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Markets In Turmoil - Bonds, Stocks, & Dollar Dumbstruck After Disappointing Draghi & Dire Data

Tyler Durden's picture




 

Draghi has one message for everyone today...

 

US equities had their worst day since September 28th...

 

US Treasuries were a bloodbath...

 

European equities were an even bigger bloodbath...

 

As DAX gave back all its Paris gains... (down over 500 points and back below 10,700)

 

As European bonds utterly crashed... (Bunds seen here across the curve were massive percentage moves)

 

All driven by The 3 'D's...

  • Domestic Terrorism hinted at... and the use of the word 'radicalized' spooked a number of markets
  • Draghi Disappointed - grossly over-promised and under-delivered, trapped in a corner of QE limitations and admitt8ing it failed.
  • Dire Data - US macro plunged to its lowest level in 6 months... (bonds seem to get it)... with durable goods, factory orders, and ISM Services all crushing The Fed's narrative.

 

*  *  *

On the day, Trannies were worst but broadly speaking, the entire equity market dumped in a highly correlated manner... (notthe bounce into the EU Close then dump)

 

FANGs are not helping...

 

Futures show it's been quite a week and now all major indices are red post-Russia-Turkey...

 

After Europe closed, stocks kept falling...

 

Some notable breaks:

  • All major US equity indices are now negative year-to-date (aside from NASDAQ)
  • S&P 500 broke below its 200DMA (also got close to it 50DMA before bouncing)
  • Dow broke below its 200DMA
  • Small Caps (Russell 2000) broke below its 100DMA
  • Trannies broke below all technical support to 2 month lows

Biotechs plunged  from the 100DMA to break the 50DMA...

 

Commentators were confused why Energy stocks dropped while oil rose... this is why - they had decoupled from raw reality a month ago...

 

VIX soared over 3 handles - almost touching 20 and breaking above its 50, 100, and 200DMA... This was thebiggest percentage rise in VIX since Black Monday

 

Treasuries were a disaster, extending losses after Europe closed...

 

Credit markets have been crushed with the junkiest junk now at 6 year high yields...

 

The USD Index crashed 2.25% - its biggest single-day drop since March 2009.... (having hit 12 year highs yesterday) Put another way - today's lack of ECB action had the same effect on the USD as The Fed's unleashing of QE in 2009!

 

Led by Swissy and EUR strength...

 

Gold is now the week's biggest gainer in the commodity space (crude the loser) as the entire space picked up on USD weakness...

 

Crude's been volatile heading into tomorrow...

 

Charts: Bloomberg

 

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Thu, 12/03/2015 - 17:06 | 6872652 Kaiser Sousa
Kaiser Sousa's picture

nice try there at the end u Wall. St. MoneyChanger fucks...

 

Thu, 12/03/2015 - 17:25 | 6872739 HungryPorkChop
HungryPorkChop's picture

Da' Bankers Rant:  Yes, I feel your sentiment but for a moment please feel the pain and anguish of all those rollin' at the pigs trough.  What happens when the pig trough is no longer full of Draghi money and those poor piggies must go hungry?  For the love of little green apples, football, apple pie and the keebler elves, think about the kids and unicorns you selfish bastards.  Don't let Draghi ruin it for everyone.  Call Bernanke and Yellin' woman, bet they have balls to pull that lever.

Thu, 12/03/2015 - 18:23 | 6872926 The Pope
The Pope's picture

Stop the PRESSES!!!

 

http://www.msn.com/en-us/sports/nfl/coldplay-to-perform-at-super-bowl-ha...

 

Wait!!! Who TF? is 'COLDPLAY'

 

Nevermind, CARRY ON... Pardon the interruption!... Tylers. PLEASE BAN ME... NOW!!!   (I deserve it)

Thu, 12/03/2015 - 19:08 | 6873109 dreadnaught
dreadnaught's picture

Alt music gone mainstream

Thu, 12/03/2015 - 19:32 | 6873218 DavidC
DavidC's picture

Mediocre mainstream music.

DavidC

Thu, 12/03/2015 - 21:10 | 6873557 McCormick No. 9
McCormick No. 9's picture

Carbon tyranny, bitchez! what can be made without fire? NOTHING. KlimatShange (TM) will put the nail in the coffin of the global ekonomi.

https://www.youtube.com/watch?v=bR4u63gQXU0

Thu, 12/03/2015 - 19:43 | 6873263 nmewn
nmewn's picture

Coldplay is actually pretty good while "radicalized markets" are sorta bad ;-)

Thu, 12/03/2015 - 21:29 | 6873612 NoDebt
NoDebt's picture

I go for the old stuff in situations like this.  Thinking more along the lines of Led Zeppelin, 'When The Levee Breaks'.

