even some bond purchases, although less, are supportive of their ponzi scheme.

i don't think you will see 3 handle on tens for fucking ever.

17 going 18 trillion in a sinking economy.

get real with a calculator and figure it out.

just numbers...

Mon, 02/03/2014 - 17:10 | Link to Comment TheLooza
TheLooza's picture

I must have a death wish, but I'm playing a February bounce as of an hour ago...The situation is not out of control just yet.  I think we will see some overnight intervention.  Ol' Yellen needs to show she has a steady hand.....Calls will be made.

Mon, 02/03/2014 - 17:19 | Link to Comment camaro68ss
camaro68ss's picture

good luck with that dude

Mon, 02/03/2014 - 17:34 | Link to Comment NoDebt
NoDebt's picture

I wouldn't try to time it that tight.  Wait until the Fed decides NOT to take the next anticipated $10B/mo. taper step.... then buy with both hands.

Mon, 02/03/2014 - 17:25 | Link to Comment ghostzapper
ghostzapper's picture

Pretty risky but entirely possible.  We will see a bounce within the next 1-2 cash sessions in all likelihood regardless of lawboning/new scam announcement and some jawboning could even blast past 1772-1773 to 1812ish depending on who it comes from and what they say.  That said, yikes not much support until 1646ish so if the rips are sold fairly quickly (look for stalling action at 1746 and 1760) then it prolly goes back to the current short and intermediate term trend which is down.  4 distribution days in the last 7 sessions for NYSE and 5 of last 8 for the Daq.  

Mon, 02/03/2014 - 17:36 | Link to Comment TheLooza
TheLooza's picture

Those numbers jive with what I'm seeing. I like to think my risks are calculated, but this one does feel like more of a gamble than I would typically make.  Just think that all the sad faces and fear make this a nice potential entry point.  People were buying spy puts like mad today. March 175 puts were the most actively trade spy option today. Vol was over 80k contracts. Anyways...50 contracts/2.69 cost basis.

Mon, 02/03/2014 - 17:40 | Link to Comment TheLooza
TheLooza's picture

50 Feb 22 175 SPY calls to be clear.  If it bounces, I'll either close or calendar spread on the weeklies.

Mon, 02/03/2014 - 17:53 | Link to Comment ghostzapper
ghostzapper's picture

Good luck and I am not being sarcastic I hope you get something from it.  FWIW I plan to strongly consider a meaningful long position in SPY and IWM if we get to my 1646ish zone and I see a few things happen with my very own "not tainted by an MBA" eyes.

1646ish to 2150.  Yup it looks and sounds crazy but if we get there and move off of it a certain way then I am projecting that . . . . . . and then maybe what very well could be the final crash.   

Mon, 02/03/2014 - 18:47 | Link to Comment walküre
walküre's picture

Gambling, that's all this is.

Mon, 02/03/2014 - 20:21 | Link to Comment DebtSlaveZombie
DebtSlaveZombie's picture

I'm questioning the timing of this move.  This seems very orchestrated and presents a trifecta or perfect storm of events.  We have debt ceiling coming up, Bernanke tapers upon exit another 10 billion/month and the Yen trade is blowing up in everyone's face and the 10 year moving toward 2.50%.  Once again, this will be used politically to increase the debt limit until August, right before midterm elections.  But I can't decide how the market will react if Japan or the US starts acting.  If Japan moves in to weaken the Yen I'm afraid its gonna blow up in their face and not work at all.  Then, the dollar run will be on.  Because if the Yen starts a parabolic move it will crush everything.  what's the move here?  Let the market find footing somewhere around 1650/1660 or is there so much leverage in the market that the Yen trade will go stop hunting and run us all the way down to S&P 1500.  That would put us at a 19% pullback from the highs and staring into the abyss.  Because below 1500 is limit down.

Mon, 02/03/2014 - 21:01 | Link to Comment TheLooza
TheLooza's picture

It's a good point DebtSlave.  My ultimate reasons for the trade are simple, if not simplistic.... January was a shit show, it's a fresh month + they don't want Yellen to get off to a rocky start. Combine it with the fear and the put buying that's really picked up, I think we have the making of a retrace back to the 1780-1800 range in the next few days.  The end of the carry trade certainly appears to matter. The debt ceiling bullshit does not -- or at least every trading strategy I used in the past attempting to profit based on market chaos failed. Made more money when I ignored it entirely....

Mon, 02/03/2014 - 17:35 | Link to Comment Papasmurf
Papasmurf's picture

has a steady hand.....Calls will be made.

Calls will be sold.  Short.

