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US & China Stocks Are Plunging After PMI Hits 6.5-Year Low, PBOC Strengthens Yuan Most Since Nov 2014
Following China's official PMI print at a 3-year low, Caixin's PMI collapsed to 47.3 - the lowest sinec March 2009. Despite another CNY150bn liquidity injection (but the biggest strengthening of Yuan since Nov 2014 and a financial conditions tightening in FX trading), China, US, and Japanese stocks are plunging... SHCOMP -4%, Dow -280, NKY -340
Carnage!
China -4%
Dow -280...
NKY -340
Japan is now getting worried:
- *ASO: CHINESE ECONOMY HAS BIG IMPACT ON JAPAN ECONOMY
Blood on the streets again in China...
None of this should come as a surprise to anyone as we noted earlier...
Stop acting surprised pic.twitter.com/BxbmCk0Wfx
— zerohedge (@zerohedge) September 1, 2015
* * *
And as we detailed earlier...
Having exposed the culprit for all of its economic and market woes, China is likely going to have problems explaining why its economic plague is still spreading (with South Korean exports collapsing and Japanese Capex growth slowing) and China's official manufacturing PMI slipped into contraction for the first time in 6 months (to 3 year lows). Amid the face-saving clean-air of Parade Week, the appearance of awesomeness must prevail and following the worst quarter since Lehman, stocks are indicated lower despite having received some 'help' into last night's close. PBOC proxies push 'hope' as a strategy for stock stability (even as US markets and oil are re-collapsing) as margin debt drops to an 8-month low - still double YoY though. PBOC fixes Yuan 0.22% stronger- the biggest jump since Nov 2014 - as it injects another CNY150bn via 7-day rev.repo.
China's bubonic economic plague is spreading...
- S. KOREA EXPORTS DROP BY MOST SINCE 2009, FALLING FOR 8TH MONTH
So guess who wil lbe next to devalue!
* * *
But having arrested the culprit for all of China's market and economic woes, following the worst 3-month slide in stocks since Lehman...
And with Parade Week under way, the propaganda continues...
- *PBOC ACADEMIC URGES ATTENTION ON STOCK MKT STABILITY: SEC TIMES
Which, he writes, means market expectations should be optimistic about the economy as they were during the bull market... even though there seems to disconnect between economic fundamentals and the stock market, while the gap between the link, it is the reflection of the policy.
Which roughly translated means - In China, hope is a strategy.. and if you are anything but hopeful you are arrested.
But then China PMI hit...
- *CHINA MANUFACTURING PMI AT 49.7 IN AUG. - 3 Year Low - The Official PMI in contraction for first time in 6 months.
- *CHINA NON-MANUFACTURING PMI AT 53.4 IN AUG.
"Both domestic and external demand are weak," said Tommy Xie, an economist at Oversea-Chinese Banking Corp. in Singapore. "Market sentiment is bad and it’s too early to say the Chinese economy is bottoming out."
Don't forget - Hope fills the gap.
So having switched its focus to more economic-growth-focused measures than stock-levitation, $100s of billions later, the economy keeps sliding.
Of course, there is always the unofficial Caixin print at 2145ET to baffle everyone with bullshit.
* * *
There is some good news... The delveraging continues:
- *SHANGHAI MARGIN DEBT BALANCE FALLS TO LOWEST IN EIGHT MONTHS
- Outstanding balance of Shanghai margin lending fell to 673.1b yuan on Monday, lowest level since Dec. 25.
- Balance dropped by 1.5%, or 10b yuan, from previous day, in a 10th straight decline
But then again, we are not sure if we are allowed to mention that. And in any case - just to screw things up completely, China is goping full subprime in the real estate market...
China may strengthen property loosening and reduce down payment ratio on commercial mortgage loans if property investment remains weak, analysts led by Ning Jingbian write in note.
Move to boost mkt confidence in short term, though real policy effect may be impaired due to caps on housing provident fund loans
Yeah - because loosening standards and lowering upfronts worked out so well for America's already inflated housing market.!!
Asian equity markets are not happy...
- *JAPAN'S NIKKEI 225 MAINTAINS LOSS AFTER CHINA PMI; DOWN 1.5%
- *CHINA FTSE A50 STOCK-INDEX FUTURES FALL 1% AT OPEN
- *CHINA SHANGHAI COMPOSITE SET TO OPEN DOWN 1.5% TO 3,157.83
- *CHINA'S CSI 300 INDEX SET TO OPEN DOWN 2.1% TO 3,296.53
After two days of stronger Yuan fixes, PBOC goes crazy and drastically strengthens Yuan...
