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Dow Drops To 17-Month Lows As Hope-Filled Dead-Cat-Bounce Dies
The last 2 weeks in markets...
And to all those who took Cramer's advice to buy the dips...
Some big moves this week...
- Dow Industrials lowest weekly close since April 2014
- Dow Transports lowest weekly close since May 2014
- S&P 500 lowest weekly close since Oct 2014's Bullard lows
- Nikkei dumped over 7% this week - worst week since April 2014
- Utilities collapsed 5.1% this week - worst week since March 2009
- Financials lowest weekly close since Oct 2014's Bullard lows
- Biotechs lowest weekly close since Feb 2015
- Investment Grade Corporate Bond Spreads worst since June 2013
- Treasury Curve (2s30s) flattened 6bps today - biggest drop in 2 weeks.
- JPY strengthened 2.4% on week against the USD - strongest week since August 2013 (up 4.5% in 3 weeks) - major carry unwind!
- AUD plunged 3.5% on week against the USD - worst week since January 2015 and worst 4-weeks since Oct 2014 - China proxy
So before we start, Japan was really ugly...
And some context for the US equity index drops...
With everything red year-to-date... (and since the end of QE3, only Nasdaq is clinging to the green)
A quiet Friday before Labor Day weekend provided no juice for momo ignition and apart from a brief algo-driven pop on payrolls, stocks were a one-way-street lower...until the late-day VIX-smash ramp which closed ugly...
And Futures show an ugly night turned even uglier...
On the week, evereything is red...
Dow Futures give us some context for the last 2 week's moves. Bounce dies at Fib61.8% retracement, breaks through 50% and makes lower high as today tested post Black-Monday lows...
FANG is FUBAR... (post FOMC Minutes)
Financials continues to get hammered (as investors rushed to the safety of Homebuilders this week!?!) - but the panic-buying in the last hour saved it from being a lot worse...
Utilities had their worst week since March 2009..
But financials have further to fall to catch up with counterparty risk...
Just as we saw lasty Friday, VIX was smashed lower in the last hour... which makes perfect sense given Monday is a holiday and China reopens after 3 days of being closed during extreme moves in EM FX and global equity markets...
After some VIX complex shenanigans midweek, SPY continues to coverge down to XIV (though the latter is also being squeezed to lows).
Since the FOMC Minutes, gold and the long bond are modest losers and stocks big losers...
Investment Grade Credit spreads rose 4bps this week, ending with the widest weekly close since June 2013
This is why it matters!! Bye Bye Buybacks
Thank to today's plunge, Treasury yields ended the week lower after China closed... Note that 2Y is unch today, 10Y -3.5bps, 30Y -4.5bps
with a dramatic 6bps 2s30s curve flattening on the day (post-payrolls)
The US Dollar ended the week unchanged against the majors... but that hid the stunning moves in JPY (USDJPY dropped 2.4% on the week - its worst since Auguist 2013) and AUD (-3.6% - biggest weekly drop in 8 months, worst 4-week drop in a year)...
Commodities on the week were a mixed bag with crude up on the week and copper notably lower overnight to negative. Gold & Silver modestly lower... The 8-10ET period remains insanely volatile...
Crude had a wild week as Monday and Tuesday's idiocy and noite today's pump'n'dump after rig counts unexpectedly declined...
And finally before everyone points out how crazy the bond yields are relative to stocks etc... and the 'economy' - perhaps it was stocks that were wrong all along!!
Charts: Bloomberg
Bonus Chart: Nikkei joins SHCOMP and SPX in the red for 2015...
Bonus Bonus Chart" "Just one wafer thin 25bps rate hike"
h/t @RudyHavenstein
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I had front row seats to Rampfest 2015 and I feel like hte lineup was lacking. I want my money back.
Where can I find acurate, recent information about shares sold short or short ratios? Is there any daily free information? I find monthly numbers on nasdaq but this old information isn't that interesting...
When this ends, at most 10 years, you will have Nuremberg trials for bankers. With the executions and stuff. It is already starting.
10 years LOL. It's almost over....94 million not working, 50 million on food stamps, China liquidating tbonds...LOL 10 years....haha
Keep in mind WW2 was before the trials.
Marc Faber: There is no safe asset
http://www.planbeconomics.com/2015/09/marc-faber-there-is-no-safe-asset....
nothing to fear for the insiders. They will all get the inside iggy from TPTB that there will not be any rate hiking and that QEternity-4 is on the way. The insiders will already being buying the dip and backing up the truck to load up on all the FANG they can get.
Of course paper gold and silver will then get monkey-hammered into near oblivion, supply will disappear and we'll see 100% premiums like we did in 2008.
