Dazed Global Markets Respond Wearily To Yesterday's Shocking Events

Tyler Durden's picture




 

For a centrally-planned market that has long since lost the ability to discount the future, and certainly respond appropriately to geopolitical events, yesterday was a rough wake up call with a two punch stunner of not only the MH 17 crash pushing the Ukraine escalation into overdrive, but Israel's just as shocking land invasion of Gaza officially marking the start of a ground war, finally dragging global stocks out of their hypnotized slumber and pushing risk broadly lower across the globe, even if the now traditional USDJPY and AUDJPY ramp algos have woken up in the past few minutes and will be eager to pretend as if nothing ever happened.

Perhaps the best paragraph summary of what happened yesterday comes from DB's Jim Reid, as follows: "Just a few weeks after the 100th year anniversary of the accidents that led to the start of the first World War, one can't help feel a cold shiver when observing the events of the last 24 hours. The nervousness started with the additional US/EU sanctions placed on Russia that we mentioned this time yesterday. Later the tragic news of the Malaysia Airline plane that crashed in Ukraine, near the border of Russia, seemed to quickly attract a sinister tone as claim and counter claim about the cause of the crash emerged. Russia’s President Putin has blamed Ukrainian authorities for the tragedy saying it would not have happened if Kiev had not resumed a military campaign against separatists (Reuters). Meanwhile, Ukrainian authorities say they have “unconditional evidence” that Russia was involved with the incident. The Guardian reports that flight MH17 was flying around 1000ft (or 300 metres) above restricted airspace when it was shot down. European air traffic control body, Eurocontrol, said Ukrainian authorities had barred aircraft from ground level to 32,000 feet but MH17 was cruising at 33,000 feet, still within range of sophisticated ground-to-air weaponry, when it was hit. Given the altitude, the Ukrainian authorities believe it was a missile fired from a Russian-made BUK SA-11 missile launcher which was responsible for downing the plane but there is still considerable uncertainty about the nature of anti-air technology available to pro-Russian separatists operating in south-east Ukraine. The aircraft black box was reportedly recovered by pro-Russian separatists and will be examined by Russian authorities (Interfax). The White House issued a statement overnight, urging a full unimpeded investigation and an immediate cease-fire in Ukraine, but stopped short of attributing blame for the incident.

It’s always difficult to talk about markets during periods such as this, but it’s no surprise that yesterday was one of the more difficult days year-to-date. Indeed, the S&P500 (-1.18%) had its first +/- 1% day since April 16th. All major industry sectors closed lower and given the broader skittishness, any company which reported disappointing earnings were heavily sold down including Sandisk (-13.6%), Autonation (-8.2%) and Mattel (-6.6%). Even the companies reporting better than expected earnings such as Morgan Stanley (-0.6%) and Philip Morris (-0.2%) could not avoid closing in the red. With all the geopolitical headlines, gold (+1.5%), Brent (+0.7%) and WTI (+2.0%) all closed higher. Russia’s MICEX index fell 2.3% with newly sanctioned companies such as Rosneft (-4.3%), Novatek (-.5%) underperforming. The Ruble lost 2.2% against the USD and Russian 5yr CDS gapped out around 30bp."

So while the world awaits some clarity on who shot the plane down, which will certainly not come as the waves of propaganda will wash over any and all facts, here is what happened overnight in Asia, where equities gapped lower at today’s open but have steadily pared back the early losses. 10yr UST yields (+3bp) and gold (-0.2%) have given back some of yesterday’s gains. The risk-off tone has hit Japanese equities the hardest with the Nikkei down about 1%, exacerbated by the 0.5% fall in USDJPY yesterday. Malaysian Airline stock fell 16% on the open, though recovered somewhat and is trading around 11% lower on the day. Asian EMFX have also recovered from early weakness with the Philippine Peso and Korean Won recovering around 0.2% to 0.3% against the USD after the early gap lower. The Asian iTraxx indices is quoted about 5bp wider today. In China, the latest home price data from the government showed that real estate prices fell month-on-month in a record 55 cities of the 70 cities tracked. The largest fall was 1.7% MoM in the eastern city of Hangzhou.