Mon, 02/03/2014 - 17:36 | Link to Comment Stoploss
Stoploss's picture

Well, it's about to come true according to Fisher..

Cause his decision is based on the real economy, not the stock market, LOL!!!

He say moar taper..

Mon, 02/03/2014 - 17:11 | Link to Comment Hindenburg...Oh Man
Hindenburg...Oh Man's picture

I thought that gold and the miners were looking good this morning, really taking on the role of a fear trade, but then they really got hammered down throughout the day and went nowhere. Clearly gold (and thereby miners) got hit by a fucking mac truck between 245pm and 315.

Mon, 02/03/2014 - 17:16 | Link to Comment superflex
superflex's picture

A $3 dip between 2pm and 4 pm is getting hammered?

Spare me the drama, queenie.

Mon, 02/03/2014 - 17:34 | Link to Comment Hindenburg...Oh Man
Hindenburg...Oh Man's picture

Ok, not hammered, but turned a nice gain into nada. 

Mon, 02/03/2014 - 17:38 | Link to Comment Skateboarder
Skateboarder's picture

> $5 is grounds for monkey hammering.

Mon, 02/03/2014 - 17:18 | Link to Comment petolo
petolo's picture

Same thing happened in 2008. After a few weeks they assumed their proper value. It takes a while for fact to sink into the tungsten heads.

Mon, 02/03/2014 - 17:11 | Link to Comment Dr. Engali
Dr. Engali's picture

You New Yorkers be careful walking around. Watch out for falling bankers.

Mon, 02/03/2014 - 17:16 | Link to Comment FredFlintstone
FredFlintstone's picture

It's rainin' men hallelujah. I love that song and I not gay, not that there is anything wrong with that.

Mon, 02/03/2014 - 17:21 | Link to Comment MsCreant
MsCreant's picture

It's raining men, hallelujah!

 

The thing is, it won't rain one sociopath (unless he is thrown).

Mon, 02/03/2014 - 17:25 | Link to Comment Winston Churchill
Winston Churchill's picture

Its the deep frozen bankersicles that really leave a mark.

Mon, 02/03/2014 - 17:38 | Link to Comment Papasmurf
Papasmurf's picture

Maybe some will join the 1/4 mile high club.

Mon, 02/03/2014 - 17:13 | Link to Comment Number 156
Number 156's picture

If she is the one responsible for holding fast to the taper, she will deserve my appreciation. (not likely though, she a product of the puppet farm)

Either way, nice to see some semblance to 'Price Discovery'.

 

Mon, 02/03/2014 - 17:16 | Link to Comment ebworthen
ebworthen's picture

The rationalizations and soothing words are starting.

"Weather" or "buy and hold" or "invest for the long term" or "the FED will stop tapering".

Un-fucking believable.  Well, believable since we are down the rabbit hole.

Mon, 02/03/2014 - 17:12 | Link to Comment RebelDevil
RebelDevil's picture

S&P 500 Closed below 1750.
#CrashTime!
#BlackTuesday

Mon, 02/03/2014 - 17:13 | Link to Comment ebworthen
ebworthen's picture

Yeah, and NASDAQ broke below 4,000.

C'mon S&P 666 true valuation!

Mon, 02/03/2014 - 17:13 | Link to Comment Hulk
Hulk's picture

HEY JANET !!! GOT GOLD ???

Mon, 02/03/2014 - 19:55 | Link to Comment noob
noob's picture

Hey Hulk, quit Yellin'!

Mon, 02/03/2014 - 17:12 | Link to Comment yogibear
yogibear's picture

Janet Yellen = Captain Crash.

What a way to start out you career as the Fed Head.

Good thing you aren't steering a ship.

Mon, 02/03/2014 - 18:54 | Link to Comment walküre
walküre's picture

She can't come to the rescue when stocks are at all time highs.

Crash then inflate.

Mon, 02/03/2014 - 17:13 | Link to Comment beegle
beegle's picture

why are the gold miners down ?

Mon, 02/03/2014 - 17:30 | Link to Comment Bastiat
Bastiat's picture

Because they go down If EITHER: stocks are down OR gold is DOWN.  Sometimes they just go down anyway.

Mon, 02/03/2014 - 17:43 | Link to Comment Winston of Oceania
Winston of Oceania's picture

You have to dig down for gold you know... /sarc

Mon, 02/03/2014 - 18:20 | Link to Comment css1971
css1971's picture

Isn't a gold mine just a great big hole in the ground with a guy standing beside it making promises?

