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Stocks Slammed Most In 6 Weeks On Yen-Carry Collapse
Copper's China-credit-contraction-driven crash continues as the metal drops to fresh 5-year lows today (on par with Lehman and the US downgrade collapses). Japanese stocks are down over 1000 points from their post-Putin highs. Russian stocks are plunging, Germany's (and Swiss) bonds are surging (as is gold) and European equity and credit markets are in free-fall. But apart from that... Finally we saw the world's angst spill into Yen-carry trades (USDJPY was spanked today - almost biggest drop in 6 months). US equities plunged tick-for-tick with USDJPY (S&P's biggest drop in 6 weeks and red for 2014); Treasury yields were crushed 9-10bps from intraday highs (biggest drop in 2 months); credit spreads banged wider; gold jumped to six-month highs; and EUR weakness (post-Draghi) ramped the USD back near unchanged on the week. VIX was a one-way street higher all day (biggest low-to-high run in 6 weeks) to 6-week highs.
CNBC clarifies "you can't find any single reason for this selloff" - nope, none at all...
But perhaps this is more realistic (h/t @stalingrad_Poor):

JPY-carry collapse sent stocks reeling:
Only Trannies remain green from Putin's press conference (despite a late-day ramp effort) - this is the 4th down-day in a row for the Dow
Year-to-date, the S&P joins the Dow in the red once again...
Financials (trumpeted as the leader of the next leg higher in stocks) are back to unchanged YTD with Utes leading the way...
VIX was a one-way street higher with 2 efforts to ramp (including the ubiquitous late-day ramp)
And bonds recovered most of their post-Putin (and issuance rate-lock biased) losses...
Credit markets continue to be ugly here but stocks playing catch down quickly...
Demand for safe havens is dominating growth hope this week...
FX markets were a mess - AUD spiked on Aussie jobs data (but recovered the move in the US session), JPY rallied dramatically, and EUR dumped on Draghi jawboning...
Copper's drop is starting to look a lot like Lehman... (copper intrday clung to yesterday's intrday lows but closed at lowest levels since mid-2009)
And Japan is getting spanked... (as JPY drops most in 6 months)
Charts: Bloomberg
Bonus Chart: The World Stock Market's Equity Price-to-Central Bank Balance Sheet multiple remains very stable (for now)... (h/t @Not_Jim_Cramer)
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risk off bitches, alot of IBD loss limit sellers tomorrow...
This whole ficticious market is a Powder Keg, set to blow.
All we need is a little spark..............
I wrote earlier (this morning) in another thread when the Dow was down 44 that I would not really take notice until it is down 240.
Just about there now...
The crazy economic cat bounce.
If Obummer slid off a roof and broke his neck, I'd give a standing ovation; however, I hope that poor cat was unhurt. Animals are far more important to me than politicians.
Here's the full video of that cat sliding off the roof:
http://happyplace.someecards.com/29791/cat-slides-off-snowy-roof-but-sha...
Thank you very much for posting the link, O Great Banger of Heads. I am relieved to see the cat was unharmed, but disgusted by its owners who didn't seem to care in the least. Stupid humans...
I replied 'Would -230 be close enough?'
Oh, sorry I missed that! The answer is clearly yes.
It's just a flesh wound.
And speaking of wounds-
Dr. Copper called this one several days early, as usual.
Nice job Doc. Nice job.
Thank you. Anybody else notice the USD Index has been sub-80 for a few days now? Isn't 80 the grab-yer-ankles threshold the gooroos were warning us about only a few months ago?
that thing is meaningless. way overweighted to the euro.
all commodities crashed in the 90's...especially energy. that didn't stop the S&P from jumping 30 percent per year for five years. Dr. Copper is a proxy for housing...not equity growth.
Grandma Yellen like her utilities, bonds and gold. This is a grandma market now.
In other important breaking news...anyone in this ponzi is a complete moron.
Silver Bitchezz.
RIPS
when is silver going to man up and stop acting like a dead carcas on the side of the highway?
As soon as miners stop self immolating, to save the banks?
Maybe?
Miners know damn well that the PM markets are rigged and have not only moral/fiduciary obligation to sell their products for real market value for their shareholders, but also for their own pockets. If they aren't leading the charge by withholding supply to accelerate true price discovery and/ or are doing this on purpose..its criminal. They openly participate in the process of PM manipulation by consent. Its criminal...but don't expect the SEC or CFTC to do a damn thing about it... Junk away if you must..but answer me this. Do you sell your stuff below market value because someone tells you the price is wrong? I dont. I either dont sell..or hold out till the price is right.
Fuck Miners!
RIPS
EDIT: Well I been junked..so I better elaborate. At least that way, I know its not confused.
Don't hold your breath, cause she certainly can't.
meh. Tesla ain't for grandma. And neither is the fuel cell complex.
This is a testosterone driven equity machine with...obviously...a great safety kicker.
Fannie and Fred will be somewhat "off the payroll" soon.
We'll see about War with Russia though.
I think the Fed et al will do all in their power to keep those rates as low as possible.