- *CHINA SETS YUAN REFERENCE RATE AT 6.3752 AGAINST U.S. DOLLAR
- That is the biggest single-day strengthening since Nov 2014...
We are not sure of the implications yet but it seems like a tightening of financial conditions:
- *PBOC SAID TO MAKE BANKS TRADING FX FORWARDS HOLD RESERVES: RTRS
- *PBOC FX FORWARD RESERVE RATIO SAID TO BE 20% FOR NOW: REUTERS
Charts: Bloomberg
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No hope even for the Pope
Obama exhausted the world's supply of hope
China is in full blown damage control, they know this fiat house of cards is going to continue to collapse, they are continuing to build their positions in precious metals because of this.
http://jimrickards.blogspot.ca/
Apparently the strategy is working. It's only down 2.5% so far today just after 10 minutes of trading.
This is still because Bush?
Well, they're sure as hell never going to let it be Obama's fault, so, yes.
Maybe China will plump gold a little, since they have so much of it and appear to need the money ...
A new low is coming.
http://www.planbeconomics.com/2015/08/tom-demark-thinks-us-could-slowly-...
When Barry broke the American Middle Class consumer he set into motion a historic global depression. Not only does it jam the USA GDP but the global GDP is crippled.
Apparently that might have been what it takes (mixed tenses are cool) to break the Federal Reserve Dollar.
This puts us in the odd position of saying that maybe Obama did a... good thing, most likely intentionally?
What next, cats and dogs procreating like rabbits?
Quick arrest someone, do something, Buy something, Stocks are cheap, After (pick a number) years the economy is improving. Commodities cannot get any cheaper. Cheap comodities mean more and cheaper goods. Lift interest rate 0.25% and bring demand forward. We maybe making a loss but we are making up for it with High volumes. Green shoots, unicorns and other mythical creatures indeed
What it all comes down to...and what no central banker can "fix"...
Global population increases peaked in '91 @ about 90 million/yr and have fallen since, now about 80 million/yr. and estimated to continue falling.
But even more importantly, high income nations population growth has nearly ceased and low to ridiculously / sadly low income nations have taken over global population gains. High income nations credit creation has also stalled while low income nations have little access to credit...and nearly any and all net population gains in high income nations are coming in the 65+ populations.
Africa, with an average $2,400/yr income, is now responsible for 37% of global population increases...India, with an average $5,900/yr income is responsible for 19% of global population increases...and China at $12,900 is down to 10%...US, EU, Japan, and all the rest of OECD nations which previously were equally responsible for population growth, are nearly at a standstill.
This trend of low income nations taking over population gains is only increasing and by 2030, Africa will be responsible for 50 to 60% of all population gains...yet with little to no money to push growth or consumption. All detailed in the link below...
http://econimica.blogspot.com/2015/08/growth-now-and-in-2030forget-india-its.html
well populations with less than 80 average iq seem to be doing fine in the sex/rape department.
would have been 4% without "assistance"
Yup, look at it by the close, straight down, the direct intervention, then flatline no change for a couple hours.
Can you say "marked deck" or "magnets under the roulette wheel"? Totally manipulated shit show.
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Take a look at my site and let me know if you have questions. And please don't react negative to this post, there's enough trouble out there that adds no value.
Enjoy the day!
You should have said your name is Caitlyn and that now you self-identify as an ANALyzer. #grinning!
http://i.imgur.com/V0uCo11.jpg
Your view of the past is almost 100% accurate.....
It is not because or only because of fiat currencies. It is because they have a fake centrally planned economy on steroids. In their own post-Commie clumsy way they tried to play the central planner game in a large way without being quite as good at it.
Their problem is bad theory, worse execution and now damage control from things they do not understand.
[11:00]
I think the guys are empty, this dealer (MP precious metals) has dozens of stores, but if the opens the drawer, there is nothing in there at bullion coins. I each bought up the stock The last 3 times (I told them), then the clown was supposed to shut off. This time he had for me (14: 00h) or 11 KR and a couple of mini-bars. The are no longer supplied by the lush Mints, everything should just look as if you had inventory. He also said: An "old coins" would hardly what purely Similarly in silver:. Previously you could comment Buy more master boxes, today come statements such as: "? Waas A whole box." We make town also just the numerous Goldankäufer tight again, the people are empty.
http://www.hartgeld.com/goldmarkt.html
Germany is running out of PM!