So if you're a stacker and if you also think this scenario will happen then hold that dry powder or order some phyzz silver now. You can pay close to 20/oz now and hopefully get it delivered within the next 4 weeks, or you could pay 20/oz after QE4 when it's 10 bucks plus 10 buck premium and you may never get it or it'll take 6 months to deliver.
Yeah, if they somehow manage to prop up the fraudulent markets this go around, we'll have, at most 8 or so years after the next crisis, which should be right around the corner. Just wait until a bunch of medium sized players or a big player or two cannot meet their obligations and file for bankruptcy. Barring a war, that'll be how you know it's here.
Ten years indeed. We call it the Vision 2020 Program internally for a reason; its even kinda catchy!
-Goldman Sux
And the state that wins second place for highest percentage on welfare?
2. District of Columbiahttp://www.cheatsheet.com/personal-finance/7-states-with-the-most-people-on-food-stamps.html/2/
It's good to be close the the Cheese!!
There is always free cheese in the mousetrap.
FORWARD SOVIET!
With the bankers having bought anyone who may prosecute them, how do you figure?
"With the bankers having bought anyone who may prosecute them, how do you figure?"
Exactly.
How many Wall Street bankers have been prosecuted?
https://www.youtube.com/watch?v=XmHz6HWhOuI
More likely all the sheep will be in FEMA camps I think the US is beyond the point the second amendment was intended for,as for the Bankers they'll get your savings,your retirement funds,the shirt on your back,your copper pipes and linoleum floor
It won't be the authorities executing the bankers unfortunately, the bankers own them. It'll have to be the pitchforh holding, guillotine manning citizenry to do it if anyone does. We can always home those paid to protect these assholes wake up and join the mob, or at least look the other way.
Where can I find acurate, recent information about shares sold short or short ratios?...
Obviously you're not in the club. If GS still won't talk to you, maybe you can get a printout from a Chinese stock market law enforcement official.
Good Luck.
once again mom and pop "retail investor" arrived just in time after their lunch of cat food in a can, and a good nap to rush in at the close to prevent a 2%/300 point drop in the Dow after trading there all fucking day....
fuck off..........
https://www.youtube.com/watch?v=PyobpFUX6no
SPY...meet XIV.
14?
This looks pretty bad but imagine what next Friday will look like. I mean the Friday before the Shemitah?? That one is gonna be a three bagger. Three bags of popcorn that is.
Why should it be any different than the 3 bags of shit we see every Friday, monday, wednesday and every shit day in between. I guess 3 bags of popcorn is what's needed to keep the shitshow flow in line.
three colostomy bags maybe
Hey isn't that a video of Chris Christy going Nuclear at the next debate?
he's gonna come out in a sumo thong and bounce everyone off the stage?
then head for the buffet table,
Christy cream got over board when he got invited to donut bowling, without the bowling part.
...and it's too late to lose the weight you used to need to throw around.
So have a good drown as go down, all alone,
Dragged down by the stone.
Best thing that can happen to fat asses as Chris Christie, ya know?
Imagine the raging lack of self-discipline it takes to get a lap band and still be a yuuuge fat fuck.
The Fed and other central banks will bail it all out, dont worry, next week/month we will be at 17000+
Disclaimer, I just dumped everything into this market, yup my entire shoe box that was under my bed.
The whole economy is on the mend ...
The central banks totally got it handled ...
Obama saved the U.S. economy ...
(it's a recovery summer don't ya know)
(now ... WHERE'S MY F'ING COCAINE?!?!?)
https://www.youtube.com/watch?v=VlVmdGiAH2A
Seems like the bears are going to be getting all of the cocaine.
http://i0.kym-cdn.com/photos/images/newsfeed/000/103/256/i-fucking-love-...
(good)
(because more cocaine is what this economy needs)
(... and hookers ...)
(... more hookers might help)
https://youtu.be/3DWB7CBdvXU
FORWARD SWEDISH TOYS!
Available as a bonus track on the Rolling Stones ‘Sticky Fingers’ remaster:
“Sister QE” from “Sister Morphine” by The Rolling Stones
Here I sit with my eyes on the Fed
Tell me, Sister QE, when are you comin’ ‘round again?
Oh, I don't think I can wait that long
Oh you see, the market’s not that strong
The scream of the Keynesians is sounding in my ears
Tell me, Sister QE, how long have I been buying here?
What are we doing outside the range?
What’s that stuff on Krugman’s face?
Oh, my calls can’t find a floor
Ah, can't you see, Sister QE, I'm trying to score
Well it just goes to show
Swings are not what they seem
Please, Sister QE, turn my nightmares into green
Oh, can't you see the rally’s fading fast?