NOBODY puts in a 1:24 instrumental before you even get to the first lyrics any more.

https://www.youtube.com/watch?v=WbrjRKB586s

Thu, 12/03/2015 - 21:51 | 6873690 cheeseheader
cheeseheader's picture

I love a good blues harp...but I can only take about 30 seconds of any other kind.  Instead, gimme some Ray Manzarek keyboard to while away the time.

Thu, 12/03/2015 - 21:28 | 6873619 Dr. Spin
Dr. Spin's picture

Who's the sorta idiot that downvoted you???  I like Coldplay too...

OBTW:  messymerry got blocked...WTF!!!

Spoctor Din

Thu, 12/03/2015 - 17:41 | 6872803 BullyBearish
BullyBearish's picture

So...what were they saying about the economy being in recovery instead of floating on a sea of liquidity?

Thu, 12/03/2015 - 18:02 | 6872870 SILVERGEDDON
SILVERGEDDON's picture

" We bum fucked some folks "

" What else is new ? "

" It's what we do. "

Time to fire up an airport snow blower, and herd the Masters Of The Universe through the portal.

There's gotta be a chain of restaurants in North Korea that will put the end result to good use.

Thu, 12/03/2015 - 19:30 | 6873216 Shadow1275
Shadow1275's picture

There is only one way to stop this problem caused by central planning: We need to create a second FED in order to regulate the current FED that is currently regulating the currency in our regulated economy....

 

Anyone else see a pattern here that needs to be changed?

Thu, 12/03/2015 - 20:24 | 6873406 Bangin7GramRocks
Bangin7GramRocks's picture

Just love the late calendar year holiday colors in those charts. Really gets me in that non-denominationally festive mood!

Thu, 12/03/2015 - 21:35 | 6873630 ThirteenthFloor
ThirteenthFloor's picture

Yes about time...for some holiday cheer.
They have stolen enough...what's left to take ?

Thu, 12/03/2015 - 17:07 | 6872653 NoDebt
NoDebt's picture

And just about the time we get good and ready for the next financial melt-down..... it won't happen.  Head of one of the 3 major central banks will whisper "easing" and everything with be rainbows and skittle-shitting unicorns again.

 

Thu, 12/03/2015 - 17:09 | 6872673 KnuckleDragger-X
KnuckleDragger-X's picture

According to physics, first you have a supernova before it collapses into a blackhole......

Thu, 12/03/2015 - 17:12 | 6872694 Sages wife
Sages wife's picture

Marshawn Lynch would disapprove of this comment.

Thu, 12/03/2015 - 17:37 | 6872787 fockewulf190
fockewulf190's picture

"And just about the time we get good and ready for the next financial melt-down....."

Somebody doesn´t feel like sticking around. Exit, stage left, anyone?

http://www.reuters.com/article/2015/12/02/cme-moves-hunnable-idUSL8N13R3...

UPDATE 1-CME Group metals director Harriet Hunnable to leave company

 

* Hunnable to leave CME Group on Dec 11

 

* Joined company in 2011 from Macquarie (Adds background, detail)

 

Dec 2 CME Group Inc's executive director for metals products, Harriet Hunnable, will leave the company later this month, a CME spokesman said on Wednesday.

Hunnable, who has been with futures market operator CME Group since early 2011, was responsible for developing the company's precious metals portfolio. The group's U.S. gold futures contracts are the most liquid in the world.

"She resigned, and she leaves on 11 December," the spokesman said, declining to give further details. Hunnable was not immediately available to comment.

************

The rats are leaving the ship gentleman!

Thu, 12/03/2015 - 20:06 | 6873351 LooseLee
LooseLee's picture

How quaint. Too bad it won't matter unless she holes-up in an igloo at the South Pole. ANYONE who has fleeced the people will be brought to JUSTICE. No one gets out alive....

Thu, 12/03/2015 - 18:34 | 6872974 lim
lim's picture

I vomited my skittles this time instead of letting it pass :)

Thu, 12/03/2015 - 20:31 | 6873427 spekulatn
Thu, 12/03/2015 - 20:32 | 6873433 spekulatn
spekulatn's picture

...skittle-shitting unicorns again

 

https://www.youtube.com/channel/UCTDpLx4kaSJ6-A8tCl8u6VQ

Thu, 12/03/2015 - 21:37 | 6873636 TheFutureReset
TheFutureReset's picture

This time will be a currency meltdown as opposed to the more benign financial meltdown. You can't print your way out of 20% inflation, can't raise rates enough to make a difference unless they let markets drop by 50% or more. 

