High-Growth Hope Stocks Hammered

Tyler Durden's picture

30Y yields are now over 10bps below post-Yellen spike highs as growth-hope-driven US equities were monkey-hammered in another pump-and-dump deja vu day - with one difference - no late-day bounce to provide solace for the bulls. The Nasdaq and Russell 2000 are down over 3.5% from Yellen; Biotechs broke to new lows (down over 14% and below the 100DMA); momo names were slammed (FB) as King IPO's and lost over 15% on the day. The Nasdaq and Russell have joined the Dow in the red year-to-date, S&P and Trannies barely positive. The USD lost ground on the day after early strength. Gold, silver, and copper fell notably. VIX jumped from 2-month lows to back over 15%. USDJPY was sin charge all day - and broke below the key 102 level into the close.

Reasons? take your pick...

  • Ugly durable goods data - bad news is good news?
  • Good Markit PMI Services data - good news is bad news?
  • French jobseekers record high
  • 5Y auction big demand

Or simply put - carry unwinds on the heels of China's weakness


Dragging everything to unch YTD (or worse)


30Y yields dropped back to near 2014 lows back to July 2013 levels...

with 10s and 30s trading back under pre-Yellen levels



Biotechs battered


Indices slammed post Yellen led by the high-beta names...


As momos are crushed...


Gold, silver, and copper sold in US session...(again)


All sectors are now red post-Yellen (including the new leaders that everyone cheered - financials)


As Financial stocks tumble back to credit...


Charts: Bloomberg

Bonus Chart: The King is dead...

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101 years and counting's picture

enjoy the correction.  spx 1500.

Soul Glow's picture

This is no correction, it's a collapse.  

NoDebt's picture

By gum, it's a flight to "quality"!


Soul Glow's picture

Flight of the Dumb Money.

BlueStreet's picture

Thank you Candy Crush, the straw the broke the ponzi's back.  

RacerX's picture

Long live the King!

And yes you just know things are a bit "frothy" when there's clowns dressed up as candy on the trading floor.. I mean seriously.

Soul Glow's picture

The King is dead!  Long live the King!

B.J. Worthy's picture

How are the 'most shorted' doing?

NoDebt's picture

Not well, B.J.  Not well.

HaroldWang's picture

C and BAC news AH in addition to momos getting slammed seem to be a legitimate beginning to the unwind. Could this be THE correction? Actually starting to feel like it. 

NoDebt's picture

Go ahead, your turn to cry wolf.  Just remember what happened to the last kid that did that.

Soul Glow's picture

Summoned or not, the god will come.

cougar_w's picture

Consider yourself encouraged.

CrashisOptimistic's picture

Wait a minute.

So since HFT is 60% of volume EVERY SINGLE DAY . . . you're saying the HFT guys have been instructed to let the S&P be red for the quarter and YTD the next three market days?

Really?  That's your call?

cougar_w's picture

You think they have that much control?

They cannot control and take profit in the same move. At some point they let it go. Even if the plan is to take it back up, they still have to let it go down a bit.

Watch what happens. Someday, it will just go. That is when the destroyer crawls out of her cage.

NDXTrader's picture

If it wasn't end of the month/quarter we would likely be down a few percent more. I see they are already starting to move futures up...again

jubber's picture

yep Russel and Dow now positive 5 points and 35 regained already, from the last few days I guess the Dow will be up 100 points from that close by the open as it has done all week,...S&P has now recovered 4 points, flat or better by the open?

CrashisOptimistic's picture

Oil is $100+, and each day this wrap up fails to mention the most important -- no -- the ONLY important asset.

Though on second thought that can be excused, since the denominating dollars don't mean anything in a $60 billion per month printed world.

LooseLee's picture

Hey fellas. You gotta remember that there are a whole bunch of 'GENUINE' Bulltards out there that think we are in a 'Secular' Bull market (e.g. James 'Commie Fed Worshipper' Puplava', et. al). ThisRideNeverEnds is probably loading up on some momo stock as I write. Truth is, the PINKO COMMIES can hold things together for awhile longer. Add that time to the idiotic BULLTARDs buying (Altucher, Jeffrey Saut, Ralph Acampora, etc.) this could go on for a few months. By summer all will be in the RED...

Downtoolong's picture

No shit. It looks like someone balied big time on their FaBookAmazaGoogaTweeTesla  fund:

Facebook Down 6.94%

Amazon Down 3.19%

Google Down 2.31%

Twitter Down 7.21%

Tesla Down 3.39%


jubber's picture

Dow has now bounced 50