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Stocks Slammed Most In 6 Weeks On Yen-Carry Collapse

Tyler Durden's picture




 

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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Thu, 03/13/2014 - 16:08 | 4544663 skwid vacuous
skwid vacuous's picture

risk off bitches, alot of IBD loss limit sellers tomorrow...

Thu, 03/13/2014 - 16:10 | 4544684 Thought Processor
Thought Processor's picture

 

 

This whole ficticious market is a Powder Keg, set to blow.

 

All we need is a little spark..............

Thu, 03/13/2014 - 16:13 | 4544698 DoChenRollingBearing
DoChenRollingBearing's picture

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...

Thu, 03/13/2014 - 16:24 | 4544739 negative rates
negative rates's picture

The crazy economic cat bounce.

Thu, 03/13/2014 - 16:30 | 4544774 666
666's picture

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.

Thu, 03/13/2014 - 17:09 | 4544976 Headbanger
Headbanger's picture

Here's the full video of that cat sliding off the roof:

http://happyplace.someecards.com/29791/cat-slides-off-snowy-roof-but-sha...

Thu, 03/13/2014 - 17:46 | 4545215 666
666's picture

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...

Thu, 03/13/2014 - 16:33 | 4544790 SheepDog-One
SheepDog-One's picture

I replied 'Would -230 be close enough?'

Thu, 03/13/2014 - 18:39 | 4545429 DoChenRollingBearing
DoChenRollingBearing's picture

Oh, sorry I missed that!  The answer is clearly yes.

Thu, 03/13/2014 - 16:11 | 4544688 TeamDepends
TeamDepends's picture

It's just a flesh wound.

Thu, 03/13/2014 - 16:13 | 4544699 Thought Processor
Thought Processor's picture

 

 

And speaking of wounds-

Dr. Copper called this one several days early, as usual.

 

Nice job Doc.  Nice job.

 

 

Thu, 03/13/2014 - 16:22 | 4544732 TeamDepends
TeamDepends's picture

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?

Thu, 03/13/2014 - 21:14 | 4546015 disabledvet
disabledvet's picture

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.

Thu, 03/13/2014 - 16:05 | 4544666 fonzannoon
fonzannoon's picture

Grandma Yellen like her utilities, bonds and gold. This is a grandma market now.

Thu, 03/13/2014 - 16:10 | 4544681 Deathrips
Deathrips's picture

In other important breaking news...anyone in this ponzi is a complete moron.

 

Silver Bitchezz.

 

RIPS

Thu, 03/13/2014 - 16:14 | 4544703 fonzannoon
fonzannoon's picture

when is silver going to man up and stop acting like a dead carcas on the side of the highway?

Fri, 03/14/2014 - 00:20 | 4544741 Deathrips
Deathrips's picture

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.

Thu, 03/13/2014 - 16:25 | 4544746 negative rates
negative rates's picture

Don't hold your breath, cause she certainly can't.

Thu, 03/13/2014 - 21:30 | 4546075 disabledvet
disabledvet's picture

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.

Thu, 03/13/2014 - 16:07 | 4544672 highly debtful
highly debtful's picture

So many charts, so little time.

Thu, 03/13/2014 - 16:08 | 4544673 holgerdanske
holgerdanske's picture

About bloody time.!

And a falling bankster?

Thu, 03/13/2014 - 16:11 | 4544690 skwid vacuous
skwid vacuous's picture

I hope that raccoon-like creature in the video landed ok, banksters not so much....

Thu, 03/13/2014 - 16:50 | 4544838 TeamDepends
TeamDepends's picture

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.

Thu, 03/13/2014 - 16:08 | 4544675 Devotional
Devotional's picture

this is just a minor wave down to 1720. No big really, a correction. I know, I hate it too o_O

Thu, 03/13/2014 - 16:10 | 4544683 qazwsx
qazwsx's picture

As of yesterday, volume in GDXJ picked up once again, after consolidating for a bit.

Thu, 03/13/2014 - 16:15 | 4544708 RonBurgundy
RonBurgundy's picture

It really got out of hand fast. . . I blame the snow!

Thu, 03/13/2014 - 16:16 | 4544710 The_Ungrateful_Yid
The_Ungrateful_Yid's picture

BTFD

Thu, 03/13/2014 - 16:28 | 4544753 buzzsaw99
Thu, 03/13/2014 - 16:27 | 4544737 SheepDog-One
SheepDog-One's picture

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!

Thu, 03/13/2014 - 16:28 | 4544738 Kaiser Sousa
Kaiser Sousa's picture

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...

 

Thu, 03/13/2014 - 16:26 | 4544750 Spungo
Spungo's picture

Fucking cold weather. We need to buy gas guzzlers to make sure it never dips below freezing again.

Thu, 03/13/2014 - 16:30 | 4544773 FuzzyDunlop21
FuzzyDunlop21's picture

Um BEn??? WTF??

Thu, 03/13/2014 - 16:31 | 4544777 playnstocks
playnstocks's picture

@Yencross.. Thanks for the trade tip yesterday, You called that one perfect. Had a good day!

Thu, 03/13/2014 - 16:37 | 4544817 constantine
constantine's picture

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.

Thu, 03/13/2014 - 16:40 | 4544834 mobius8curve
mobius8curve's picture

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.

 

Thu, 03/13/2014 - 16:43 | 4544844 riot-police
riot-police's picture

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.

Thu, 03/13/2014 - 17:05 | 4544951 The Wisp
The Wisp's picture

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

Thu, 03/13/2014 - 16:51 | 4544870 BigRedRider
BigRedRider's picture

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.

Thu, 03/13/2014 - 17:04 | 4544937 TheRideNeverEnds
TheRideNeverEnds's picture

pfft you call this a down day?  

 

what a joke.

 

but the dip, new highs by the end of the month.  

Thu, 03/13/2014 - 17:05 | 4544953 The_Ungrateful_Yid
The_Ungrateful_Yid's picture

I ve had puts in all week, im getting my buy list ready.

Thu, 03/13/2014 - 17:19 | 4545037 HaroldWang
HaroldWang's picture

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.

Thu, 03/13/2014 - 17:58 | 4545222 Winston Churchill
Winston Churchill's picture

Yeah, like they will be holding over this weekend, with war drums beating.

Afternoon selloff, probably big.

Thu, 03/13/2014 - 21:37 | 4546101 disabledvet
disabledvet's picture

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.

Thu, 03/13/2014 - 17:29 | 4545072 Downtoolong
Downtoolong's picture

CNBC clarifies "you can't find any single reason for this selloff"

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.  

Thu, 03/13/2014 - 17:52 | 4545248 AbbeBrel
AbbeBrel's picture

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.  >>

Thu, 03/13/2014 - 18:15 | 4545333 DirkDiggler11
DirkDiggler11's picture

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 ...

Thu, 03/13/2014 - 18:20 | 4545353 John Law Lives
John Law Lives's picture

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.

Thu, 03/13/2014 - 18:56 | 4545511 monopoly
monopoly's picture

And have a nice day. Geesh. What a mess.....Except for what many of us here invest in. 

Thu, 03/13/2014 - 19:16 | 4545607 g'kar
g&#039;kar's picture

Any chance of one last PM crush before the end?

Thu, 03/13/2014 - 19:17 | 4545612 Godisanhftbot
Godisanhftbot's picture

 There's only one reason for this selloff

 Shock and awe at the con game that is bitcoin.

 

Thu, 03/13/2014 - 22:27 | 4546256 fuu
fuu's picture

What ever happened to CONTEXT?

 

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