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 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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the not so mighty maximiza's picture

where was my friday ramp into green?

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.

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.

Squid Viscous's picture

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

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.

Winston Churchill's picture

The BRIICS have a plan for that: Gold bitchez.

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


fonzannoon's picture

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

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. 

MillionDollarBoner_'s picture

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

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

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.

James_Cole's picture

Someone is btfd right now though. 

Rainman's picture

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

McMolotov's picture

The clam before the storm...

ymom11's picture

Will it happen this time?

McMolotov's picture

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

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

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.

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.

Wahooo's picture

Someone on CNBC said she was spotted at Home Depot.

stocktivity's picture

Returning an item or buying one?

Smiley's picture

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

CrashisOptimistic's picture

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

LooseLee's picture

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

Fuh Querada's picture

no moving averages today?

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. be a central banker!

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...

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....


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.

Panafrican Funktron Robot's picture

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.  

Mr Giggles's picture

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

symtex411's picture

next week 1900 FTW!

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.

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.

debtor of last resort's picture

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

Winston Churchill's picture

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

That, and sailing classes.

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. 

Baby Eating Dingo22's picture

I initially came here looking for shaved bushes

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.

LooseLee's picture

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

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.

TheMeatTrapper's picture

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

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...

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?

FreeNewEnergy's picture

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