New Zealand looks like the only real economy in the West right now.
I don't think i'll be moving anytime soon...don't know if i'm ready to be a sheep herder quite yet.
So many charts, so little time.
About bloody time.!
And a falling bankster?
I hope that raccoon-like creature in the video landed ok, banksters not so much....
We have only been off the farm for a few months, but that is no 'coon. However it does appear to be a fat-cat, and unfortunately they usually have golden parachutes.
this is just a minor wave down to 1720. No big really, a correction. I know, I hate it too o_O
As of yesterday, volume in GDXJ picked up once again, after consolidating for a bit.
It really got out of hand fast. . . I blame the snow!
BTFD
+1 whoomp there it is!
http://www.youtube.com/watch?v=ffCEr327W44
No reason for this selloff! NONE! Stawks are cheap remember....no bubbles anywhere the FED said so now get back in there and BUY, damn serfs! After all it's all 'free money' and whanots, come get you some!
losses in the Fraud Market finally held...
and how strange was the movement in the Silver market...
disconnecting from gold and meandering stupidly in the $21.18 - 21.23 range all fucking day....
http://www.kitco.com/charts/livesilver.html
cleary this makes a lot of fucking sense.... by the way...KEEP STACKIN CAUSE I AM...
Fucking cold weather. We need to buy gas guzzlers to make sure it never dips below freezing again.
Um BEn??? WTF??
@Yencross.. Thanks for the trade tip yesterday, You called that one perfect. Had a good day!
That cat on the roof is hillarious... I love how at peace it seemed with its imminent demise about half-way down the roof... such the perfect metaphor for today's nonsense.
Some very interesting DJIA stock market statistics:
1/14/2000 ~ market high ~ 11,723
10/9/2002 ~ market low ~ 7,286
10/9/2007 ~ market high ~ 14,165
3/9/2009 ~ market low ~ 6,547
3/7/2014 ~market top? ~ 16,453
Market high to market high duration:
2000 to 2007 is 7 years
2007 to 2014 is 7 years
2000 market top
2001 ~ 9/11
2002 ~ Patriot act
2007 market top
2008 ~ tarp
2009 ~ Quantitative Easing to infinity
2014 market top?
2015 ~ Daniel 9:27 covenant starts the tribulation?
2015 to 2021 ~ 7 years of tribulation?
Makes for interesting conjecture:
Daniel 9:27 And he shall make a firm covenant with many for one week: and in the midst of the week he shall cause the sacrifice and the oblation to cease; and upon the wing of abominations shall come one that maketh desolate; and even unto the full end, and that determined, shall wrath be poured out upon the desolate.
I'm sure the cat is fine. He probably got bailed out by a some Fed. official holding a nice Fluffy pillow for him to land on.
the cat is fine they land on their feet, and all that soft snow got there ahead of him, angle of the camera tells you he wasn't that far off the ground.
Now a Human banker carrying a heavy briefcase full of Fiat.. not so Lucky
Meh...241 down on DOW? A mere bag of shells. Tomorrow it will go to 16,400.
Remember the first law of Yellonphysics: What goes down must go up.
pfft you call this a down day?
what a joke.
but the dip, new highs by the end of the month.
I ve had puts in all week, im getting my buy list ready.
CNBC and all the guests said this is a one day event and we should all be buying this dip. So I bought all the social/internet stocks and every biotech that is trading above 15 P/S. I should be in a new Tesla soon! Hey, wait, now there's another cheap one.
Yeah, like they will be holding over this weekend, with war drums beating.
Afternoon selloff, probably big.
causii bellum?
I really don't want to see the West and Russia at war.
I find no one against it really.
We used to have debates about these things.
Can't speak for "the old country" but it's really sad when the best a billionaire can buy is "jet disappears" for 5 friggin days straight.
no one takes serious business seriously. maybe a big war is just what Russia and the West deserve in the end.
Perhaps the reason is that all those Muppets who once acted on their advice, “Where else are you gonna go”, have just realized, “There is no place to go that is safe”.
P.S. I think the Cat On A Cold Tin Roof is even funnier than the deer in the headlights. Hilarious.
OT but ZH red meat: great opening paragraph:
http://www.europeanvoice.com/article/imported/secret-history-of-the-fina...
<< Balzac's great novel “Lost Illusions” ends with an exposition of the difference between “official history”, which is “all lies”, and “secret history” – that is, the real story. It used to be possible to obscure history's scandalous truths for a long time – even forever. Not anymore. >>
One has to wonder, why would the Chineese let their first credit default happen just as the situation in the Ukraine is heating up ? I think the US may not be the only major player on the world stage looking to get into a war to distract their citizens ...
CNBC clarifies "you can't find any single reason for this selloff"
Do those SOBs ever make such observations when the market is artificially pumped...
CNBC_FUBAR.
And have a nice day. Geesh. What a mess.....Except for what many of us here invest in.
Any chance of one last PM crush before the end?
There's only one reason for this selloff
Shock and awe at the con game that is bitcoin.
What ever happened to CONTEXT?