In Europe stocks are seen lower across the board, however the initial selling pressure on airline and insurance related stocks at the open in response to the developments over in E. Ukraine gradually abated as market participants looked for official clarification on the situation. In terms of notable stock movers, Shire shares surged in Europe this morning after Abbvie and Shire reached a pact on a recommended combination, with an indicative value of GBP 52.48 per Shire shares. (RANsquawk)  2 out of 19 Stoxx 600 sectors rise; tech, oil & gas outperform, autos, industrials underperform. 13.5% of Stoxx 600 members gain, 85% decline.  Eurostoxx 50 -0.3%, FTSE 100 -0.5%, CAC 40 -0.1%, DAX -0.6%, IBEX -0.7%, FTSEMIB -0.1%, SMI -0.5%

Market Wrap

  • S&P 500 futures up 0.1% to 1957
  • Stoxx 600 down 0.4% to 338.2
  • US 10Yr yield up 3bps to 2.48%
  • German 10Yr yield up 1bps to 1.16%
  • MSCI Asia Pacific down 0.3% to 146.8
  • Gold spot down 0.5% to $1310.5/oz

Bulletin headline summary

  • Stocks are seen broadly lower as the uncertainty surrounding yesterday’s plane crash over in E. Ukraine weighed on sentiment, however Bunds traded near unchanged as Western leaders steered clear of putting direct blame on Russia.
  • USD/JPY recovered overnight weakness and gold traded lower by around USD 10.00 this morning, as market participants looking for further clarification of the situation from Western officials, while Ukraine contact group also appeared ready to discuss a 2-4 day cease-fire in order to facilitate the investigation.
  • Focus will be on another round of corporate earnings, this time from GE and Honeywell, as well as the release of the prelim. U. Michigan survey release.
  • Treasury yields higher in overnight trading after yesterday saw geopolitical headlines send 30Y yield to its lowest level since June 2013 and the 10Y yield within 3bps of its YTD low close of 2.443% on May 28.
  • Israeli Prime Minister Benjamin Netanyahu said he ordered the military to prepare to widen the ground operation it opened against Palestinian militants in the Gaza Strip
  • Russia and Ukraine blamed each other for the downing of a Malaysia Airlines jet that killed all 298 people on board
  • European banks will likely bow to fresh bans imposed by the U.S. on financing Russian companies as the risks of dealing with the nation mount
  • Six out of 10 economists in a Bloomberg News survey said Greece will need to top up the 240 billion euros ($325 billion) of loans received from Europe and the IMF since 2010
  • As modern Iraq collapses, the northern region of Kurdistan is emerging as an oasis of relative calm -- with plenty of oil to support its political ambitions for independence
  • Financial professionals in the U.S., birthplace of the Winchester rifle and Cheech & Chong movies, are far more comfortable with marijuana and gun companies than their peers in Europe and Asia, a Bloomberg Global Poll found
  • Sovereign yields mixed with Portugal, Greece 10Y yields rising ~1bp. Euro Stoxx Banks index fell 1.8% yesterday to 141.9. Asian stocks mixed with China higher, Japan lower. European equities drop, U.S. stock futures mixed. WTI crude higher, gold and copper fall

US Event Calendar

  • 9:55am: UofMich Consumer Sentiment Index, July preliminary, est. 83 (prior 82.5)
  • 10:00am: Leading Economic Indicators, June, est. 0.5% (prior 0.5%)
  • No POMO

ASIA

The risk off sentiment following a lower close over on Wall Street in Malaysia Airlines confirming that 298 (283 passengers/15 crew) people were killed after the airliners plane was brought down in Eastern Ukraine resulted in flight to quality trade overnight in Asia. As a result, the Nikkei 225 finished the session lower as JPY strength weighed on exporters. However, Chinese equity indices bucked the trend and finished in the green, amid speculation that most cities in China will loosen property curbs after Chinese New Home Prices showed the slowest annual pace in more than a year. (RANsquawk)

FIXED INCOME

In spite of stocks in Europe trading lower amid the uncertainty surrounding yesterday’s plane crash in E. Ukraine, Bunds gradually came off the best levels of the session, as market participants welcomed reports that Ukraine contact group appeared ready to discuss a 2-4 day cease-fire in order to facilitate the investigation. At the same time, there was little finger pointing from the Western leaders directly on Russia, with German Chancellor Merkel saying that although there is much evidence that the plane was shot down, there are no alternative to diplomatic solution in Ukraine. (RANsquawk)

Of note, there is a risk that month-end related flows may be more pronounced over the next two weeks, with Barclays forecasting its Pan Euro Agg Treasury Index to extend 0.14y vs. avg. 0.07y and Pan Euro Agg Index to extend by 0.11y vs. avg. 0.07y. (RANsquawk/IFR)