Hope and a tiger penis and we're in!
PBOC is the new Gartman.
Prease call us PNBC!
Hope is a fantastic strategy. You can even keep the change!
Worked out well last time, didn't it?
Everything's going to be fine!
;-)
Its fantastic, really it is. A messianic, light bending, unicorn riding, God-like, reefer smoking, racial healing, Annenburg Foundation leeching social worker from Chicago-Hawaii-Indonesian madrasa, who picked Joe fucking Biden as Veep leading us all Forward into the promised land of the abyss!
Really, what moar could anyone here ask for? ;-)
Abyssutopia?
nmewn, you forgot fudgepacker
he forgot golfer too
Um, Biden 2016! /s
too bad usa futures are a joke and indicative of nothing otherwise i would be amused right now
My landlord in seaside town by westcoast US border has been refused on re fi's and I am having appraisers come thru lately.
Internationally, credit is tightening, I think Bill Holter is right, credit is the problem to watch.
By the time they figure out there's a problem with the credit markets, it's already too late
Petrodollar is dismantling, oil hedgers go bankrupt
USD is floating up like a dead fish as derivatives unwind
As USD floats up Emerging Markets debt gets unpayable
To hedge that EM buys more UST floating dollar up higher
Commodities deflat particularly those from EM
No one can buy Chinese mass marketed goods anymore
Markets swing like Tarzan
And we're not even through the 1st act.
Everything biflates: productive (real) economy down, financial (paper asset) economy up.
Demographics parallel the split: .001% up, 99.99% down
it's rather simple: http://en.wikipedia.org/wiki/Trans-Pacific_Partnership#Protests
Japan's FX/ Euro & USSA have poison'd China's soft-velvet`glove approach handling the fledgling naive EMs...[?]
wow this site is getting whallop'D
ref: http://www.vox.com/cards/trans-pacific-partnership/what-is-the-trans-pacific-partnership
Thnx for the links....fascinating and educational for me:
On 5 March 2012, a group of TPP protesters disrupted an outside broadcast of 7News Melbourne's 6pm bulletin at Melbourne, Australia's Federation Square venue.[168] In New Zealand, the "It's Our Future" protest group was formed[169] with the aim of raising public awareness prior to the Auckland round of negotiations, which was held from 3 to 12 December 2012.[170] During the Auckland negotiations, hundreds of protesters clashed with police outside the conference venue and lit a fire in the streets.[171]
A poll conducted in December 2012 showed 64 percent of New Zealanders thought trade agreements, such as the TPP, which allow corporations to sue governments, should be rejected.[172]
2012? Thanks for the timely updates!
This whole China PMI thing is a red herring. The plunging ES has one reason and one reason only: Gartman.
Let's stay focused here, men.
So if every Chinese factory that has rehypothicated debt gets blown up to cover malfeasance, does America get it's Jobs back ?
sounds like Arsonist may be a good Job career move..
Sorry, jobs got rehypothecated too
BTFD YOU MOTHER FUCKERS!
:)
<-- green by dawn
<-- dead by dawn [/evil dead 2]
Red overnight, shorters delight
Green by day, short I stay
Y O U C A N ' T L O S E
What's the rationale with China weakening the yuan first and now strengthening it? Confused.
So are they....and everyone else for that matter.
Confusion is the new Confucius.
None - zerohedge going full CNBC. Not a compliment.
Maybe Larry Summers gave them a call.
The original intent was to weaken the Yuan but their UST dumping repatriated the trade surplus $'s which adjusts their foreign reserves balance in favor of Yuan (more rare). I don't think the strengthening was intended. It's a consequence but of course, the authoratay must save face so they book it to strategy.
It gives them an excuse to dump US Treasury Bonds without inciting Washington's wrath.
Great! So who's turn is it to skate kick save the ssecomp index prior to close? Because we can never ever have an open in the us like we experienced on 8-24 again!
