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Biotechs Battered And MoMos Muppet'd - Carry Unwinds Sparks Stock Dump
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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the top is in. let the bears emerge from hibernation. enjoy at least 20% down. spx 1500, minimum.
Modified "Letters!" song (from Late Night With David Letterman):
Bubbles!
We've got bubbles!
We're got lots & lots of bubbles!...
...Bubbles!!!
Next up, "know your cuts of meat."
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.
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.
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.
I see bubbles popping..biotech..social media...telsa...linkedin....I can hear the screams...Yelp!
The Lululemon has no crotch!
Just wait until the over the tilt leveraged retail investors realize what has just happened...
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.
DavidC
Upon initial scanning of the article the word "BIOTCH" jumped out. Same difference I suppose. BRIIIISSTTOOOLL MAAAAAAHHHHHERRRSS!!!
Watch for the 3:30 RAMP!
all I want is a -2% day on a major index. is that too much to ask?
Why? So it can go up 4% the next day on zero volume?
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!
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.
-50% in a week would work for me.
nasdaq down 2% now. You shall ask and you shall receive.
BTFD. The ZH jinx is alive and well.
Good luck to you, sir (and also ThisRideNeverEnds). May you reap what ye have sown....
crap I almost missed this opportunity to dump my puts and go long again. need alerts on these bottom-ticking articles!
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.
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!
DrudgeReport is now using fetuses as click bait, seriously? I used to go there but that bookmark is now officially gone.
Uggghhhhh... I'm done with them too now after that one.
"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."
http://www.telegraph.co.uk/health/healthnews/10717566/Aborted-babies-incinerated-to-heat-UK-hospitals.html
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.
yeah tt that was to much, huffingtonpost like crap
Need to fuel short squeeze...Need to fuel short squeeze...Need to fuel short squeeze...be careful for tomorrow's "TURN AROUND TUESDAY"
We've seen this over and over and over and over and over and over....
Don't buy until Cramer says to sell everything ...again
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
Mary-J&Co getting smoked out.