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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Mon, 04/28/2014 - 13:14 | 4704445 Bill of Rights
Bill of Rights's picture

If you like your Momo you can keep your Momo

Mon, 04/28/2014 - 13:25 | 4704489 Dr. Engali
Dr. Engali's picture

You talk like one of those damn momophobes.

Mon, 04/28/2014 - 13:42 | 4704539 davinci7_gis
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.

Mon, 04/28/2014 - 15:33 | 4705028 Dr. Kenneth Noi...
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.

Mon, 04/28/2014 - 13:15 | 4704447 john milton
john milton's picture

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

Mon, 04/28/2014 - 13:22 | 4704476 medium giraffe
medium giraffe's picture

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

Mon, 04/28/2014 - 13:16 | 4704451 elwind45
elwind45's picture

BTFB(buy the blood)

Mon, 04/28/2014 - 13:16 | 4704453 fed_depression
fed_depression's picture

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

Mon, 04/28/2014 - 15:34 | 4705041 disabledvet
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.

Mon, 04/28/2014 - 13:16 | 4704456 q99x2
q99x2's picture

Putin is responsible for reality.

Mon, 04/28/2014 - 13:17 | 4704458 agstacks
agstacks's picture

Do not panic. Tomorrow is Tuesday.

Mon, 04/28/2014 - 13:17 | 4704462 elwind45
elwind45's picture

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

Mon, 04/28/2014 - 13:17 | 4704463 SmilinJoeFizzion
SmilinJoeFizzion's picture

Wait, I thought stocks only went up-

Mon, 04/28/2014 - 13:24 | 4704485 Policraticus
Policraticus's picture

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

Mon, 04/28/2014 - 13:18 | 4704464 holgerdanske
holgerdanske's picture

WTF is PPT???

Fresh out of zeroes???



Mon, 04/28/2014 - 13:20 | 4704471 elwind45
elwind45's picture


Mon, 04/28/2014 - 13:22 | 4704477 Kreditanstalt
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...!

Mon, 04/28/2014 - 13:48 | 4704558 elwind45
elwind45's picture

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

Mon, 04/28/2014 - 13:27 | 4704495 Fuh Querada
Fuh Querada's picture

perpetuating the idiocy of moving guys are incurable.

Mon, 04/28/2014 - 13:35 | 4704519 HaroldWang
HaroldWang's picture

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

Mon, 04/28/2014 - 14:01 | 4704616 SheepDog-One
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.

Mon, 04/28/2014 - 13:30 | 4704500 Yen Cross
Yen Cross's picture

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

Mon, 04/28/2014 - 13:33 | 4704508 HaroldWang
HaroldWang's picture

Just creates a better buying opportunity for Turnaround Tuesday.

Mon, 04/28/2014 - 13:35 | 4704518 elwind45
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!

Mon, 04/28/2014 - 13:38 | 4704525 lasvegaspersona
lasvegaspersona's picture

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

Mon, 04/28/2014 - 13:39 | 4704530 Itchy and Scratchy
Itchy and Scratchy's picture

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

Mon, 04/28/2014 - 13:41 | 4704538 youngman
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

Mon, 04/28/2014 - 13:44 | 4704544 Al Huxley
Al Huxley's picture

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

Mon, 04/28/2014 - 15:38 | 4705063 disabledvet
disabledvet's picture

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

Mon, 04/28/2014 - 13:46 | 4704552 firstdivision
firstdivision's picture

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

Mon, 04/28/2014 - 13:46 | 4704554 Herdee
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.

Mon, 04/28/2014 - 13:50 | 4704567 Soul Glow
Soul Glow's picture

Tuesday can't come soon enough for Wall Street.

Mon, 04/28/2014 - 14:05 | 4704594 SheepDog-One
SheepDog-One's picture

Serves the MOMO CNBC tard crowd right.

Mon, 04/28/2014 - 13:57 | 4704599 Bernoulli
Bernoulli's picture

What if tomorrow is not Tuesday as we know it?


Mon, 04/28/2014 - 14:06 | 4704645 machineh
machineh's picture

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

Mon, 04/28/2014 - 13:58 | 4704607 Bernoulli
Bernoulli's picture

And no more 3:30 ramps?


Mon, 04/28/2014 - 13:58 | 4704609 Ban KKiller
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. 

Mon, 04/28/2014 - 13:59 | 4704613 Aknownymouse
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?

Mon, 04/28/2014 - 14:10 | 4704664 whidbey-2
whidbey-2's picture

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

Mon, 04/28/2014 - 14:19 | 4704698 Comte d'herblay
Comte d'herblay's picture

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

Mon, 04/28/2014 - 14:36 | 4704727 jubber
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...

Mon, 04/28/2014 - 15:24 | 4704965 NoIdea
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

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