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Nasdaq Breaks 4,000; Collapses To Worst Week Since June 2012

Tyler Durden's picture




 

Equity markets opened down hard, bounced into Europe's close, and then pushed to new cycle lows into the last hour of the day. The Nasdaq hit 4,000 for the first timein over 2 months and closed at its lowest close in 4 months. Around 3pm we saw the standard ramp attempt but it was weak and faded back towards the lows by the close. EURJPY ran the show this afternoon. This is the Nasdaq's worst week since June 2012 (with Nasdaq and Russell -3.5% from the FOMC Minutes alone). All major US equity indices closed red for 2014 (first time in over 2 months). Biotechs fell for the 7th week in a row (the longest losing streak since 1998) in a bear-market -21%. Away from the bloodbath in stocks, bond yields tumbled 8-11bps on the week (with the short-end modestly outperforming)... with 30Y yields (3.47%) at their lowest in 10 months. CAD and EUR weakness today supported modest USD buying but USD Index is -1.3% on the week (biggest weekly drop in 9 months).Commodites were flat today (despite a pump-and-dump in copper early and WTI later) with gold ending the week +1% at $1318.

 

Year-to-Date - not what the status quo was hoping for...

 

It seems the "Taper" was bad for growth...

 

The post-FOMC Minutes Fed Dead Cat Bounce has been well and truly crushed...

 

Nasdaq at 4-months lows and below 4000...

 

Year-to-date, all major US equity indices are now underwater...fr the first time since early Feb...

 

Momentum - or high-growth-hype - names have been dumping since Fed's Tarullo popped the bubble with his "stretched valuations" comments...

 

Biotechs are down 21% (bear market) and have fallen 7 weeks in a row for the first time since 1998

 

Treasury yields tumbled...

 

with 30Y yields at fresh 10-month lows...

 

FX markets were relativley clam today but the USD had its worst week in 9 months...

 

Commodities rallied on the week (though copper and oil saw pump and dumps today)...

 

So Fed is tapering - USD is dumping, bonds are rallying and "growth" stocks are tumbling...

 

Charts: Bloomberg

Bonus Chart: Copper was Gartman'd

 

Bonus Bonus Chart: Will credit be the arbiter of truth once again?

 

 

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Fri, 04/11/2014 - 16:10 | 4648822 the not so migh...
the not so mighty maximiza's picture

where was my friday ramp into green?

Fri, 04/11/2014 - 16:15 | 4648843 Winston Churchill
Winston Churchill's picture

The PPT tried and failed.

Bigger fish to fry in the forex market.Too many holes in the dyke to plug.

Cue the theme from the Dambusters.

Fri, 04/11/2014 - 16:18 | 4648860 Soul Glow
Soul Glow's picture

Who was the asshole who said, "You can throw a dart and not miss"?  The other day he said it.  What was his name?  I've already forgotten.

Fri, 04/11/2014 - 16:40 | 4648939 Squid Viscous
Squid Viscous's picture

Bill "i can't believe i ate the whole thing" Miller

Fri, 04/11/2014 - 17:09 | 4649056 TruthInSunshine
TruthInSunshine's picture

FMV = approx 1,400

Fri, 04/11/2014 - 16:36 | 4648921 holgerdanske
holgerdanske's picture

Oh yes, and did they try! But sentiment just overwhelmed them!

However, as long as people pray to the Dollar, an open cheque book and unlimited ink, can keep the party going.

There might be a break in the market, but in theory this can go on forever, like in Zimbabwe, until total faith is lost. That's when the Dollar sinks.

Fri, 04/11/2014 - 16:41 | 4648945 Winston Churchill
Winston Churchill's picture

The BRIICS have a plan for that: Gold bitchez.

Fri, 04/11/2014 - 16:16 | 4648851 Oh regional Indian
Oh regional Indian's picture

Credence Clearwater Revival come to mind...

I see a blood moon rising.....

I see bad times...sometime....

I see it all anyway

Because I own the NSA

Hey!

Fri, 04/11/2014 - 16:17 | 4648854 fonzannoon
fonzannoon's picture

someone sure had gold in a headlock today while they farted on silver's head.

Fri, 04/11/2014 - 16:10 | 4648823 Hindenburg...Oh Man
Hindenburg...Oh Man's picture

I was actually relatively unimpressed by the NASDAQ sell off---it basically finished flat on the day if you start from market open. 