Mon, 02/03/2014 - 17:15 | Link to Comment EuropeanBankster
EuropeanBankster's picture

Guns, Campbell´s and Bomb shelters.. Bitchez

Mon, 02/03/2014 - 17:25 | Link to Comment Levadiakos
Levadiakos's picture

Whatchu gonna do w Glen "Wicita Lineman" Campbell?

Mon, 02/03/2014 - 17:27 | Link to Comment ebworthen
ebworthen's picture

Steal his booze?

Mon, 02/03/2014 - 17:14 | Link to Comment Irene
Irene's picture

Welcome Janet? 

Translation of Janet: Hebrew: Gift from God   English: God has been gracious 

God must have one helluva sense of humor. /

Mon, 02/03/2014 - 17:17 | Link to Comment adr
adr's picture

Now we know why all the insiders were selling every share they had.

Now the best trade is to watch the insider activity for signs of buying. When that happens you know a giant Fed orgasm is near. The insiders control the market and it will do what they want until they finally lose control. As long as they can control the market with HFT, this thing is in a permanent state of manipulation. 

This still doesn't feel like a panic selloff and there is a long way to go just to erase the insanity of 2013. Until Facebook, Twitter, Netflix, Amazon and the rest of the ludicrous stocks lose at least 50% of thier value this market is still in lala land.

Mon, 02/03/2014 - 17:37 | Link to Comment financialrealist
financialrealist's picture

Panic no...but we need to start somewhere.

Mon, 02/03/2014 - 18:13 | Link to Comment Mr Pink
Mr Pink's picture

What we need right now is a good old fashioned bank failure

Mon, 02/03/2014 - 18:22 | Link to Comment Dr. Engali
Dr. Engali's picture

And by bank failure you mean of the central kind right?

Mon, 02/03/2014 - 17:20 | Link to Comment Yen Cross
Yen Cross's picture

     How many bankers does it take to pave 'Wall Street'?

     It depends on how thin you slice them...

Mon, 02/03/2014 - 17:37 | Link to Comment Deathrips
Deathrips's picture

Fractionalized bankers? Im long!

 

Damn it, Janet, Youre a dude....

 

RIPS

Mon, 02/03/2014 - 17:20 | Link to Comment BiteMeBO
BiteMeBO's picture

Turn those machines back on!

http://www.youtube.com/watch?v=dKYM62qSA_0

 

 

Mon, 02/03/2014 - 17:19 | Link to Comment TheRideNeverEnds
TheRideNeverEnds's picture

If you like your bull market, you can keep your bull market! 

Mon, 02/03/2014 - 17:21 | Link to Comment The_Ungrateful_Yid
The_Ungrateful_Yid's picture

This is a test for yellen to see how big his balls really are.

Mon, 02/03/2014 - 17:34 | Link to Comment Frank N. Beans
Frank N. Beans's picture

he's going to have to grow a pair

 

Mon, 02/03/2014 - 17:22 | Link to Comment Droel
Droel's picture

Fedheads this week-"untaper"

Mon, 02/03/2014 - 17:25 | Link to Comment besnook
besnook's picture

and on a pomo day. i guess that trick doesn't work except to add liquidity for sellers.

Mon, 02/03/2014 - 17:26 | Link to Comment ebworthen
ebworthen's picture

The Herbalife ramp was based on their Q4 guidance.

So if I become a distributor and get 10 friends and they get 100 friends I'll be rich.

Mon, 02/03/2014 - 17:30 | Link to Comment Droel
Droel's picture

buybacks. (those are like barebacks for the sheeple)

Mon, 02/03/2014 - 17:33 | Link to Comment HardlyZero
HardlyZero's picture

the BareBanks are coming soon.

Mon, 02/03/2014 - 17:29 | Link to Comment MsCreant
MsCreant's picture

Mmmmm....

Roasted mutton.

Mon, 02/03/2014 - 17:28 | Link to Comment Save_America1st
Save_America1st's picture

DOW = Day of Wrath

it's coming, bitchez...this is just s teaser...

keep stackin' the phyzz!!!

Mon, 02/03/2014 - 17:36 | Link to Comment financialrealist
financialrealist's picture

I hope you're right...one big market clear...

Mon, 02/03/2014 - 17:29 | Link to Comment Smuckers
Smuckers's picture

Looks like someone is throwing in the spiderman towel.

Mon, 02/03/2014 - 18:36 | Link to Comment tocointhephrase
tocointhephrase's picture

You can bankia on it

Mon, 02/03/2014 - 18:51 | Link to Comment The Shootist
The Shootist's picture

Ah, hadn't heard it tossed around lately. But the new film is coming out soon...