EQUITIES

Heading into the North American open, stocks in Europe are seen lower across the board, however the initial selling pressure on airline and insurance related stocks at the open in response to the developments over in E. Ukraine gradually abated as market participants looked for official clarification on the situation. In terms of notable stock movers, Shire shares surged in Europe this morning after Abbvie and Shire reached a pact on a recommended combination, with an indicative value of GBP 52.48 per Shire shares. (RANsquawk)

FX

USD/JPY gradually retraced overnight weakness as market participants reacted positively to the reports that Ukraine contact group appeared ready to discuss a temporary cease-fire in order to facilitate the investigation of the plane crash. In turn this saw spot RUB recover initial upside and saw the pair move into minor negative territory. (RANsquawk)

COMMODITIES

Yesterday’s developments in E. Ukraine failed to benefit gold, with spot price trading lower by around USD 10.00 as market participants looked for further clarification of the situation from Western officials and took an opportunity to book profits on recent gains. Elsewhere, copper is on course for its second consecutive weekly loss, its biggest since early June, as investors remain wary of the state of the Chinese economy after weaker-than-expected property data for the country. Goldman Sachs say that as much as a quarter of global demand is linked to Chinese housing and property prices, for uses such as pipes, electrical wiring and home appliances. (RANsquawk/Goldman Sachs)

* * *

The conclusion to the overnight recap comes as usual from DB's Jim Reid

Just a few weeks after the 100th year anniversary of the accidents that led to the start of the first World War, one can't help feel a cold shiver when observing the events of the last 24 hours. The nervousness started with the additional US/EU sanctions placed on Russia that we mentioned this time yesterday. Later the tragic news of the Malaysia Airline plane that crashed in Ukraine, near the border of Russia, seemed to quickly attract a sinister tone as claim and counter claim about the cause of the crash emerged. Russia’s President Putin has blamed Ukrainian authorities for the tragedy saying it would not have happened if Kiev had not resumed a military campaign against separatists (Reuters). Meanwhile, Ukrainian authorities say they have “unconditional evidence” that Russia was involved with the incident. The Guardian reports that flight MH17 was flying around 1000ft (or 300 metres) above restricted airspace when it was shot down. European air traffic control body, Eurocontrol, said Ukrainian authorities had barred aircraft from ground level to 32,000 feet but MH17 was cruising at 33,000 feet, still within range of sophisticated ground-to-air weaponry, when it was hit. Given the altitude, the Ukrainian authorities believe it was a missile fired from a Russian-made BUK SA-11 missile launcher which was responsible for downing the plane but there is still considerable uncertainty about the nature of anti-air technology available to pro-Russian separatists operating in south-east Ukraine. The aircraft black box was reportedly recovered by pro-Russian separatists and will be examined by Russian authorities (Interfax). The White House issued a statement overnight, urging a full unimpeded investigation and an immediate cease-fire in Ukraine, but stopped short of attributing blame for the incident.

Whilst details are still emerging and the facts not fully known, the last 24 hours will likely have a big negative impact on Western-Russian relations. So it’s going to be a nervous time ahead while we await further developments but this feels like a big geopolitical blow for financial markets. If this wasn't enough, late in the US session we saw news from Israel that their military had commenced a ground operation in Gaza “to destroy the terror tunnels dug from the Gaza Strip into Israeli territory". Earlier Thursday, Hamas militants reportedly tried to infiltrate Israel through a tunnel under the Gaza-Israel border, but were stopped by an Israeli strike at the mouth of the tunnel. The Israeli military said the ground operation was open-ended and would be carried out on several fronts in the coastal strip (Associated Press). To add to list of worries, just before the market close there were reports about an unattended package at the White House, which was later cleared by authorities after the market close.

It’s always difficult to talk about markets during periods such as this, but it’s no surprise that yesterday was one of the more difficult days year-to-date. Indeed, the S&P500 (-1.18%) had its first +/- 1% day since April 16th. All major industry sectors closed lower and given the broader skittishness, any company which reported disappointing earnings were heavily sold down including Sandisk (-13.6%), Autonation (-8.2%) and Mattel (-6.6%). Even the companies reporting better than expected earnings such as Morgan Stanley (-0.6%) and Philip Morris (-0.2%) could not avoid closing in the red. With all the geopolitical headlines, gold (+1.5%), Brent (+0.7%) and WTI (+2.0%) all closed higher. Russia’s MICEX index fell 2.3% with newly sanctioned companies such as Rosneft (-4.3%), Novatek (-.5%) underperforming. The Ruble lost 2.2% against the USD and Russian 5yr CDS gapped out around 30bp.