Fri, 04/11/2014 - 16:16 | 4648847 MillionDollarBoner_
MillionDollarBoner_'s picture

You used "basically" and "actually" in the same sentence.

I hereby "virtually" donkey-punch you in the vag. 

Fri, 04/11/2014 - 16:16 | 4648826 syntaxterror
syntaxterror's picture

This just in at 3:50pm EST:

Herbalife falls 13% on report of criminal investigation

Shares of Herbalife dropped more than 13% in late trade Friday after the Financial Times, citing people familiar with the matter, reported that the multi-level marketing company was the subject of a criminal investigation by the U.S. Department of Justice and the Federal Bureau of Investigation.

Fri, 04/11/2014 - 16:20 | 4648873 James_Cole
James_Cole's picture

Someone is btfd right now though. 

Fri, 04/11/2014 - 16:20 | 4648874 Rainman
Rainman's picture

Holder must have put his short in just before the close.

Fri, 04/11/2014 - 16:12 | 4648830 McMolotov
McMolotov's picture

The clam before the storm...

Fri, 04/11/2014 - 16:12 | 4648833 digitlman
digitlman's picture

A butter storm?

Fri, 04/11/2014 - 16:14 | 4648840 ymom11
Fri, 04/11/2014 - 16:16 | 4648850 McMolotov
McMolotov's picture

Is that the clam's mothership hovering in the distance?

Fri, 04/11/2014 - 16:12 | 4648832 ymom11
ymom11's picture

Will it happen this time?

Fri, 04/11/2014 - 16:13 | 4648836 McMolotov
McMolotov's picture

If by "it" you mean "more of the same shit," I suspect you're right.

Fri, 04/11/2014 - 16:13 | 4648835 Baby Eating Dingo22
Baby Eating Dingo22's picture

Yellen must feel like such a worthless piece of shit right now

I bet by Monday they find her fetid corpse in a hotel bathtub or bouncing off the 3rd floor awning of  a 40 story building

Fri, 04/11/2014 - 16:19 | 4648869 Mark123
Mark123's picture

Its a nice thought, but sadly she is just the model standing in front of the car at the autoshow.  Just theatrics.

Fri, 04/11/2014 - 16:52 | 4648970 holmes
holmes's picture

The only car it would be appropriate for that old hag to model would be the infamous East German Trabant-- a real POS.

Fri, 04/11/2014 - 16:28 | 4648899 Wahooo
Wahooo's picture

Someone on CNBC said she was spotted at Home Depot.

Fri, 04/11/2014 - 21:42 | 4649864 stocktivity
stocktivity's picture

Returning an item or buying one?

Fri, 04/11/2014 - 16:14 | 4648837 Smiley
Smiley's picture

"Money on the sidelines" pontification to commence in in 3...2...1...

Fri, 04/11/2014 - 18:00 | 4649237 CrashisOptimistic
CrashisOptimistic's picture

The money on the sidelines is going to wind up in the gas tank.

Fri, 04/11/2014 - 18:35 | 4649349 LooseLee
LooseLee's picture

The only 'money' on the 'sidelines is 'debt/credit'. No silver/gold there...

Fri, 04/11/2014 - 16:16 | 4648845 Fuh Querada
Fuh Querada's picture

no moving averages today?

Fri, 04/11/2014 - 16:17 | 4648853 Mark123
Mark123's picture

Would anyone have believed back in 2008/09 that the Fed would have to buy $85 billion a month in 2014 just to keep the stock market up?  That we would still have 50 million people on food stamps. 

I think $85 billion a month is about the combined income of all companies in the S&P 500.  It must be fun playing with monopoly money in the real world.

Ah....to be a central banker!

Fri, 04/11/2014 - 16:21 | 4648856 Kaiser Sousa
Kaiser Sousa's picture

how did ya'll enjoy that all day long sideways trading in Gold and Silver which somehow managed to stay capped underneath the nice and neat number of $1320 and $20...

http://www.silverseek.com/

all while the Fraud markets were in dissaray and managed a last hour rally off the lows that conveniently landed the NASCRAP right at the 4000 mark....

a complete fucking farse....

 

Fri, 04/11/2014 - 16:27 | 4648897 Mr Giggles
Mr Giggles's picture

Easy Kaiser, you need a step leg to get you excited, EROI  says mining will stop soon ( do not buy mining shares) banks in, nothing for you. PHYZZZZ babe.

