Biotechs Battered And MoMos Muppet'd - Carry Unwinds Sparks Stock Dump

Tyler Durden's picture


Despite the ubiquitous pre-open ramp by USDJPY, equity markets resumed Friday's weakness out of the gate led by the best of the worst. Biotechs are being battered (-13% from highs) and momentum-high-flyers are being monkey-hammered (led by NFLX and TSLA). This is weighing most heavily on Nasdaq for now but the dive in JPY crosses is dragging all stocks lower. Treasuries are rallying and the USD is rising modestly.


Biotechs are back at 7 week lows...


USDJPY in charge...


And since the FOMC, things have been ugly for the MoMos...


as all the major indices are now red post Yellen...

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Mon, 03/24/2014 - 10:18 | 4585295 101 years and c...
101 years and counting's picture

the top is in. let the bears emerge from hibernation.  enjoy at least 20% down.  spx 1500, minimum.

Mon, 03/24/2014 - 10:25 | 4585313 TruthInSunshine
TruthInSunshine's picture

Modified "Letters!" song (from Late Night With David Letterman):

We've got bubbles!
We're got lots & lots of bubbles!...

Next up, "know your cuts of meat."

Mon, 03/24/2014 - 10:38 | 4585372 RSloane
RSloane's picture

Business page header: Wall Street Climbs Higher After Volitile Week. The entire market is in the red right now. Who knows, maybe the late day ramp up will prove the header right. For now, its quite bizarre.

Mon, 03/24/2014 - 11:04 | 4585469 NoDebt
NoDebt's picture

This is impossible.  PMs were slammed at 8:30 this morning, right on centrally-planned schedule.  That means stocks HAVE TO go up.  

I think it's BTFD time.  Might be the last dip we get here this morning before S&P 2000.

Mon, 03/24/2014 - 11:56 | 4585698 Al Huxley
Al Huxley's picture

Auntie Janet is going to go down in history as the FED chair who fucked up the party.  'Everything was fine until SHE showed up'.  Nice one Ben... didn't think you were going to get away clean, but you pulled it off.

Mon, 03/24/2014 - 10:30 | 4585349 PhilB
PhilB's picture

I see bubbles media...telsa...linkedin....I can hear the screams...Yelp! 

Mon, 03/24/2014 - 10:37 | 4585371 TruthInSunshine
TruthInSunshine's picture

The Lululemon has no crotch!

Mon, 03/24/2014 - 11:09 | 4585493 mac768
mac768's picture

Just wait until the over the tilt leveraged retail investors realize what has just happened...

Mon, 03/24/2014 - 12:23 | 4585862 DavidC
DavidC's picture

We've still got month end and quarter end to get through - I'm not sure they're going to let it go before then, the traders will all want their bonuses.


Mon, 03/24/2014 - 10:18 | 4585296 Canadian Dirtlump
Canadian Dirtlump's picture

Upon initial scanning of the article the word "BIOTCH" jumped out. Same difference I suppose. BRIIIISSTTOOOLL MAAAAAAHHHHHERRRSS!!!

Mon, 03/24/2014 - 10:18 | 4585297 playnstocks
playnstocks's picture

Watch for the 3:30 RAMP!

Mon, 03/24/2014 - 10:18 | 4585302 dow jones 20000
dow jones 20000's picture

all I want is a -2% day on a major index. is that too much to ask?

Mon, 03/24/2014 - 10:23 | 4585319 adr
adr's picture

Why? So it can go up 4% the next day on zero volume?

Mon, 03/24/2014 - 10:36 | 4585333 playnstocks
playnstocks's picture

Be patient.. It's coming. There will be no flashing red sign to tell you, just all of a sudden markets are gonna dump.

We are getting closer to the reality that fun-der-mentals  do matter!

Mon, 03/24/2014 - 10:45 | 4585392 BandGap
BandGap's picture

Wonder if the lead up to the fall will be a musical chairs type dump involving individual sectors. Biotech didn't exactly look weaker than any other area.

Mon, 03/24/2014 - 10:34 | 4585361 ebworthen
ebworthen's picture

-50% in a week would work for me.

Mon, 03/24/2014 - 11:13 | 4585513 dcj98gst
dcj98gst's picture

nasdaq down 2% now.  You shall ask and you shall receive.

Mon, 03/24/2014 - 10:24 | 4585323 Ness.
Ness.'s picture

BTFD.  The ZH jinx is alive and well.

Mon, 03/24/2014 - 11:10 | 4585494 LooseLee
LooseLee's picture

Good luck to you, sir (and also ThisRideNeverEnds). May you reap what ye have sown....

Mon, 03/24/2014 - 10:25 | 4585328 soopy
soopy's picture

crap I almost missed this opportunity to dump my puts and go long again. need alerts on these bottom-ticking articles!

Mon, 03/24/2014 - 10:50 | 4585406 PhilB
PhilB's picture

Dont worry today you can sell your puts better....with the market just off the highs, global PMI numbers misssing, Russia up to no good, and Yellen holding back the bubble power...gravity eventual will overcome.

Mon, 03/24/2014 - 10:32 | 4585356 ebworthen
ebworthen's picture

The big boys are just doing the rotation dance; out of one sector into another, with all the small players chasing them.

This game is getting old.

S&P 666, c'mon!

Mon, 03/24/2014 - 10:37 | 4585369 TalkToLind
TalkToLind's picture

DrudgeReport is now using fetuses as click bait, seriously?  I used to go there but that bookmark is now officially gone.

Mon, 03/24/2014 - 11:00 | 4585450 Headbanger
Headbanger's picture

Uggghhhhh...  I'm done with them too now after that one.

Mon, 03/24/2014 - 11:00 | 4585451 ebworthen
ebworthen's picture

"Ten NHS trusts have admitted burning foetal remains alongside other rubbish while two others used the bodies in ‘waste-to-energy’ plants which generate power for heat."

Just because those three monkeys speak no evil, hear no evil, see no evil - doesn't mean it doesn't exist.

Welcome to "compassionate" government healthcare.

Mon, 03/24/2014 - 10:43 | 4585384 stant
stant's picture

yeah tt that was to much, huffingtonpost like crap

Mon, 03/24/2014 - 11:15 | 4585525 BullyBearish
BullyBearish's picture

Need to fuel short squeeze...Need to fuel short squeeze...Need to fuel short careful for tomorrow's "TURN AROUND TUESDAY"


We've seen this over and over and over and over and over and over....

Mon, 03/24/2014 - 11:19 | 4585548 skwid vacuous
skwid vacuous's picture

Don't buy until Cramer says to sell everything ...again

Mon, 03/24/2014 - 11:45 | 4585665 NDXTrader
NDXTrader's picture

Today definitely feels different on the Nasdaq at least. Some 2008 style liquidation in 3 point chunks. I wonder if some fund went bust or maybe the Russians were invested heavily in biotech

Mon, 03/24/2014 - 14:42 | 4586488 bnbdnb
bnbdnb's picture

Mary-J&Co getting smoked out.

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