Nasdaq Bloodbath Stops Dow Jones From Rising To New Record High

Tyler Durden's picture

Despite te best efforts of a late-day ramp, the total collapse in Biotechs and high-growth momentum stocks was just too much for the Dow to manage its first green close for 2014. A late-day panic-buying scramble, sparked by an initial bounce off Nasdaq's 50DMA, was leveraged higher at 330ET once again by a JPY-based momentum-ignition (whocouldanode?) and managed to get the Dow into positive territory for th eyear - but it failed by the close. Draghi's early promises sparked EUR weakness and that USD strength held all day. Oil prices surged back over $100 as gold and silver stabilized post-Draghi (after falling overnight). Treasuries rallied shortly after the US open (on weak data) and then ebbed back higher in yields (30Y -3bps).


Mission NOT! Accomplished for the Dow... (even as the Nasdaq was monkey-hammered)


VIX was manhandled lower to provide the impetus...


AUDJPY was in charge...


Th ramp in the S&P lifted futures perfectly to VWAP (nope, no machines here at all)...


But Biotechs and MoMo names were ugly...


Growth is now underperforming Value its most in 2014...


Bonds rallied post Draghi...which is agood thing or Spanish bonds would be 'less risky' than Treasuries!!!!


Oil prices surged after Draghi and gold and silver stopped falling (despite the USD strength)


FX markets saw most of their move around Draghi's press conference...


Charts: Bloomberg

Bonus Chart: This must be bullish, rght?

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NotApplicable's picture

Go away, you scumbag sock-puppet!

And your little blog too!

idea_hamster's picture

"Th ramp in the S&P lifted futures perfectly to VWAP (nope, no machines here at all)..."

Hey, if you can't calculate a running VWAP in your head, there are 22 applicants in line behind you for the GS analyst position...who probably can't either, but one of them will guess it right and act all I-got-this-down! while you're like Who's-that-MIT-dork-FML!

MillionDollarBoner_'s picture

Where's the bonus chart!

Ah needs mah bonus chartz!!!

ebworthen's picture

So what is being bought in equities is being funded with FX shuffling.

So glad we have "free markets" for Mom and Pop investors.

disabledvet's picture

well...this seems a little on the cynical side...probably why it's true. technically speaking ...up thirty percent buy, down thirty sell. move along.

optimator's picture

Looks like the three billion that went in today was taken out by "Someone".

Stoploss's picture

I think they left a pic at the above link.

Kaiser Sousa's picture

"The head of VTB Bank has urged Russia to start transitioning to ruble payments with all its trading partners, including China and Western Europe, adding that export companies should lead the way in adopting the change. It makes sense for Russia to make the switch to rubles, president and chairman of VTB's management board, Andrey Kostin, said at the XXV Congress of Russian Banks Association on Wednesday, Vedomosti newspaper reported. He added that the switch should begin immediately.

Kostin explained his thinking by pointing out the West’s recent calls to isolate Russia's economy by virtually destroying the nation’s banking sector with dollar payments. He stressed that half of Russia’s exports and less than half the country’s imports target eurozone countries and the dollar zone. Exports by companies such as Gazprom, Rosneft, and Rosoboronexport add up to almost US$230 billion a year, he noted. VTB Deputy President Herbert Moos also added that while the sanctions against Russia are unlikely to sufficiently impact the business, it could be affected by the continuing weakening of the ruble. The Russian currency has been falling in the wake of the situation around Crimea. In addition, Kostin said that Russia should develop a national payment system as soon as possible. Russian President Vladimir Putin announced last week that Russia should create its own national card payment system, following the examples of China and Japan. The move came after Visa and MasterCard stopped servicing some Russian banks as part of the sanctions implemented against Russia following the Crimean referendum. Russia’s biggest lender, Sberbank, said on Monday that the PRO 100 payment system, which has been in development for a couple of years, will be launched on a massive scale within months."

SheepDog-One's picture

The shit-show rolls on.....anyone knows most all market gains happen when markets are closed anyway....go carry trade, be strong!

jubber's picture

European Indexes ramped up a lot there as well, is the ECB now doing this 3:30 ramp as well?  IBEX up up 45 points AH very unusual to see it move that much as it already hit a 3y high during the day....

Soul Glow's picture

Oh no they finished red.  Yellen needs to step up and burn more dollars at the alter of the stock market.  Get to work Janet!

TheRideNeverEnds's picture

Another day, another lifetime high in the S&P.  The consolidation with ramp back to the green after the cash close primes us perfectly for the short covering, euphoric surge past 1900 tomorrow on the number as they panic buy everything.    

orangegeek's picture

we got our sideways in the other indexes and the NASDAQ100 rolled over


these markets are far from done - every central bank and financial institution is getting fed fresh print everyday to buy anything that moves.


retail investors are leaving the markets in droves.


it really is quite the mess that these central bankers have made with all their wisdom and experience

Squid Viscous's picture

looks like I picked the wrong week to buy SPY and DIA puts, and quit the glue sniffing... again...

bdub2's picture

Someday, perhaps in a 100,000 years, people will think/communicate to one another, "...and then there was this 'site' that you would go to, and look at your family's Face and read what they would say. And it was worth 500,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000 Glurks!" Glurk Glurk Glurk...stupid prehistoric animals! Glurc, Glurc. 

And the S&P, at that time, will be at some exponential of the Speed of Light cubed. 

Hindenburg...Oh Man's picture

It's clear that the market always has some sort of stick save, even on the worst days. It's why we never seen swings down (at least anymore) like other markets around the world (e.g. 3-5 percent). Looking at the NASDAQ, it looks likes marching orders went out at 230 pm to keep the losses within reason and the fingers on the buy button.