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"Black Monday" - Shanghai Composite Goes Red For The Year, Wiping Out 60% In Gains, 2000 Stocks Limit Down

Tyler Durden's picture




 

 

But... but... pension funds are "allowed" to buy stocks.

Judging by the first few minutes of trading in the first thing to open this evening on the mainland, the CSI 300 Index Futures which immediately tumbled by 4% to 3340, China's attempt to deflect attention from the fact that it did not do a 50-100 bps RRR cut is not doing too well.

Some other indicative levels which are in line with the CSI:

  • Shanghai Composite to open -3.8%, some 130 points below the 3,500 "hard line" support level below which it is a nothing but air back to 2000
  • Shenzhen down 4.3%
  • ChiNext down 5.1%

That said, we expect the National Team to not give up without a big fight, and forcefully step in any minute and do everything in its power to prevent the resultant plunge in the Shanghai Composite which is set to open shortly, or else SHCOMP 2000 beckons, and with it lots and lots of social unrest.

* * *

Update: Shanghai Composite now down -5.7%

 

And the 3,500 support is now gone.

 

Update 2: Shanghai Composite crashing, now down 7%

 

Update 3 and final: SHANGHAI COMPOSITE INDEX ERASES YEAR'S GAINS

 

Not a pretty picture at all...

 

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Mon, 08/24/2015 - 00:51 | 6460774 bid the soldier...
bid the soldiers shoot's picture

+ 1  for chairdyke

Mon, 08/24/2015 - 00:28 | 6460711 kw2012
kw2012's picture

No worries, Obama, Hillary, Valerie Jarrett, and Yellen will save us. Harry Reid is ummmm... cough probably yanking on a big rubber band in the bathroom. Don't let that thing slap you in the face again!

Mon, 08/24/2015 - 00:29 | 6460713 Jack Oliver
Jack Oliver's picture

There does come a time when 'money printing' and BS no longer works - If you have no hope of ever paying your debt - what do you do ?? Declare BANKRUPTCY and start over !! The people who invested in good faith are ALWAYS the losers - that would be the population of the World we are talking about !

Mon, 08/24/2015 - 00:30 | 6460719 franzpick
franzpick's picture

When the statists close the exchanges tomorrow, this will become the 1st bull market that ended on a 'Black Sunday'.

Mon, 08/24/2015 - 00:39 | 6460744 Son of Captain Nemo
Son of Captain Nemo's picture

God Damn you went to the back of the rack for that one.  You are most definitely up on the complete "collection"...

Some very scary shit but this is what we have been anticpating here for at least the last 4 years!

Mon, 08/24/2015 - 00:41 | 6460747 cherry picker
cherry picker's picture

I took a look

It can happen again if the 'sheep' and 1% panic

Who would have thought we were 24 hours from economic disaster, a real one where there is no recourse

And the idiots continue to play the game

What are they going to do now if the eletronic withdrawals start again?  Digits for physical coin?

There isn't enough physical on this planet to meet the demand and they wont be able to print enough in time.

 

Mon, 08/24/2015 - 01:04 | 6460803 Ms No
Ms No's picture

I noticed in the comments they made the connection with the 7's we have been hearing so much about as of late.

Mon, 08/24/2015 - 00:44 | 6460754 angryoldbastard
angryoldbastard's picture

Every single stupid motherfucker who bought stocks since January 1, 2013 is about to get completely ass fucked as the big boys drop the global markets down, down, down and all the retail faggots panic and sell at a massive loss.  Then Wall Street buys at the bottom again and the "rebound" starts, and dumbfuck starts buying again after it goes up 20%, once it "seems safe".

 

Buy low and SELL, fucking SELL high!  SELL YOUR FUCKING STOCKS WHEN YOU'VE MADE A GOOD PROFIT!  The whole "Buy and Hold" thing is so that YOU hold as the market tanks so that Wall Street can SELL and GET OUT CLEAN.

 

There is a reason they drive Bentleys and have $5 million beach houses while 99% of "investors" eat at Chilis and live in some shit 3/2 in the middle of an old cornfield.

