Stocks Plunge To New Lows For The Day

Tyler Durden's picture

The Dow, S&P, and Russell 2000 just pushed to fresh lows for the day after some dead-cat-bouncing hope intraday. Weakness in stocks is worse than FX carry for now but more in line with bond strength as Treasury yields push to new cycle lows. WTI Crude is up and gold is holding gains as the USD is stable.

 

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slaughterer's picture

Thanks Tyler, you just signalled the bottom.

CrashisOptimistic's picture

10 yr might make it to the 2.5s by close.

Rather more important than equities.

And most important of all, WTI flitting around $104.

Printing oil is still being studied in committee.

NoDebt's picture

OT, but I suspect a better-analyzed ZH article on this shortly.... the Treasury is confiscating tax refunds from children whose parents under-paid on their taxes (or got a larger refund than they were entitled to):

http://www.cnbc.com/id/101576080

No, it's not a proposal.  It's already happening right now.

Sins of the Fathers, bitchez.  Sins of the fathers.  Try to have a good weekend.

DoChenRollingBearing's picture

 

 

NoDebt

You have a great weekend too!  LOL.

CrashisOptimistic's picture

 

Just bought a Subway sandwich.

Roast chicken on white, toasted, lettuce, tomato, spinach, onions, one line of regular mustard -- I'll pay with points on my Subway frequent eater card.

Spitzer's picture

Yes. The bond market is all that matters.

When yields fall on bad news, thats when this 40 year credit cycle comes to an end. Anything in between is just noise.

stocktivity's picture

"Sell in May and go away"

Close enough

walküre's picture

April showers bring May flowers!

Devotional's picture

which is why you must be buying, right? 

TheRideNeverEnds's picture

no, I am selling.... index puts below the market.

FieldingMellish's picture

<-- 3:30 ramp

<-- pre 3:30 ramp

NoDebt's picture

I might just do happy hour again this afternoon.  Maybe 3:00 kickoff this time, as oppsed to 4:00 yesterday.

"You're drivin' me to drinikin' in your hot rod Lincoln"

wmbz's picture

I'm sure the "smart money" is loading up right now. Hopefully Cramer will blow a vessel screaming buy,buy,buy this go round!

10mm's picture

And gold's up .50 lol. The days of micro moves are short lived About time.

Winston Churchill's picture

Someone is selling dollars hard.Hard selling  into the close,no ramp will stop it.

Kevin is busy on his forex terminal.

A_Nejad's picture

Say Hi to Kev, ask him about the mexican peso ;)

disabledvet's picture

we're gonna need a bigger wall I think.

walküre's picture

Or someone is selling equities massively to convert into USD cash. There must have been a few margin calls by now from the momo roach hotel alone. Going head on with Russia is USD bullish. Someone outside the primary broker circle needs USD badly.

asscannon101's picture

Stock are plunging?!? This is BULLISH in Bizarro World! Damn the fundamental realities- full speed ahead! MOARWARD!

Dr. Engali's picture

Don't worry. The fed tapering and QE has nothing to do with the markets. They are all fundamentally driven. Oops stocks are going down. Damn, .gov was lying to us again about the strong eCONomy.

NoDebt's picture

Too dangerous to short, though.  Fed announces a reversal in the taper (or even a pause in the taper schedule) and you get monkey-hammered.

walküre's picture

They pretty much tried that earlier this week. Epic fail imo. The steam and excitement is gone. We will be slain and slaughtered no matter how well anyone thinks they're positioned. This is the world of "zero" hedge There is NO hedge against total global economic destruction and eventually war. Just live each day as if it was your last.

Dr. Engali's picture

Agreed. There is no way I would jump on this. The Nasdark is getting ripped, but the down tick on the S&P is insignificant at this point. The fed killed the momos for sure.

fonzannoon's picture

I am currently massively short amzn, tsla and fb and I have no plans to cover, in my ficticious brokerage account in my imagination.

DoChenRollingBearing's picture

Since you are shorting those dogs in your imaginary accout, I am sure you will be doing very well.  

Funny how things change when you start doing it for real.

***

Duck & run while seeking shelter my friends!

walküre's picture

Who knew about shorting pre 2008? Not J6P investor muppet. Now that J6P muppet has graduated with "Vector Vest" and other online bullshit, they will never allow any muppet shorting opportunity. The money is made on muppets, then and now and always. So think how the banks, brokers and MMs can make money in this HFT rigged, insider infested, near volume less market from the muppets. Once you can grasp that and maybe try and ride that train, you can make money. Other than that, it's best to stay out or get eaten alive.

forwardho's picture

OH! HA! HA! HA!

Next you'll say there is an organic recovery.

 

Bastiat's picture

Looking at a one year chart, it would be no big deal for it to touch 1780--but if it cracks through there it could get interesting.

new game's picture

why are we happy that our firends and family and fellow minions are losing their ill gotten gains whether it be in their pension or personnel portfolio?

10mm's picture

Because they though we were crazy conspiracy types. They also listened to their ADVISORS.

Nick Jihad's picture

Paper losses, paper gains. Would you advise your friends to sell now, to lock their paper gains into fiat paper?

walküre's picture

Recovery is in full swing. Stocks are no longer needed as a benchmark and key indicator of how well the economy is doing. The economy is great, it is perfectly ok to lose money in the stock markets now. Not a big deal as it will come back over the course of the next 10 years. Just look at the trendline going back 40 years. You don't want to be out. Just imagine what you would do with the money anyway. There's nothing left to buy. If you really need to sell and have the cash and the markets crashed, well every other asset class will have crashed too. It's a wash.

I'm the eternal muppet and I approve this message or any good news about the markets from my prophets at CNBC.

Nick Jihad's picture

"Nothnig left to buy." sums it up. Lots of opportunities for return-free risk, for today's investor. Thanks Ben.

new game's picture

could it be the hate of our masters?

NOTaREALmerican's picture

What percentage drop do we have to experince to break-even with the 2008/9 low?

Harbanger's picture

You won't hit the 2008/9 lows again because the crash will be a currency event.  Zimbabwe Stock Exchange soared during their currency crisis but only in nominal terms.

Conax's picture

The page I check to see how the DOW is doing won't even load.

Too many muppets constantly refreshing it, no doubt.

OptionsHedge's picture

Guess Gartman was right!!!

Haager's picture

Makes me think if he's losing money - or did he in fact do what he has said?

walküre's picture

The Blythe Vendetta trade? Who is she talking to?

AdvancingTime's picture

Over the last several years a pattern of a random statements from the Fed and several other sources have caused crazy and illogical rallies. An unholy alliance of the Federal Reserve, the government, and the too big to fail has left those of us who question the validity of the recovery in a precarious position.

For the big boys, its computer trading that is able to exploit where stops are placed, this improves their ability to wash the timid and weak bears out of their positions in this manipulated market. More on why the bears should be cautious in the article below.

http://brucewilds.blogspot.com/2014/04/bears-have-little-reason-for-conf...

OptionsHedge's picture

so what's keeping brazil (EWZ) up...the hedge fundies spy pair trade?

jpc578's picture

The NASDAQ and the Russell lead the bull market since March 2009 and they are going to lead the way down. The NASDAQ peaked on March 5 and is now below 4,000. A decline of more than eight percent. The Russell peaked on March 4 and is down more than seven percent.

The only questions now are how much intervention is requierd fromt he Fed and is the Fed willing to intervene to such an extent?

disabledvet's picture

not unless prices lead the way higher.

"might have to start redefining the profit number" as a trillion ain't what it used to be.