Pump... And Dump, Day 3
For the 3rd day in a row, the opening of the US day-session sparked some inexorable desire to buy stocks up to record highs - ignoring the realities of other assets like bonds (lower and lower yields), USD (soaring), VIX (rising), credit spreads (flat) and even JPY carry traders. And for the 3rd day in a row, the initial "pump" has failed and "dumped" back to AUDJPY reality. It seems the all-important green close for 2014 just won't hold (for now).
It seems - all of a sudden that "social", "media", and "you just don't get it" stocks are not wanted anymore as TSLA, NFLX, FB, AMZN, and TWR all tumble
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