Mon, 02/03/2014 - 17:37 | Link to Comment HpDeskjet
HpDeskjet's picture

What a great day, hope many more will follow. FED cares (mostly) about rates/spreads, equities are less important. As long as the economic data, rates and spreads are "ok", taper will continue

Mon, 02/03/2014 - 17:38 | Link to Comment Winston of Oceania
Winston of Oceania's picture

LMAO sheeple at the gate, a bit late to be getting out for the leveraged, is that a margin call?

Mon, 02/03/2014 - 18:52 | Link to Comment The Shootist
The Shootist's picture

Good luck to them passing the eye of the needle. May the odds be ever in their favor.

Mon, 02/03/2014 - 17:40 | Link to Comment Smegley Wanxalot
Smegley Wanxalot's picture

I thought the rule was when the NFC wins the superbowl the market rises.  Clearly someone is fucking with us ...

Mon, 02/03/2014 - 19:29 | Link to Comment stant
stant's picture

Fundamentals only work in a real market lol

Mon, 02/03/2014 - 17:40 | Link to Comment graneros
graneros's picture

Next stop QE 4,5,6,7,8...  The taper will be reeled in and the old presses will be traded in for the new super duper heavy duty ones that pump out a few hundred billion a month.  Of course we will be told that our last efforts just weren't enough and that Janet has one upped Ben by employing a whole fleet of helicopters. Spring is just around the corner and the pundits will be howling about the green shoots everywhere and how  the Summer of 2014 is most definetly the "Summer of recovery."  But then again we may just have a big ole world war to take care of everything. As always when the hole is this deep there are only those 2 options.  So which door will they choose?  Personally I think they'll choose door number one.  There is still enough oomph out there for at least another couple of QE's and blood is such a messy option.

Yes I know Abe is failing miserably at just such a thing but when has failure ever stopped TPTB from repeating the same mistakes over and over and over...  After all we have just instituted a program, socialized medicine, here in the States that has failed in every country every time it has been tried.  Surely it will work perfectly this time. Get those choppers in the air.

Mon, 02/03/2014 - 17:46 | Link to Comment Winston of Oceania
Winston of Oceania's picture

Trade wars are front and center now as the currency wars are failing and trust is erroding. Before you can stoke the fires of war you must first blame an enemy for your own misfortune and stoke the fires of hate. Watch for trade enemies in the news.

Mon, 02/03/2014 - 17:43 | Link to Comment blakeist
blakeist's picture

Ben stepped off the hamster wheel for 5 seconds and look what happens. Too bad ol' Yeller decided she didnt need to run as fast. QUICK give that old hag an epinephrine shot! MOAR PAPER

Mon, 02/03/2014 - 17:48 | Link to Comment ejmoosa
ejmoosa's picture

It's because the markets are sexist and they do not trust a female at the helm of the Fed.  It's the ONLY excuse allowed.

Mon, 02/03/2014 - 17:51 | Link to Comment Jackagain
Jackagain's picture

Janet says not to panic.... (hic)

https://www.facebook.com/deepthoughtsbyjanetyellen?ref=profile

 

 

Mon, 02/03/2014 - 17:54 | Link to Comment kchrisc
kchrisc's picture

I will bet that, before she "returns," Ms. Yellen gets used to the taste of the undercarriage of a bus.

 

"If constructed with an extra half-beam, a guillotine can be dual-purposed as a gallows."

Mon, 02/03/2014 - 17:59 | Link to Comment viator
viator's picture

Yellen's plump pink finger is hovering above the print button.

Mon, 02/03/2014 - 18:07 | Link to Comment gnomon
gnomon's picture

Yellen, the bagged bag lady?

Mon, 02/03/2014 - 18:07 | Link to Comment thismarketisrigged
thismarketisrigged's picture

the markets r becoming cheaper i must admit.

 

entering the new year, the dow and s&p and nasdaq were very overvalued.

 

now the dow is only overvalued by 15, 372 pts, the s&p is overvalued by 1,741.89 pts, and the nasdaq by 3.996.9 pts.

 

much cheaper than a few weeks ago.

Mon, 02/03/2014 - 18:20 | Link to Comment homiegot
homiegot's picture

Deer in the headlights! Yes!

Mon, 02/03/2014 - 18:29 | Link to Comment css1971
css1971's picture

Hey maybe my crash protection will finally go green.

Oh and the gold/silver ratio is 65:1 which says you should probably prefer silver over gold at the moment. (this doesn't apply to those of us in Europe who have to pay VAT on the stuff)

Like the sheep pic.

and -2% now that's what i'm talking about with the deer pic.