What's the best way to play the Shmitah to get maximum gains if you want to burn some cash? Looking at FAZ and FAS now that UVXY has one up so much.
short jewish banksters..........and Lindsay Graham
YANG but careful, it's volatile
Be very careful. In fact I'd suggest skipping FAZ... but what do I know? I had FAZ in NOV 2008. Should have paid out HUGE... looking back especially. Then it all went to "pause" while the stress tests happened. I got FUCKED on that deal and I'm guessing you will too.
Never touched anything in the markets since.
FAZ is going to reverse split 1:4 on 10 September.
https://finance.yahoo.com/news/direxion-announces-reverse-share-splits-2...
Beyond giving a shit....
in eager anticipation....
The world might soon witness a major shift in the value of one investment over another as investor seek firmer ground. Derivatives, currencies, plunging stock prices, air rushing out of a bond market bubble, how debts are structured, and the timing or direction from which problems arise are all factors that must be considered. Several factors determine just how much influence can be applied to how current economic policies unfold.
Using the metaphor of "let the chips fall where they may," things like the size of the chips, the rate or speed at which they fall, and the number of chips in the air may make them uncontrollable. We could find ourselves up to our neck in chips in a blink of an eye, at that time all bets are off as to how successful efforts to stem a catastrophe might be. The financial overlords may be losing control and this means during the final stage of the global shakedown events will be chaotic and become very wild. More below on how violent the crash might be.
http://brucewilds.blogspot.com/2015/08/the-final-shakedown-will-be-uncontrolled.html
I wish I could post the September Prophecy of pol on here.
https://8ch.net/pol/res/2960648.html
Push the Schmetal to the metal!
If you bottom feed grabbing peoples' asses it's only fun if you also turn out to be lucky when you grab those asses.
----> giant short squeeze tomorrow
----> mild short squeeze tomorrow
Muppets lose again.
Well, someone is buying in China. Up 100 points in the last 45 minutes. I guess that's a few billion more in the reverse QE3.
What happens to China stocks after the parade?
they'll dump, right after they finish scraping up the bodies of short traders that were flattened by tanks in tiananmen square
According to MarketWatch.com:
http://www.marketwatch.com/story/morgan-stanley-cuts-sp-500-price-target...
Morgan Stanley cuts S&P 500 price target
Published: Aug 31, 2015 7:04 p.m. ET
Morgan Stanley trimmed its 12-month outlook on the S&P 500 Index by more than 3% Monday, owing to forecasts of lower growth and higher inflation, as well as expectations for multiple rate hikes by the Federal Reserve before the end of 2016.
The firm said it was cutting its 12-month target for the S&P 500 to 2,200 from 2,275, with expected forward price-to-earnings ratios of 16.6 rather than the previous forecast of 17.2.
Morgan Stanley’s 2,275 target for the S&P 500 started 2015 as one of the most bullish targets for the index. Back then, the S&P 500 had finished the year at 2,058.90, after a run-up of just more than 11%. Currently, the index is down just more than 4% for the year, closing Monday at 1,972.18.
“Our new bull case of 2,425 is below our prior bull case of 2,600 by 7%,” Morgan Stanley analyst Adam Parker wrote in a Monday note. “Our new bear case is 1,500 vs. our prior 1,700, down 12%.”
“The combination of lower growth, the potential for higher inflation, and a retrenching Fed dampens the bull case potential in our judgment,” Parker wrote.
Morgan Stanley expects the Fed to raise rates five times between now and the end of 2016.
The firm also cut its 2016 earnings-per-share forecast for the S&P 500 to $128.50 from a previous $131.
“The stronger dollar and lower economic channel assumed by our macro colleagues are the causes of our reduced 2016 EPS outlook, though the recent dollar/euro weakness is a directional positive for earnings relative to a few weeks ago,” the note said.
Chinese plunge protection is furiously buying stocks. Anyone who speaks the truth about the disaster unfolding is a provocateur. And good times were had by all.
Honestly I don't think you guys get it at all.
China is strengthening it's market and currency with profits and production taken from the west It is set to be self sufficent for a very long time. It has been supporting the dollar, not the other way around.
The dollar is strengthened by debt. China can use internal markets for consumption of their goods, what do you guess we will use for production and what will we do for production.
Worse some fuckstick most likely blew up one of their port cities. If this keeps up you will see San Diego in flames. This has been coming forever and yet we continue to push them and their buddies the Russians around in their backyards.
Think about it.
They have washed their hands of us.
Rotten fish.
bill
I think quite a few of us get it Bill.
China man is more wily than zio-man.