The rates complex benefited from the risk-off sentiment and it was another landmark day for many European bond markets. France (3.8bp), Austria (-3.9bp), Belgium (-4.0bp) and the Netherlands (-4.0bp) recorded all-time lows in yield on their benchmark bonds. Even the perceived riskier sovereigns benefited with Spain issuing a 3yr note at an average yield of 0.692%. 10yr US treasuries (-8bp) had their best day in yield terms since March 13th (-8.5bp), also helped by disappointingly weak housing data. Both housing starts (893k vs 1020k expected) and building permits (963k vs 1035k) missed versus consensus estimates. Partly offsetting this, the Philly Fed survey (23.9 vs 16.0 expected) and jobless claims (302k vs 310k expected) were better than expected.

One corner of the fixed income market worth watching over the coming days is US high yield. Fedchair Yellen has warned repeatedly over the past month that she sees worrying signs in the lower-rated parts of the credit markets. Yesterday saw the CDX HY index drop 0.8pts in price terms, which is pretty significant given the context of low volatility that we’ve seen this year. Indeed yesterday’s drop was the worst since January 24th. There has been increasing talk that retail money is exiting high yield ETFs and this chatter intensified yesterday. According to Forbes who cite data from Lipper, retail-cash outflows from high-yield funds totalled $1.68bn in the week ended July 16, with the ETF influence responsible for roughly 63% of the total withdrawal. The outflow is the single largest one-week redemption in 11 months, since the week ending August 21st 2013. The performance of a number of high yield ETFs yesterday is worth highlighting. For example, the SPDR Barclays High Yield ETF lost 0.75% yesterday, the worst performance since February 3rd. That particular ETF is threatening to breach its 200-day MA, something which other ETFs such as the iShares iBoxx high yield ETF managed to do yesterday for the first time in more than five months.

In overnight markets, Asian equities gapped lower at today’s open but have steadily pared back the early losses. 10yr UST yields (+1.6bp) and gold (-0.15%) have given back some of yesterday’s gains. The risk-off tone has hit Japanese equities the hardest with the Nikkei down about 1%, exacerbated by the 0.5% fall in USDJPY yesterday. Malaysian Airline stock fell 16% on the open, though recovered somewhat and is trading around 11% lower on the day. Asian EMFX have also recovered from early weakness with the Philippine Peso and Korean Won recovering around 0.2% to 0.3% against the USD after the early gap lower. The Asian iTraxx indices is quoted about 5bp wider today. In China, the latest home price data from the government showed that real estate prices fell month-on-month in a record 55 cities of the 70 cities tracked. The largest fall was 1.7% MoM in the eastern city of Hangzhou.

Turning to the day ahead, the focus will be on the continuing developments around the Malaysia airline flight and in Israel/Gaza, heading into what is likely going to be a tense weekend. The data docket features the UofMichigan confidence index and the US leading indicator index. General Electric will be reporting earnings today shortly before the US market open.

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Fri, 07/18/2014 - 07:11 | 4972489 RevRex
RevRex's picture

Where are the idiots today who said  it could not have been Russia because the plane was shot down in the Western Ukraine?

Fri, 07/18/2014 - 07:16 | 4972496 y3maxx
y3maxx's picture

...BRICS vs PRICS...

Fri, 07/18/2014 - 07:30 | 4972528 BeetleBailey
BeetleBailey's picture

well played sir

Fri, 07/18/2014 - 07:35 | 4972540 GetZeeGold
GetZeeGold's picture

 

 

Put some coffee on....the KGB is sure to be around today.

Fri, 07/18/2014 - 07:47 | 4972558 disabledvet
disabledvet's picture

Russians fight on an actual field of battle.

"What you got bitch?"

Fri, 07/18/2014 - 08:06 | 4972595 GetZeeGold
GetZeeGold's picture

 

 

Uh-huh!

Fri, 07/18/2014 - 07:31 | 4972529 Bingo Hammer
Bingo Hammer's picture

We announce RevRex...a new troll is born...long live the troll

Fri, 07/18/2014 - 07:35 | 4972541 Bioscale
Bioscale's picture

Going through his posts I wonder why Tyler hesitates to drop him into hell.