Fri, 04/11/2014 - 17:31 | 4649136 Panafrican Funk...
Panafrican Funktron Robot's picture

http://www.cmegroup.com/delivery_reports/MetalsIssuesAndStopsMTDReport.pdf

Note the 447K oz worth of delivery notices MTD vs. the supposed 803K in registered available.  We'll see how many of these requests get stopped out vs. real, completed deliveries, but this has to be putting at least some pressure on the banking houses to maintain the illusion.  

Fri, 04/11/2014 - 16:19 | 4648864 q99x2
q99x2's picture

Bitcoined

Fri, 04/11/2014 - 16:18 | 4648865 Mr Giggles
Mr Giggles's picture

Pants down babe, Its bigger than the cb. What faith

Fri, 04/11/2014 - 16:22 | 4648880 symtex411
symtex411's picture

next week 1900 FTW!

Fri, 04/11/2014 - 16:26 | 4648896 HaroldWang
HaroldWang's picture

If recent history is a guide SPX will go to 1650 and NAZ around 3550. They'll all be puking on the CNBC at that point.

Fri, 04/11/2014 - 16:40 | 4648938 Charles The Ham...
Charles The Hammer Martel's picture

I'm not playing this game anymore. There is no rhyme or reason to it. How can you read the signs when all of the signs are written in ancient aramaic blended with the cyrillic alphabet? Penny stocks, here I come.

Fri, 04/11/2014 - 16:42 | 4648947 debtor of last ...
debtor of last resort's picture

Within a few years the algo's are fighting over pennystocks and Zerohedge is about gardening.

Fri, 04/11/2014 - 17:01 | 4649025 Winston Churchill
Winston Churchill's picture

Digging holes ,and burying things are often suggested on ZH.

That, and sailing classes.

Fri, 04/11/2014 - 17:30 | 4649133 Ban KKiller
Ban KKiller's picture

Yeah, gardening is honest work. Turned over the mulch pile today, oh boy, lots of worms. Got four eggs from the chickens. Quiche tonight with greens from the garden. 

Oh, yeah, Death, by law, to banksters. 

Fri, 04/11/2014 - 17:04 | 4649039 Baby Eating Dingo22
Baby Eating Dingo22's picture

I initially came here looking for shaved bushes

Fri, 04/11/2014 - 17:14 | 4649076 Charles The Ham...
Charles The Hammer Martel's picture

Those are out of style now, no one can afford the expensive razors. I have been long shaving co.s for a while and damn has it paid off... until this year, now I am long bushes, and shampoos.

Fri, 04/11/2014 - 18:48 | 4649387 LooseLee
LooseLee's picture

No better eating than a smooth 'cooter'...

Fri, 04/11/2014 - 16:47 | 4648964 moneybots
moneybots's picture

"This is the Nasdaq's worst week since June 2012"

 

A great week. This is what happens to markets that move up on the basis of massive financial fraud.  They collapse when the truth comes out.

Fri, 04/11/2014 - 17:07 | 4649049 TheMeatTrapper
TheMeatTrapper's picture

Somehow a DOW of 16 fucking thousand being off a few hundred doesn't qualify as a 'collapse' in my book. 

Fri, 04/11/2014 - 18:51 | 4649397 LooseLee
LooseLee's picture

Relax, friend. Grab a single malt, watch a good suspense movie, make love to a friend/lover, then sit back and enjoy the show. This party's just getting started...

Fri, 04/11/2014 - 20:26 | 4649620 disabledvet
disabledvet's picture

"Putin drinks your milkshake."

We can definitely grind lower as we're waiting for someone other than Russia to win here. Meh. Is it a refusal to confront aggression? Or an attachment disorder?

Fri, 04/11/2014 - 21:39 | 4649853 FreeNewEnergy
FreeNewEnergy's picture

I know I'm late to the party here, but check out the P&F chart - Triple Bottom Breakdown

http://stockcharts.com/freecharts/gallery.html?$INDU

as opposed to Earl Scruggs and Friends  Foggy Mountain Breakdown

Earl Scruggs And Friends - Foggy Mountain Breakdown

Steve Martin has a nice banjo solo and so does Paul Schaffer on piano... Vince Gill, Albert Lee, lots to like.

Crack a cold one and enjoy.

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