And for that I'm glad.
Jim Willie claims that the Chinese explosions were perpetrated by the US in retalliation for their dumping of US Treasuries. He also expects more refinery explosions in Texas because of the Texan effort to repatriate their gold from the NY Fed back into a Texas depository that's being built.
Disagree with you on many points.
1. US manufacturing is alive and well. Reshoring is also on the move
2. If the Chinese are anything like the Japanese, and they prove they are everyday, then they will not consume thier own garbage.
Here's the deal. China will fall into a Japanese style mild deflationary depression that will last decades. This is the tried and true workings of western economic hit men that started with Tiananmen square and has now come full circle.
I do agree with you on a possible war. It's the bankers double down endgame strategy.
You can not compare a centrally planned economy to the Euro-socialist/capitalist model.
Apples and ornages. The USSR did not fail for economic reasons, it failed for political reasons.
China on the other hand is a success.
Most people don't understand the differences between politics and economics. I see this on this site every day.
Unfortunately for the USA we have significant failures in both areas. This is the outcoe of every Fascist state. We are dealing with a macro failure. The leading problem is an unsustainble military.
A better question is whether our country will survive or be allowed to.
bill
Why will San Diego be in flames???
Now Long Beach I can understand, since that is where all if the Chinese shit is offloaded.
But San Diego??? Only if they nuke the US Pacific Fleet HQ.
Momma don't allow no moral turpitude around here.
If the S&P futures can get back to unch by the market open, you'll know that the end of the financial world is very near.
http://www.bloomberg.com/news/articles/2015-09-01/china-said-to-order-ba...
China Orders Banks to Hold Reserves for Currency Forwards
Bloomberg News
August 31, 2015 — 10:12 PM EDT
Updated on September 1, 2015 — 12:06 AM EDT
- Ratio 20% of sales, to be held for a year with no interest
- Move makes it more expensive to bet on yuan weakeness
China’s central bank moved to curb currency speculation, making it more expensive to bet on yuan weakness in the forwards market after an Aug. 11 devaluation sparked concern capital outflows would accelerate.
The People’s Bank of China will impose a reserve requirement on financial institutions trading in foreign-exchange forwards for clients, according to six people familiar with the matter. The changes, which take effect Oct. 15, will mandate a deposit of 20 percent of sales to be held at zero interest and frozen for a year, said the people, who asked not to be identified because they aren’t authorized to speak publicly.
The PBOC has intervened to prop up the yuan since the devaluation, a policy that eats into its $3.65 trillion of foreign-exchange reserves. The stockpile will drop by an estimated $40 billion a month partly because of the support, according to a Bloomberg survey conducted in August. Premier Li Keqiang signaled support for the currency, saying late last week that there was no basis for further yuan declines.
"The move aims to curb speculative onshore positions as it makes the cost of buying dollars higher," said Becky Liu, a rates strategist at Standard Chartered Plc in Hong Kong. "It will also remove lots of speculative trades that aim at short-term gains as the reserves have a minimum lock-up period of one year."
Yuan Rises
The currency in Shanghai rose 0.12 percent Tuesday to 6.3685 a dollar as of 11:44 a.m. in Shanghai, while the offshore rate climbed 0.46 percent to 6.4164 in Hong Kong. The latest rule change comes as China further opens its domestic financial markets to foreign investors, including inviting some offshore yuan clearing banks to apply to trade in the onshore swap and forwards markets.
“My first impression is that this may drive a slight technical convergence in the onshore and offshore yuan curve from current levels,” said Sue Trinh, a senior currency strategist at Royal Bank of Canada in Hong Kong. “I am not sure more restrictions bring us closer toward financial market reform."
The PBOC didn’t immediately reply to a fax seeking comment.
Are they locking out a Soros currency play? China is a bit larger than his usual target. Malaysia is more the size.
None of them know what they are doing?
Does it matter?
The Cubs just had to go and throw a no-hitter, didn't they?!?
Markets are down again. Round up the usual suspects.
"China is goping full subprime in the real estate market..."
goping ?
http://www.bloomberg.com/news/articles/2015-09-01/china-traders-spot-aft...
China Traders Spot Afternoon Pattern in State Buying of Stocks
by Kyoungwha Kim
September 1, 2015 — 1:42 AM EDT
Government funds seen buying large-cap shares after declines
World War II victory parade adds pressure to support equities
Afternoons in the Chinese stock market have turned into a waiting game for the state-backed funds to arrive.