Mon, 02/03/2014 - 18:44 | Link to Comment tocointhephrase
tocointhephrase's picture

Vat on newly minted silver. Picked up silver maples from a local dealer in London second hand, looked like mint condition to me, for 17 pounds. The price equivalent of 40 cigarettes, you just can't make it up. Welcome to the twilight zone

Mon, 02/03/2014 - 18:30 | Link to Comment soopy
soopy's picture

Well if they ever wanted to make a woman in charge look incompetent, this was a good start. Oh, and you're quoting a B-list actor opining on the markets why?

Mon, 02/03/2014 - 18:31 | Link to Comment Bryan
Bryan's picture

Quick, print something.

Mon, 02/03/2014 - 18:33 | Link to Comment disabledvet
disabledvet's picture

Here's your big winner on the day: http://seekingalpha.com/symbol/JO
with a little sugar with that as well apparently.

"these aren't people selling stocks. these are people buying food."

Good luck with that trade.
http://www.youtube.com/watch?v=EJxAoszYUzU

Mon, 02/03/2014 - 18:45 | Link to Comment Jackagain
Jackagain's picture

My EEV & EDZ has been working out pretty good too...

Mon, 02/03/2014 - 18:46 | Link to Comment q99x2
q99x2's picture

End the FED. Arrest Janet Yellen for treason.

Mon, 02/03/2014 - 18:48 | Link to Comment sink critically
sink critically's picture

For those of us who lament the "normalcy bias" I offer the next pitfall, the oh-so-helpful "abnormalcy bias". If I have learned one thing on zerohedge it is that the ptb can and will buy themselves as much time as possible. What would you do with a bunch of electronic balances that cost you nothing and will soon be worth nothing than protect your way of life? The ruebenesque matron has not quite yet orated mellifluously. Protect yourself, but beware of those who say today is TEOTWAWKI.

Mon, 02/03/2014 - 18:53 | Link to Comment yogibear
yogibear's picture

FOMC = crash dummies.

Mon, 02/03/2014 - 18:55 | Link to Comment Baldrick
Baldrick's picture

Tyler, I had to give you a five just for the graphics. lol. Looks like the deer may have competition.

Mon, 02/03/2014 - 19:01 | Link to Comment Wait What
Wait What's picture

why does it feel like as soon as I joined ZH the markets started collapsing? 'correlation is not causation' but it damn sure feels like it.

Mon, 02/03/2014 - 19:02 | Link to Comment Debt Slave
Debt Slave's picture

Yeah but... I thought Wall Street had total confidence in Janet Yellen...

Mon, 02/03/2014 - 19:04 | Link to Comment Spungo
Spungo's picture

Pair trade of the week: short the NASDAQ (QQQ) to buy gold miners (GDX). I love the NASDAQ because it's such an easy target. Look how much bullshit it has:
Tesla Motors - no profits
Twitter - no profits
Facebook - 105 PE
Starbucks - 530 PE
Amazon - 590 PE

Mon, 02/03/2014 - 19:11 | Link to Comment walküre
walküre's picture

SOCHI - TERROR

Sell off due to an imminent attack in Sochi. We've seen this before. The next big terror attack is a game changer like 9/11 was.

Alternatively:

Liquidity problems but where? Argentina, India, China or Turkey? Could be any of those and banks trying to fill holes. Then cascading sell offs triggered when crucial support limits are breached.

This CRASH has legs.

Correction is when all players are safe and sound, nothing to worry about and assets correct from a hyped up value just because. Correction is NOT when the Fed reduces its asset buying program further and further due to whatever their real reasoning is.

That is a crash landing and everyone will want to leave the casino before the word is spreading. Is that even possible?

Whatever happens, I'm glad I'm out 100%.

Tue, 02/04/2014 - 11:40 | Link to Comment Winston of Oceania
Winston of Oceania's picture

liquidity trap

Mon, 02/03/2014 - 19:19 | Link to Comment css1971
css1971's picture

Course... Now is the point the chairman of the fed gets up on stage and begins tap dancing, the various media whores get rolled out etc and TADAAAA everything bounces like a pavlovian rubber ball.

Mon, 02/03/2014 - 20:26 | Link to Comment 22winmag
22winmag's picture

This paradigm is circling the drain and about to be flushed down the shithole of history for good.

Mon, 02/03/2014 - 20:53 | Link to Comment q99x2
q99x2's picture

Fuck Yellen. Bitch cut my FAFSA by a buck for Spring semester.

Mon, 02/03/2014 - 23:28 | Link to Comment BeerMe
BeerMe's picture

300 is nothing.  Give me 700.  This isn't frontpage stuff yet...  Probably just an excuse to print more.

Definitely will continue watching because it will affect customers' perceptions.

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