Fri, 07/18/2014 - 08:51 | 4972730 MeMongo
MeMongo's picture

BINGO!.........Bingo:-)

Fri, 07/18/2014 - 07:13 | 4972490 GetZeeGold
GetZeeGold's picture

 

 

Note to airlines....stop flying over war torn areas.

 

Buy stawks!

 

Fri, 07/18/2014 - 07:16 | 4972491 AUD
AUD's picture

Ukrainian authorities believe it was a missile fired from a Russian-made BUK SA-11 missile launcher

Turns out that a Ukrainian BUK missile launcher blew a Russian airliner en route from Tel Aviv, into the Black Sea in 2001. Of course that's conveniently ignored, just like the US Navy blew an Iranian Airliner into the Persian Gulf in 1988.

 

Fri, 07/18/2014 - 07:33 | 4972536 Bioscale
Fri, 07/18/2014 - 07:55 | 4972578 RECISION
RECISION's picture

Actually - I think that was an  S200.  Not a BUK on that occasion.

Fri, 07/18/2014 - 08:07 | 4972599 dizzyfingers
dizzyfingers's picture

Can't upvote ya 'cause your green triangle is unaccountably turned off ... NSA not like the info you posted? You're not the only one though.

Fri, 07/18/2014 - 07:17 | 4972498 Quinvarius
Quinvarius's picture

The markets are just going to sell into any opening futures pop.  There is not enough free money coming in to keep it propped up anymore.  29 trillion in sovereign assets provided the last ramp.  There is no one else stupid enough to push it up.  It will fall until a new super QE program is unveiled.  Just like the Japan market did after every new QE program reached its peak effectiveness, the US market is going to give everything back.  

Fri, 07/18/2014 - 07:21 | 4972507 GetZeeGold
GetZeeGold's picture

 

 

There is no one else stupid enough to push it up

 

I think you're selling the world short son......we're flush with stupid people. Don't forget our motto......yes we can!

Fri, 07/18/2014 - 07:25 | 4972516 GrinandBearit
GrinandBearit's picture

Totally disagree. 

This market will continue chugging along for much longer than ANYONE here can expect or believe.

IMO, we will not see any type of meaningful correction/crash until sometime in 2015.

Fri, 07/18/2014 - 07:32 | 4972532 BeetleBailey
BeetleBailey's picture

you're both right...

or....you're both GOING TO BE RIGHT...

Looks like I picked a bad week to stop drinking......

Fri, 07/18/2014 - 07:36 | 4972542 disabledvet
disabledvet's picture

Looks like I picked a bad week to stop snorting glue!

"Those are Russian T-72's Mr President. I hope your raising the right type of funds!"

Fri, 07/18/2014 - 09:01 | 4972745 MeMongo
MeMongo's picture

One doesn't " snort" glue....one sniffs it! Sorta like revrex does upon waking up in his BUBELES basement right next to the dirty laundry basket. Que zin:-)

Fri, 07/18/2014 - 07:52 | 4972568 Keltner Channel Surf
Keltner Channel Surf's picture

One scenario that would let them both be right, at least today, is that the double news whammy likely drew a bit of retail sell orders that will be worked after the opening pop, retracing us back to the lows, then at 10:15, even though there's no POMO today, depending on whether Consumer Sentiment and/or Leading Indicators are positive, we'll either dip to the lows and then ramp, or ramp immediately nonstop through lunchtime.

Fri, 07/18/2014 - 07:59 | 4972586 Quinvarius
Quinvarius's picture

The market moves on easy money...period.  When it goes, so does the market.  Everyone hated when I was bull due to easy money.  They will hate now that I am a bear due to the lack of easy money.  There is no collateral left for specs to borrow against because the Fed, foreign sovereign funds, and foreign CBs bought it all.  What is in the system is already pledged.  And now QE is being cut.  No money means the market is going to correct.  And it is completely, absurdly, overpriced coming off a finishing thrust upwards move.  It is going to go much lower than you think unless super QE is unveiled.

Fri, 07/18/2014 - 09:14 | 4972797 jtz5
jtz5's picture

"It is going to go much lower than you think unless super QE is unveiled."

 

Is much lower 1500 on S&P or are you talking sub 1000?

Fri, 07/18/2014 - 07:19 | 4972501 GrinandBearit
GrinandBearit's picture

Today the market will retrace yesterdays loss.

It's all a shit show.

 

Fri, 07/18/2014 - 07:49 | 4972559 disabledvet
disabledvet's picture

"Today all men under the age of 42 will be reporting for duty."

