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Manic Monday Becomes Turmoil Tuesday As China Rocks The Global Boat
In honor of China's historic devaluation, today seemed like a two-clip day... For the Traders...
and of course... for the news media after yesterday's celebrations...
Ok, having got that off our chest we start with... USDCNH's collapse (utterly destroying carry traders as implying vol exploded) has continued after China's close...
Is it any wonder that carry trades worldwide exploded?
US equities roundtripped all of yesterday's gains... then bounced...
Leaving only Nasdaq red on the week though...but they did try to ramp that too...
Weighed down by AAPL..down 5% - worst since Jan 2014...
Dow Death Crosses...
VIX rollercoaster continues - VIX up 13% breaking above 14...
With a late day slam in VIX to ramp the S&P perfectly to VWAP... NOTE the institutional selling at VWAP on each bounce...and the volume difference!!
File these two charts under the WTF folder... Energy credit spiked to 1028bps and WTI crude collapsed to a $42 handle... so it makes perfect sense that energy stocks would surge...
Because buying Energy stocks at 22.85x is definitely a great call as credit and crude collapse...
Submerging markets collapse to 4 year lows...
Treasury yields collapsed around 9bps across the complex... The 5Y, 7Y, 10Y, and 30Y all closed below their 200DMAs
FX markets turmoiled... commodities currencies were monkey-hammered and EUR strengthened as the most popular CNH carry pair (which led to modest USD strength)..
Commodities were mixed with PMs up and industrials/base down...
Precious Metals appeared to get a nod that things were coming...
Crude Carnaged to fresh 6 year lows today... with a $42 handle... increased OPEC production (Supply) along with China growth (Demand) fears
And Copper closed at fresh 6 year lows...
Finally - a message from your friendly CNBC correspondent: "Flat Is The New Up"
Charts: Bloomberg
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So tomorrow will be Worrisome Wednesday?
I think we are seeing the beginning of the great market reset, at least for stocks. Commodities are already well underway.
Your candidate will be fleeing to Israel if you get your wish.
To the down arrows. I love when party members who believe in the communist manifesto tickle my balls. Thank you.
How come they only down you at night when no one is here to see it?
they get me all day especially if I say askenazi or Israel. They love them some establishment.
then there is thirsty thurs. and fried friday...
How come they only down you at night…
’cause the cranky misanthropes
SLEEP ALL DAY !
Nice to see David Lo-Pan leading the array of goofy thumbnail headline pics, Tylers.
As has already been demonstrated by the Swiss, there's nothing like a little monetary surprise to keep things interesting. As for Wednesday, it'll depend on what the Panic Protection Team does, but they have to be thinking about which country hits the flush lever next and when will the FED decide to join in the fun.....
Finally - a message from your friendly CNBC correspondent: "Flat Is The New Up" Fuckin' Awesome
wipeout wednesday.
https://www.youtube.com/watch?v=p13yZAjhU0M
This day was pretty cool, I wonder what Wednesday will be like?
Probably an up day for Goldstein Sacks
Roller coasters are fun! Wee!!!
- Goldman Sucks
A close above moving averages on the death cross with the little ashkenazi's saying fuck your technicals bitch...fuck your technicals... grinding their shoes in your couch like the Dave Chapelle /Rick James skit.
For the benefit of the group:
https://www.youtube.com/watch?v=PDT_Po_hjJM
ROFL Dave Chappelle cracks me up.
You would think Tyler would use something out of this skit. it just fits what the casino does day in and day out
Sum Ting Wong Wednesday.
A little fed cat bounce tomorrow, followed by shitfaced Thursday.
PPT will be at their desks by 4am tomorrow..
Come for the videos, but stay for the chart porn.
The dumbell faceplanting on the dumbells was indeed quite humorous.
At the end of that vid is 'Epic GYM Fails Compilation 2015'... it's better...
You have to wonder about man, only a moron would pay for a gym membership. There is all sorts of things in the world you can lift for free. Someone said the other day a perfect phrase," Only humans pay to live on earth".
Looks like it's time to purchase the copper for my still.
Thanks China
I love Chinks.
The world today seems absolutely crackers
With nuclear bombs to blow us all sky high
There's fools and idiots sittin' on the trigger
It's depressing and it's senseless, and that's why...
I like Chinese, I like Chinese
They only come up to your knees
Yet they're always friendly, and they're ready to please
I like Chinese, I like Chinese
https://youtu.be/7DqvweTYTI0There's nine hundred million of them in the world today
You'd better learn to like them, that's what I say
"Flat Is The New Up"
How'd you make out today? [/Billy Ray Valentine]
"Joy To The World" by Three Dog Night
Janet Yellen was the Fed Chair
Was a good friend of mine
I never understood a single word she said
So I helped her markets decline
Stocks can’t always rise in a straight line
Singin' “Joy to the world”
All the boys and girls, now
Fade all the bank shares at their apogee
Shorts for you and me
If I were the head of the Fed, tell you what I'd do
I'd throw all the ‘dots’ and the charts on the floor
And spike rates to 3.02
Singin' now: “Joy to the world”
All the boys and girls
Deploy hawkish grinches to the FOMC
Shorts for you and me
You know, I might have rabies
Mouth foamin’ cause it’s so much fun
I’m a high-flier fighter and an AAPL sniper
A short-sellin' son of a gun
More malicious than Attila the Hun
Joy to the world
All the boys and girls
Spike all the VIX’s up to 63
Joy to you and me
good one, KCS. you been stockpiling the "downer" songs for awhile waiting for the markets to oblige?
....and yes, vix 63, please. fistfull of vix calls already in place.
Thanks AC, yes, if we break a little further, I've got a few I've been holding for several months, but mostly I'm writing neutral/humorous ones, as it's possible we'll be in this annoying, mean-reverting, VWAP-controlled range for the rest of my lifetime :(
....one more thing to look forward to as the markets slip back to par.
in addition, i'm holding out hope that someday i can renew my valueline subscription (now lapsed for about 4 years), as it will have some meaning again.....but i won't hold my breath.
Yeah, you'd turn quite blue, I'm afraid. Coincidentally, I'll eventually post a "Fooled Around and Fell in Love" parody that involves Value Line binders and Daily Graphs pages, for those old enough to remember that tune, and paper research tools. Yeah, middle aged types like me ...
haha ... for a minute I thought 'submerging ' markets was a typical typo.
If 1.9% depreciation of yuan can rock the world economy, then we are really living in an interesting time.
Its not the immeadiate 1.9% devaluation that is the problem, it is what it is saying to the entire World
"Hey Bitches - China is in deep do do and by extention so are you"
Do you hear the fear
American money is what is manipulating this gyration in China. However, China has not even begun to rock the boat yet.
Clowns been puking a lot lately.
I think the bankers read zerohedge comments....we all say that tuesdays they make everything better, so they did this just to fuck with us. lol
Funny how much that Etrade baby looks like Steve Liesman and Michelle Carbrera spawn
I guess everytjing is still awesome then? Check out S & P futures at 10 PM EDT. PPT musta fell asleep to allow this. Usually ramps up this time of night.
http://finviz.com/futures_charts.ashx?t=ES&p=m5