Russell 2000 Loses Critical Support As MoMo Massacre Accelerates

Tyler Durden's picture

Momentum, or high-growth hope, stocks are making fresh lows of the February Tarullo Top as this morning's mysterious buying panic sparked by housing data has relapsed into aggressive selling pressure. The Pharma frenzy is fading fast also. The Russell 2000 has broken below its 200DMA once again - a critical support level - and Nasdaq and Trannies are making new lows from Friday. All US equity indices are now in the red for April.

Biotechs not getting a bounce from the Pharma frenzy as momos just keep tumbling from Tarullo's top...


As the day's chaos evolves once again...


Leaving all US equity indices under water for April and Russell below its 200DMA once again


As AUDJPY takes over charge of S&P futures from USDJPY...

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Bill of Rights's picture

If you like your Momo you can keep your Momo

Dr. Engali's picture

You talk like one of those damn momophobes.

davinci7_gis's picture

Is Gartman in or out of the market right now? According to my calcs, he has succeeded in buying at the top of the three market tops this month.

Dr. Kenneth Noisewater's picture

Let me explain something to you. Momo is dead. Which means that everything he had now belongs to Jimmy Cap, including you. Which also means, that when I speak, I speak for Jimmy. E.g., from now on, you start showing me the proper fucking respect.

john milton's picture

04/28 21:11   S&P cuts Moscow, St. Petersburg, Bashkiria's ratings from BBB to BBB- with negative forecast

medium giraffe's picture

Oh well, guess I'll have to buy the AAA rated defaulting homeowners instead.

elwind45's picture

BTFB(buy the blood)

fed_depression's picture

Appears the Nasdaq and Russell are close to making a head and shoulders.

disabledvet's picture

Looking more like a "shoulders with no head" pattern to me.

Could be some cliff diving involved here too. Or is it "base jumping"? I really don't understand the difference.

q99x2's picture

Putin is responsible for reality.

agstacks's picture

Do not panic. Tomorrow is Tuesday.

elwind45's picture

This comment is like a spread trade? Its going right way just wrong reasons

SmilinJoeFizzion's picture

Wait, I thought stocks only went up-

Policraticus's picture

First you need to BTFD.  That is where Tuesday comes into play.

holgerdanske's picture

WTF is PPT???

Fresh out of zeroes???



Kreditanstalt's picture

Punters really hate even gold stocks when their favoured general stock indices are falling, don't they...

But there's nothing like a rising gold price to put their feet to the fire and give them religion...!

elwind45's picture

Looking past the 2000 for a moment to hope for an avalanche win GET IT?

Fuh Querada's picture

perpetuating the idiocy of moving guys are incurable.

HaroldWang's picture

When everyone trades off moving averages, they matter. If you program the machines with MAs, they matter.

SheepDog-One's picture

If a moving average drops its easy to fix, just remove the losers and replace them with new MOMO' scams, very simple.

Yen Cross's picture

  Uhh Ohh looks like the PPT jumped in @ 1850.00. Let's see if that holds.

HaroldWang's picture

Just creates a better buying opportunity for Turnaround Tuesday.

elwind45's picture

There are times in ones past when taking the obvious reward was the answer! Get off the bench get your feet wet be one of those who gets up to a balanced portfollio and steady returns hogs get.... u no the rest! Research balancing a portfollio and have faith in paying low sometimes!

lasvegaspersona's picture

jeez... tomorrow is Tuesday, relax...

Itchy and Scratchy's picture

I didn't say 'Swell' .... I said 'Sell!!!!!'

youngman's picture

They are just pulling their money out for the Alibaba IPO...soon to come and break all records....all records of stupidity

Al Huxley's picture

I guess Russian billionaires were the primary support behind the momo stocks.

disabledvet's picture

This is possible. "We only meant to target that one billionaire."

firstdivision's picture

Not to worry, 3:30 Ramp Capital LLC has it covered

Herdee's picture

Yellon's going to keep her word.She knows that the Fed has to get out of the trap.Maybe the pain is in plain sight and nobody wants to accept it.Volatility UP.

Soul Glow's picture

Tuesday can't come soon enough for Wall Street.

SheepDog-One's picture

Serves the MOMO CNBC tard crowd right.

Bernoulli's picture

What if tomorrow is not Tuesday as we know it?


machineh's picture

Every few years we draw the Joker card ... Terror Tuesday!

Bernoulli's picture

And no more 3:30 ramps?


Ban KKiller's picture

Did some machine take a peek at reality? Nope, they operate in a controlled vacuum of book cookery. 

Time to put on the headphones and load up my shitgum. Gonna go shoot foating pigs down at the river. 

Aknownymouse's picture

Folks what time is the 3:30 ramp up today? Also why is VIX so high above 10? Is Yellen sick today?

whidbey-2's picture

A test for a crash? Bury is coming back from his pivot?

Comte d'herblay's picture

Need to get my eyes checked.  I'm seeing double. 

jubber's picture

So that ridiculous 100 point overnight Dow ramp was complete bollox as suspected especially with Asia red, the subsequent Algo related European skyrocket also many shorts got taken out yet again on this bullshit, I can't recall an overnight session when US Indexes actually come off...whatever the prevailing market at the time is...and now more of the same shit into the close...already the DAX been dragged back up 50 points.

It is patently obvious that Gold is also being contained under $1300, and no way is Oil going to be allowed to run away...

NoIdea's picture

Nice bit of bottom fishing from this article. IWM flying now - almost back to unch. Clearly the situation in Ukraine has been resolved and the algos realise tomorrow is Tuesday so best to get a headstart on the buying