Over each of the past four days, the SSE 50 Index of some of the nation’s largest companies has rebounded by an average 6.4 percent in late trading from session lows. The gauge has surged 15 percent over the four-day period, its biggest rally since 2008 and twice the 8.1 percent gain by the Shanghai Composite Index. The large-cap gauge was down 0.6 percent by the midday trading break on Tuesday after climbing as much as 4.7 percent from its intraday low.
The rallies are driven by government-backed funds buying shares to stabilize the market before a World War II victory parade on Thursday, according to IG Asia Pte Ltd. Margin traders cut leveraged bets by a net $10 billion during the period to the lowest level since Dec. 25, suggesting sustained selling pressure among China’s 90 million individual investors.
“When you see a straight line buying pattern in the last 45 minutes, that’s usually the national team supporting the market,” said Michelle Leung, chief executive officer of Xingtai Capital Management Ltd. in Hong Kong. "When you track market opens or you track outstanding margin balance, we could see the bulk of retail investors selling."
The government revived its intervention in equities on Thursday to halt the biggest selloff since 1996. The effort to support markets was part of a broader push to ensure nothing detracts from the parade, which is the government will use to demonstrate its rising military and political might. China’s financial markets will be shut Thursday and Friday to commemorate the event.
China’s securities regulator asked brokerages to step up their support for share prices by contributing 100 billion yuan ($15.7 billion) to the nation’s market rescue fund and increasing stock buybacks, according to people familiar with the matter. The China Securities Regulatory Commission gave the order at a meeting with representatives of 50 brokerages on Saturday, which CSRC Chairman Xiao Gang also attended, said the people who asked not to be identified because the meeting hasn’t been made public.
Investors should be wary about assuming the pattern of afternoon rallies will continue over the long term, said Bernard Aw, a strategist at IG Asia in Singapore.
"I don’t expect this intervention to continue in such a successive fashion longer out," Aw said. "I will still sit tight and await better valuations.”
Why is everybody so surprised? It's September now! All going according to the plan.
www.denk-bubbles.com/september
1oz Silver American Eagle €13 @ EurGold
https://www.eurgold.eu/silver/silver-coins/american-eagle-1oz-silver-coi...
These charts showing the "plunge" and "crash" are all zoomed in microscopically close. Look at charts on a long term POV and this current situation is a sensible correction, and a much smaller one than 2007-2009.
http://finance.yahoo.com/echarts?s=000001.SS+Interactive#{%22range%22:%22max%22,%22allowChartStacking%22:true}
http://finance.yahoo.com/echarts?s=^HSI+Interactive#{%22range%22:%22max%22,%22allowChartStacking%22:true}
The Chinese stock market is right where it should be.
See red futures everywhere, dow -340... edit -400 hmm
Ho Li Fuk
Latest joke I heard shut all oil shipping(war)get that price up quick, rumor...
People where filling there gas tanks as quick as possible today... Saw whole fleet come in.
DJIA futures down 400, SPX minus 50. Watch the local news of the Asian collapse on CCTV CHINA24 news, where THERE IS NO COVERUP, just the hard facts of the impending retail, commercial and credit contraction, such as S. Korean August exports DOWN 14%, a huge number
I think we could all use MDB's insights right about now to calm us down.
When your market goes up 150% YoY and then you open the gate for the "Banking Cabal", which is supported by "Murder Inc.", then you can expect a good raping and pillaging. The problem is that China matters and the "BEAST" will soon be chewing on its tail as it will be what is left and we all we suffer & many are already dead and many will die because of the billionaire games.
If the markets were left alone today; the S&P would drop to new 3 year lows and the NASDAQ would fall below 4000 and the DOW below 15K, but I suspect the PPT will be "at the ready". Should be interesting to see what they do or did a bunch more US Treasuries get dumped or getting ready to be dumped; therefore they need to allow this market to drop to produce buyers, other than the Big Banks? Stay tuned.
---------------
And there out of the gate and the Dow takes a 1.29% hit in the first minute; now comes the plunge protection team into the market; let's see what happens next. Oh and the Apple seems to be falling of the tree.
-----------------
Update: The PPT is on the playing field, but they are being overwhelmed, but I see more Algo's coming to the scene; so stay tuned and we are 15 minutes into the "Market Casino Game".