 

Well, my SPXS position initiated back in June at $17.40 might just make me a few bucks this week.  I'll be watching Cramer, and when he says "Well, you probably don't want to buy back in yet" I'll be buying SPXL with both hands, and I'm 100% liquid.  I sold everything in Feb 2014 and have made 6.5% since then in bonds.  Bring it on Goldman you fuckers!

Mon, 08/24/2015 - 00:51 | 6460771 jack stephan
jack stephan's picture

https://www.youtube.com/watch?v=qCCUUi5rx-0

 

4:59 and after is a beautiful thing

Mon, 08/24/2015 - 01:01 | 6460796 bid the soldier...
bid the soldiers shoot's picture

 

Silly, Silly, Silly

 

QE4 is already printed. They didn't tell anybody. 

Just wait for the 3:40 pm rally

WOOHOO

Mon, 08/24/2015 - 01:09 | 6460812 joego1
joego1's picture

The market has been

Shanghai'ed
Mon, 08/24/2015 - 01:12 | 6460826 bid the soldier...
bid the soldiers shoot's picture

Here's the deal, everybody.

There never was a currency war.  It was a currency skirmish.

And it was the opening shot of the Economic War.  

 

That's where we are now.  The Fed is printing; the Chinese are selling.

And it ain't over till it's over.

 

BTW, I'm selling popcorn. You know how to reach me. 

Mon, 08/24/2015 - 01:21 | 6460850 GeoffreyT
GeoffreyT's picture

Back up the truck... time to squeeze the shorts' balls.

 

I'm a permabear, but I'm about to go long everything here... DAX (at the DAX futs open in 40 minutes), and right now on NK SPI and Hang Seng.

 

Next multi-hour move will be an eyeball-tearing slam upwards - otherwise there will be a billion ticked-off Chinee - and the political class in China don't want that, and nor does anybody else.

Mon, 08/24/2015 - 01:34 | 6460871 Doofer
Doofer's picture

-9.00%

Mon, 08/24/2015 - 01:36 | 6460874 tarabel
tarabel's picture

 

 

Cutting through 3200 after the break. A song for markets everywhere today.

https://youtu.be/29uNvGHsRlc

Mon, 08/24/2015 - 02:10 | 6460915 ict-infcomtech.lu
ict-infcomtech.lu's picture

How about getting the last unction? The end is near, the old has to die to make way for the new to start.

They knew it already back in 1981: https://www.youtube.com/watch?v=GPYLJoq_40Y

Mon, 08/24/2015 - 02:13 | 6460917 AlfredNeumann
AlfredNeumann's picture

Time to buy the dip.  

Mon, 08/24/2015 - 02:20 | 6460924 Flatchestynerdette
Flatchestynerdette's picture

I'm watching the dow mini futures go from -490 to -385 within about 30 minutes. How blatant can intervention be? Shanghai is at -6.94 as Europe "awakes".

I understand there's still a sticky note from Bernanke on GS's main trading desk that was never rescinded by Yellen which says buy to maintain but now I can see Christine LaGarde has turned on her tv & made a call as well.

We may be down at the open in NY but we'll close in the green by at least $2bucks come Yellen or high water.

 

Mon, 08/24/2015 - 02:26 | 6460931 AlfredNeumann
AlfredNeumann's picture

Yup.  buying early, gonna make a killin today.

Mon, 08/24/2015 - 02:27 | 6460934 juicy_bananas
juicy_bananas's picture

We crashed some folks.

Mon, 08/24/2015 - 02:37 | 6460936 AlfredNeumann
AlfredNeumann's picture

I will be driving a new Bentley at the end of the day and saying ''I told you to buy the dip, bitches''

What?  Me worry??

Mon, 08/24/2015 - 02:40 | 6460946 juicy_bananas
juicy_bananas's picture

You'll be the chauffeur.

Mon, 08/24/2015 - 08:14 | 6461490 robertocarlos
robertocarlos's picture

He never saw the jet coming. RIP.

Mon, 08/24/2015 - 02:34 | 6460940 Late onset ADHD
Late onset ADHD's picture

the real black "weekday" will be less than one rotation of the globe... ~20hrs or less and no time to catch your breath...

is this it?... tic tic tic... tocks are a bitch...

