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"Black Monday" - Shanghai Composite Goes Red For The Year, Wiping Out 60% In Gains, 2000 Stocks Limit Down
Black Monday! #ChinaStocks join global panic selloff, dive 8.5%, worst since Asian financial crisis at midday pic.twitter.com/nLHoFf34bV
— China Xinhua News (@XHNews) August 24, 2015
FACTS: By midday break, nearly 2000 stocks down 10% daily limit in Chinese market -- only 13 stocks up; Shanghai benchmark index down 8.45%
— George Chen (@george_chen) August 24, 2015
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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+ 1 for chairdyke
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!
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 !
When the statists close the exchanges tomorrow, this will become the 1st bull market that ended on a 'Black Sunday'.
Here's a ZH throwback for what happens next.
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!
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.
I noticed in the comments they made the connection with the 7's we have been hearing so much about as of late.
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!
https://www.youtube.com/watch?v=qCCUUi5rx-0
4:59 and after is a beautiful thing
Silly, Silly, Silly
QE4 is already printed. They didn't tell anybody.
Just wait for the 3:40 pm rally
WOOHOO
And it's getting spooky... er
http://www.rt.com/news/313170-russia-china-japan-sea-drills/
http://www.infowars.com/report-israeli-war-jet-shot-down-over-syria/
http://www.rt.com/news/313176-tokyo-factory-blaze-airport/ (new one)
The market has been
Shanghai'edHere'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.
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.
-9.00%
Cutting through 3200 after the break. A song for markets everywhere today.
https://youtu.be/29uNvGHsRlc
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
Time to buy the dip.
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.
Yup. buying early, gonna make a killin today.
We crashed some folks.
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??
You'll be the chauffeur.
He never saw the jet coming. RIP.
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...
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.
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.
capitulation is going to happen on the upside, not the downside
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.
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?
cool story bro
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...
Pop corns never taste so good. Thank you. Zerohedge. You save me a lot of money from 1wasting on pension and stock market.
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.
It has begub; this wave will not subside untill mid-September.
"I'd keep playing. I don't think the heavy stuff's gonna come down for quite awhile".
They've climbed the equivalent of Mt.Everest. It's downhill from now and back to reality.
long predicted inevitable pain. for the real shtf event, they'll shut down the interwebz, emp the global grid, and call off christmas.
https://www.youtube.com/watch?v=bw9CALKOvAI
Holy Crap! What a way to wake up.
PLA incentives.
"I hear this place is restricted, Wang, so don't tell 'em you're Jewish, okay"?
Can't wait til 0930 Eastern....I'll be on Marketwatch with a bowl of popcorn! This is some good entertainment!
I need another Monster Box.