And that third shot can’t be my last
Sweet Cousin ZIRP, lay your cool cool hand on my head
Ah, come on, Sister QE, you better wake up the Fed
‘Cause you know and I know this rally’s nearly dead
Yeah, and you can sit around, yeah and you can watch
All my big green candles stain red
You're on the leading curve KCS, the Fed will catch on, eventually.
Just a parody, don't link me with the current Fed ! :) Hawkish Fed-Head Lacker seemed to be smiling ear-to-ear, which may mean a single "credibility" hike may happen this year, with cynics sayin' any QE would best be started in late summer to help keep Dems in power and ensure dovish appointments continue. But shame on me for even suggesting this, the Fed isn't at ALL political ...
ES opened at 1920.50 and closed at 1921.25 but with a 23 handle high to low. it's just a game for Daytraders to play. Have a good holiday weekend my American friends and spare a thought for us Europeans as we are fucking doomed from a tidal wave of 'fugees.
"23 handle high to low. it's just a game for Daytraders to play"
Daytraders vs Machines maybe. I'd be happy with 3-4 handles a day. Good to see ES trade 'half-way back' today, been stopped out too much of late.
Enjoy the weekend traders
Pre-holiday action always requires several grains of salt, but it appears mean-reverters are still in play, with all major indices staying above the Daily Keltner 2.0 bottoms, corresponding roughly to the week's low for all. You'd think holding those levels next week will be key in determining whether we first retest the Aug plunge lows, which every pundit says we have to do before they'll buy, or take a 'max pain' romp up to the 20 DMA's, which are just a central bank headline away. If the latter, 'malicious' shorts may be waiting to re-load, or Mr. Pain may decide to extract even more flesh. Popcorn by the bowlful may be necessary.
"... spare a thought for us Europeans as we are fucking doomed from a tidal wave of 'fugees."
There wouldn't be any refugees if the Europeans told the US to go fuck itself when the neocons started to rip the middle east and Africa apart. Unintended consequences are a bitch. I hope the Europeans enjoy hosting the refugees they helped create. They will never leave.
Wouldn't still be a civil war in Syria if Iran wasn't dumping huge resources into it to prop up and evil dictator.
Or if Obama had a dick.
Or was the flood of every migrant, refugee from the South to the North in both hemisperes part of the plan of chaos from Obama and his masters. Surely, he's proven incompetent, but he can still take and execute an order(along with trialess Americans).
FORWARD SOVIET!
"Efficient Markets"
After all the crap, crude ended up $3 higher and gas prices were saved from dropping below $2.
If you were hedging oil for the drillers, wouldn't you play options
at 100:1 to lessen your losses ?
makes perfect sense
lets see, the past week
- O gets D votes for Iran deal (which will flood market with oil)
- Saudia Arabia cuts price of crude
- Inventory build US
If only there was something we could do about these scumbags?
(hmmmmm......)
https://www.youtube.com/watch?v=CTRIN5U8-tY
Nothing like being run over by a Shivrolet!
Nice solid close!
Should have been down 500 but in this un-rigged stawk market the BTFD'ers stepped in a saved the precious... 16,000.
Just have faith in your friendly neighborhood Bankster...They are looking out for you!
FUBAR!
Art Cashin spoke of a bottom of the hour 1.1 billion buyer that saved the day at the bottom of the hour 100 points,so if a billion or so equals 100 points all those late afternoon stick saves since 2008 must of cost....ive only got a 9 digit calculator dammit....
could have been worse, i suppose ... no "worst since lehman" references ...
Rules are rules.
I salute the panicky conviction, if not the brains, of those frantic dip-buyers who thought it was important to be long going into the long weekend with China reopening on Monday after a two day holiday. You really do have to believe in Santa to think that either
- China will be wildly bullish on Monday OR
- It doesn't matter what happens in China, at these prices, who can afford NOT to be in equities.
Fucking genius.
last week a friend of mine called. Said he bought the dip of 2 weeks ago and made a killing (said he been regularly doing that through his 401K) ... he thought markets had another 2 or 3 years of upside
haven't heard from him this week
Don't worry -- he sold at the top and re-bought at the bottom and sold again at the top, like every other liar on the internet.
In all seriousness, I hope he was watching and took precautions.
Cheers ZH'ers!
They are sure the big D on their pointy hats stands for daytrader.
Party time for daytraders, Labor Day Weekend, golfball of per flake, cruisen to the Hamptons on the Eurocopter EC135P2. Does it get any better than this....?
Burn baby burn.
not even one stinkin' deer?