Mon, 08/24/2015 - 03:09 | 6460947 AlfredNeumann
AlfredNeumann's picture

Just called Yellen but Stanley Fischer answered the phone.

''I run this show, buddy''  he said.  Oy vey. ''Stupid Goyim''  he muttered as he hung up on me.

Mon, 08/24/2015 - 02:57 | 6460958 Flatchestynerdette
Flatchestynerdette's picture

Shanghai now back down to -8% from having been tried to brought back to life from -6.94%. Dow Mini futures back to -400+ from having rallied to the -350 level.

I'm revising my statement above.

LeGarde seems to be letting China go which means Yellen will follow suit.

No save into green for the close but I think they might try and manage the downfall.

Mon, 08/24/2015 - 02:57 | 6460963 OneTinTrooper
OneTinTrooper's picture

capitulation is going to happen on the upside, not the downside

Mon, 08/24/2015 - 03:03 | 6460970 OneTinTrooper
OneTinTrooper's picture

A lot of forces in play to try to break these markets.  I got news.  It ain't going to happen.  Not this time anyways.

Mon, 08/24/2015 - 03:15 | 6460981 franzpick
franzpick's picture

And the downside leader in the world equity futures race to the bottom 8-23-15, at midnight PT, is China A50 at 8884, down 1060, minus a clean 10.7%.  The same could happen in NYC in 7 hours:

http://www.investing.com/indices/china-a50-advanced-chart

Hey Janet, just where are you going to go, without China?

Mon, 08/24/2015 - 03:17 | 6460987 OneTinTrooper
OneTinTrooper's picture

cool story bro

Mon, 08/24/2015 - 03:27 | 6460990 franzpick
franzpick's picture

Correction: A50 now minus 1119, down 11.25%, and it's going to get worse, down to 8000, then the 2014 low at 7000. Explain to the Chinese how you use 'equilibrium' metrics to keep America on track, Janet...

 

Mon, 08/24/2015 - 03:14 | 6460984 Panic Mode
Panic Mode's picture

Pop corns never taste so good. Thank you. Zerohedge. You save me a lot of money from 1wasting on pension and stock market.

Mon, 08/24/2015 - 03:21 | 6460988 FreedomGuy
FreedomGuy's picture

While I like being right, along with many here, I do not relish the pain that may be coming (I do not like to talk with certainty that the meltdown is here for sure). 

The only thing good that could come out of this is if the central planners of the world, or at least the USA-West realize their limits and go Austrian School. That would require governments to take their regulatory fingers off the throat of business, as well. I do not see this as likely, unfortunately. 

If this is the next great melt down which based on history should be larger than the last by a large magnitude I hope we find we are sufficiently well prepared. 

Mon, 08/24/2015 - 03:37 | 6460997 RabbitChow
RabbitChow's picture

It has begub; this wave will not subside untill mid-September.

Mon, 08/24/2015 - 06:11 | 6461125 robertocarlos
robertocarlos's picture

"I'd keep playing. I don't think the heavy stuff's gonna come down for quite awhile".

Mon, 08/24/2015 - 04:00 | 6461012 BurningBetty
BurningBetty's picture

They've climbed the equivalent of Mt.Everest. It's downhill from now and back to reality.

Mon, 08/24/2015 - 04:34 | 6461036 spjk2k
spjk2k's picture

long predicted inevitable pain.  for the real shtf event, they'll shut down the interwebz, emp the global grid, and call off christmas.

Mon, 08/24/2015 - 06:45 | 6461168 TeethVillage88s
TeethVillage88s's picture

Holy Crap! What a way to wake up.

Mon, 08/24/2015 - 08:11 | 6461473 robertocarlos
robertocarlos's picture

PLA incentives.

Mon, 08/24/2015 - 06:09 | 6461121 robertocarlos
robertocarlos's picture

"I hear this place is restricted, Wang, so don't tell 'em you're Jewish, okay"?

Mon, 08/24/2015 - 06:53 | 6461188 irongator
irongator's picture

Can't wait til 0930 Eastern....I'll be on Marketwatch with a bowl of popcorn! This is some good entertainment!

Mon, 08/24/2015 - 07:22 | 6461279 BrokusDickusMaximus
BrokusDickusMaximus's picture

I need another Monster Box.

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