Fri, 07/18/2014 - 07:58 | 4972582 Headbanger
Headbanger's picture

That's a laugh cause 70% of them are fat slobs who never walked more than a mile at one time and could pass the physical

 

Fri, 07/18/2014 - 07:21 | 4972508 25or6to4
25or6to4's picture

"Malaysian Airline stocks down 11%. Not too shabby considering that they have lost about 600 people in the past couple of months.

Fri, 07/18/2014 - 07:33 | 4972526 GetZeeGold
GetZeeGold's picture

 

 

Cui Bono?

 

None that I can see. Sometimes it comes down to a chimp with a machine gun.

http://www.youtube.com/watch?v=Zi92pRbG8ms

 

Fri, 07/18/2014 - 07:36 | 4972543 firstdivision
firstdivision's picture

all i see are green ticks on ES this AM

Fri, 07/18/2014 - 07:59 | 4972587 Headbanger
Headbanger's picture

Dead kitty blip.

Fri, 07/18/2014 - 08:11 | 4972609 firstdivision
firstdivision's picture

The kitty died in '08, but has bounced higher and higher since death.

Fri, 07/18/2014 - 08:31 | 4972662 GetZeeGold
GetZeeGold's picture

 

 

Amazing what a few (free) trillion dollars will do for you.

Fri, 07/18/2014 - 07:37 | 4972544 Eyeroller
Eyeroller's picture

It's gonna take a Martian Invasion to happen before these markets react realistically to anything.

Each month sees more escalation in geopolitical events, and the markets pause for at most a day, then yawn and get back to the shit show.

Fri, 07/18/2014 - 07:59 | 4972572 ekm1
ekm1's picture

There is no market. It is literally suspended.

Central command has a well defined range of bonds and stocks in their algorithms that everybody must be within and nothing moves out of those boundaries, unless another force manages to control the algos.

 

Market is dead and I am not exaggerating one shred.

 

If central command wishes, Dow can b e 25k next Friday, just move the digits up.

That's why world is slowly and now faster avoiding USD. Finance is dead.

Fri, 07/18/2014 - 09:33 | 4972881 Spastica Rex
Spastica Rex's picture

Anything to preserve the system, including destruction of the system.

Fri, 07/18/2014 - 07:54 | 4972574 25or6to4
25or6to4's picture

Martian invation? Who do you think is running this shit show?

Fri, 07/18/2014 - 07:49 | 4972555 buzzsaw99
buzzsaw99's picture

if you didn't btfd yesterday my condolences. 1% down off the ath is a chance not likely to happen again in our lifetimes.

He feels the piston scraping --
Steam breaking on his brow --
Thank God, he stole the handle and
The train won't stop going --
No way to slow down...

Fri, 07/18/2014 - 07:47 | 4972556 RECISION
RECISION's picture

Shocking... shocking...
/s

Fri, 07/18/2014 - 08:25 | 4972649 gdiamond22
gdiamond22's picture

Buy on the sound of cannons. Bitchez

Fri, 07/18/2014 - 09:05 | 4972753 Youri Carma
Youri Carma's picture

"but there is still considerable uncertainty about the nature of anti-air technology available to pro-Russian separatists operating in south-east Ukraine."

Maybe you are looking in the wrong direction because: Kiev Deployed 27 Anti-Aircraft Launchers to E.Ukraine Ahead of MH17 Crash! https://www.youtube.com/watch?v=nx4bkgtIZTQ

Buk-M2 SAM In Action https://www.youtube.com/watch?v=DDXScnEKaP0

Marketing video Russian Air Defense Systems S-400, Buk M2 and Tor M2 shooting at US Airforce https://www.youtube.com/watch?v=hsgQ83irr0o

Bombshell! Proof That Malaysia Flight MH17 Was Diverted Over Ukraine War Zone! https://www.youtube.com/watch?v=KXQ_8_KUT3w

BUSTED! Ukraine Caught Trying to ‘Frame Russia’ for Shooting Down Malaysia Flight MH17! https://www.youtube.com/watch?v=28MrASx-RiM

Malaysian Plane Contained Over 100 Int’l AIDS Conf. Attendees http://www.outtraveler.com/airlines/2014/07/18/malaysian-plane-contained...

Fri, 07/18/2014 - 09:31 | 4972875 TRENDHOUND
TRENDHOUND's picture

it seems that yesterday's sell off will turn out to be another one day event

come on HFTs, pls keep up the good work, keep pumping

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