Israeli helicopters transport ISIS terrorists injured in Syria battlefield: Report
http://presstv.com/Detail/2015/09/04/427721/Syria-Israel-helicopters-tre...
well all these hedge fund managers might want to join me at the track for their 5-8 percent return just like Dillon Ill only charge pennies on the dollar
Bravo KCSurf!!!!!
That is your finest yet
Thanks, I try to mix in more recent tunes every now and again, but it seems 70s music works best in parodies.
Nice handle, EoM, ever notice that the cover for Led Zep's Physical Graffiti, a diverse and spontaneous-sounding double album, closely resembles that of the Stones' Exile, an album w/similar qualities, done just a few years earlier? Probably not a cooincidence.
So far we're following the preshock pattern I described the day the downturn started, to a "T".
"If it follows the 2008 pattern, next day or two will be PPT ramp-ups, and we'll see a series of shocks and ramps (including inexplicable end-of-day mega ramps) until finally it can't be held together anymore and the big one lets loose."
(me, the day before "Woulda Been Black But For PPT Monday")
http://www.zerohedge.com/news/2015-08-20/dow-stockalypse-wow-bonds-bulli...
Gimme an R----Gimme an O----Gimme an A----Gimme an R, whats that spell?
Fuck Hibernation! The bikini clad sows are at the beach!
Lumberjack,
Just love that bear. Is that an AK-47?
everything close exactly at vwap ... what to make of it?
This article has at least 3 typos. Has anyone noticed that just about every single ZH article has typos and poor grammar? Don't they use a spell checker? And every other article uses the obscene term "whopping" to describe some big change. They really need somebody with an English degree.
u c english degrees r not what they used to b these days,a verb intransitive to most kids these days is probably a callous transgendered hooker.
I don't come here to look at the grammar...
Perhaps English is their second language.
Look at the spots on those windows! Oh, my- how dreadfully awful! I mean, they should have staff to polish those immediately. After all, this is the Titanic!!
+100
Inbetween is Pain,
Gee, you think that sometimes these folks dash something off in order to get a report out on the web to alert us that markets are in a turmoil?
Could be, but as I told my English students, no one ever died of an out of place comma, although it does make communicating easier when you get it right?
The progressives havel destroyed the real meaning of words, and the a hole want
to citicize punctuation.
Maroon.
I gsues it raelly deosn't mttaer waht you wrtie so lnog as the frist and last lteter stay tothgeer.
Charts seemed to check out. That is to say, the numbers looked fine to me.
Ya'll some kinda grammer po-leese or sumpin...'spit'...sound ta me like your wiki-leaks boy...betta go and have that looked at....
This is classic!
http://images.rapgenius.com/90e200032b2e3c6c6761a6e8afde2c79.348x285x1.jpg
The NSA sponsored stock did fine. FB and LNKD were up today. GOOG was down less than 1%.
Brown bear,
Brown bear,
what do YOU see?
http://www.bloomberg.com/quote/SPX:IND (5yr)
I see autumn madness coming up to me.
The Dead Cat bounced one too many times and died today. BUT cats have 9 lives, you know. More to follow on Tuesday.
Just turn the page
https://www.youtube.com/watch?v=eqZCG3LzVac
it took this entire s&p move just to get back to the point where I sold last summer (1940). Never in my wildest imagination did I think the central bankers would let it get this out of hand. I seriously doubt it will get to a level where I would consider buying back in. Not in my lifetime, not even for a small amount. The headwinds over the next twenty years will be formidable.
"Follow the worm!"
I hope it all vapor locks, keels over, turns purple and shits its pants Tuesday. Just for the laughs.
did Obamaski have any words of wisdom about the meltdown?
TT: double fuck yourself..
Squid vicious +13
Regards.
Roxi
Awwww...We have a Socialist trolling...
What the fuck else is new, Stateist?
You have fallen in love with a fat man?
LMAO
If yer name is Chris Christie it is understandable as narcissists are in love with themselves.
Kittencannon reminds me of the Crock Market.
In Soviet America,Charts sell you
Fuck you Tim Cook! Suck on your iAnalplug.
http://blogs.blackberry.com/2015/09/blackberry-to-acquire-good-technolog...
sounds like you beat him to it! its ok to admit youre queer, atomizer
I am really getting discouraged..everyone in the government and central banks, have been working so hard to improve our economy...and what type of gratitude do we give them...we sell,sell,sell... that type of behavior only encourages them to work harder for us...and the harder they work...the worse it gets...please stop selling and making the world a worse place to live...you should be ashamed of yourselves...
The ppt let us down going into this holiday weekend. It really shouldn't have been that hard to ramp the close with no more volume than we had.