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Small Caps Plunge To Worst Week In 22 Months
'Growth' continues to underperform 'Value' as once again today's early gains - used by many to indicate that the worst is over - were decimated rather quickly especially in the Biotechs (new cycle lows) and momos (NFLX & FB ugly). KING's failed IPO persists (-4% today) and now down over 17% from its IPO day highs. The S&P held miraculously above the red-line year-to-date but Nasdaq, and Russell joined the Dow in negative territory as growth is now underperforming for the year. The USD index ended the week unchanged (with weakness in JPY offset by strength in AUD and CAD) but the JPY-carry trade decoupled from stocks in the late-day today rather ominously. Bonds flattened on the week (30y -6bps, 5Y +3.5bps) with some profit-taking on flatteners today. 'Growth' commodities rallied with oil and copper up 2 and 3% respectively as PMs dropped 3% as Emerging Markets had their best week in almost 7 months.
Plenty of vol...
- Gold and silver dropped around 3% - worst week in 3 months
- Copper +2.9% - best week in 6 months
- Russell -3.75% - worst week in 22 months
- Nasdaq -2.35% - worst week in 11 months
- EM stocks +4.5% - best week in almost 7 months
Year-to-date the S&P is holding green but Nasdaq, Russell and Dow are clearly red...
Biotech made it 5 out of 5...
Value trumping growth year-to-date now...
This leaves Q1 looking like the worst start for the S&P since 2009...
Since the FOMC, the Dow is the winner as high-beta has been hammered...
Stocks and VIX were closely in sync today...
As JPY carry decoupled from stocks...
FX markets were voltile but left the USD unchanged...
And while growth stocks were crushed, it is growth-oriented commodities that soared this week in the face of PM weakness
Bonds sold off on the day with some modest steepening but close the week notably flatter and mixed...
Charts: Bloomberg
Bonus Chart: Is KING the new Pets.com?
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Cramer says to wait for the "all clear" to start buying... but he forgot to tell us to SELL at the top... so now i'm stuck with this shitbag portfolio of NFLX, AMZN, chicken wings and burrito companies...
Id say its IWMs turn to be manipluated for the next 5 years.....lots of stocks down 30% off ATH but IWM is.only down what 3%......I see a primrose lane ahead
just for entertainment i just sat and watched the Dow 30 minutes before the close...
it had rebounded from up nine to 30 at that point....
and then in the last 8 minutes of trading moved from 30 to 60 with the 30 point move coming with 3 minutes to the close...
a complete fucking joke....
http://www.marketwatch.com/investing/index/DJIA
I would love to know how many billions have been spent to keep this turd afloat through the end of the quarter
It's all just a biflationary situation: cost of living, loving, working, and home ownership rising fast while incomes and job advancement prospects fall. So the economy slowly contracts in real terms.
All the levers that te Fed was used to pushing are now just like pushing on a string. Even DOW one million would only aggravate the situation
I believe the term you're looking for is "depressflation".
I saved this piece of news last night Re; emerging markets Tyler. You're pretty spot on with your analysis, and this piece explains why. http://i.imgur.com/8OWQxmO.png
Just moving further along in this vein of thought, I see the AUD drop coinciding with a sharp drop in the spot price of gold, which should create the necessary conditions for the long anticipated COMEX default.
Wouldn't that be a thing of beauty?
The aud has been unpegged from every risk event on "Terra firma" for the last two weeks, and started unwinding in Europe last night.
Limping into Monday's Q1 close... book the bonus and then look out below. Candy crushing ain't no game, btw.
Just setting up shorts for the next round of squeezing I guess?
It's a lot harder to say in the face of Fed tightening.
SheepDog-One> remember when you were $ long late last year and I said you were mistaken for being long usd/jpy?
Now my friend, is the time when you want to be long usd/jpy whether or not you see risk move against the usd.
BTFD in usd/jpy and be patient.
I'm looking at King's financial sheets, and it actually looks like a real company. It's definitely not pets.com. PE is ~4 (excellent), it has real net income, it has excellent cash flow, and no debt. This really does look like a great company to own, assuming I'm looking at the correct company. (NYSE:KING)
There are certain large investors that are unencumbered by hold periods, that are realizing their profits. It's not a bad company if they keep generating cash cow games, that's just kind of a crapshoot from a long term hold perspective.
Bitcoin: Last Price: 500.2500
Fonestar not commenting today!
Phonestar could be rebalancing his P/M paper portfolio?
Any movements in the Australian dollar will not affect the USD index since the Australian dollar is NOT one of the currencies used to establish the USD index.
I really have had it with Government Electric and the rest of the Bailout Tycoons called the Dow Jones Industrial Average.
I've had the suicide trade on for more than a year now and when the money itself is the fraud only a fool holds debt.
Best of the best is Apple and anyone who bought that debt got killed. And I should be long treasuries here?
Because "the postal service has a secret plan to win the war"?
The whole War on Terror has been fought on false pretense, there is no law in America anymore...certainly no one that looks forward to voting than all the other Bailout Tycoons real or perceived.
Phucking pathetic if you ask me. I have survivalist friends with nary a leg to stand on who have more pride than these clowns.
And still no one calls for the extra mile.
Sorry but "this just don't move me." Americans volunteered to fight in Vietnam...and now it's just some tit every phucking jerk wad wants to suck on.
There are honest Americans. There are people who do work hard, pay their dues, save. These fascist commie phucks don't even fight...certainly not like the fascist/commies did back in the day.
"I didn't leave America. America left me." And it makes me weep to say that. Stevie's Landslide...over and over again now.
Funny how back in the waterboarding days that Flag was all I needed. But those colors have faded for me now.
I just don't feel like being an American anymore.
"Best investing year ever" my neighbor proclaimed over dinner last night. Got my blood boiling. I kept my thoughts to myself except one: that QE has helped a little in boosting/keeping stock prices up. My style is to understate things. Just silence from neighbor. He is maybe the smartest person I have ever met from a pure intelligence standpoint. However, because of this he is never wrong in his opinion. He is a little too far down towards the autistic end of the spectrum IMO. He truely thinks he has some great investing insights. My daughter then announced that she has proudly started to "invest". My neighbor suggested that she read Warren Buffet's news letters and his wife recommended Motley Fool.
Any advice on how to straighten out my daughter? My thought is that she is young and can learn from her mistakes. If she wants my advice, she will ask.