Thu, 12/03/2015 - 17:07 | 6872657 Kaiser Sousa
Kaiser Sousa's picture

there not very cheerie on CNBS right now....

so sorry....

Thu, 12/03/2015 - 17:08 | 6872663 KnuckleDragger-X
KnuckleDragger-X's picture

Time to cue up the market anthem....  https://www.youtube.com/watch?v=vBecM3CQVD8

Thu, 12/03/2015 - 20:26 | 6873414 css1971
Thu, 12/03/2015 - 17:11 | 6872680 Rainman
Rainman's picture

ugh ... sorry, boyz ...hear the sound of cowbell  moving further into the distance...?

Thu, 12/03/2015 - 17:11 | 6872682 new game
new game's picture

ok, ok i apoligize for saying< BTFD y'day. sorry, but this time BT(MF)(GD)...D

Thu, 12/03/2015 - 17:12 | 6872688 Francis Marx
Francis Marx's picture

Im amazed how one person on the planet can open their trap and do so much damage just from words.

Thu, 12/03/2015 - 17:14 | 6872702 KnuckleDragger-X
KnuckleDragger-X's picture

How about Neville Chamberlain?

Thu, 12/03/2015 - 17:17 | 6872710 Francis Marx
Francis Marx's picture

. But then again, look how much damage Muhammad did?

Thu, 12/03/2015 - 19:01 | 6873082 Babalooee
Babalooee's picture

Good point Marx, that poor Sonny Liston

Thu, 12/03/2015 - 20:08 | 6873363 LooseLee
LooseLee's picture

Easy to explain. You gotta be a bonafide PINKO FASCIST COMMIE to react to words from your Master---the enemy of Freedom and people everywhere!

Thu, 12/03/2015 - 17:12 | 6872693 Demdere
Thu, 12/03/2015 - 17:15 | 6872707 new game
new game's picture

long booze, cigs, coffee, aspirns(and ibo) and spare tyme to make a killin in da markets...

Thu, 12/03/2015 - 17:16 | 6872718 Sudden Debt
Sudden Debt's picture

WOW! I'm glad I got out of my dollar positions just in time or I would have been down 9% since last week.

Better start buying some index puts tomorrowmorning :)

Thu, 12/03/2015 - 17:29 | 6872756 walküre
walküre's picture

Hush hush, back to your hidey hole and perma Bruxelles lock down you go! There's a terrorist in your back yard right now! Close the blinds!

Post some cat pics or something..

Thu, 12/03/2015 - 17:45 | 6872812 Francis Marx
Francis Marx's picture

You made a mistake, laws of physics. The bounce back

Thu, 12/03/2015 - 17:19 | 6872726 LawsofPhysics
LawsofPhysics's picture

Any volume? Has anyone really been buying the VIX or FAZ?

I see us range-bound until they start knocking down the FRN in earnest.  They (The Fed) has to, period. Look at the trade deficit!  Trade is the only thing that matters.

0.25 raise and QE! 

fucking fuller retard!

Thu, 12/03/2015 - 17:58 | 6872855 My Days Are Get...
My Days Are Getting Fewer's picture

Bought 6 weeks ago and renewed my standing sell order yesterday for VXX at $44 - probably too low - but I welcome the trade

Thu, 12/03/2015 - 21:21 | 6873591 McCormick No. 9
McCormick No. 9's picture

QUeee! Here we come! Damn... Out of ammo...

Thu, 12/03/2015 - 17:20 | 6872730 zeroaccountability
zeroaccountability's picture

Prrrrrrfect double top, Batman!

Thu, 12/03/2015 - 17:21 | 6872734 Make_Mine_A_Double
Make_Mine_A_Double's picture

Virtually every equity market on the planet now is a proxy for QE from one of the CB's. And if their regional CB isn't spreading the lube than it's chatter about another CB doing it.

And now...QE will be deemed shortly an unqualified failure of historical (nay biblical) proportions. That doesn't mean the CB will continue via subterfuge to print.

But the days are numbered.

Thu, 12/03/2015 - 17:29 | 6872755 Rainman
Rainman's picture

Laff for the day : Uber now worth more than 80% of the companies in the S&P 500

                      http://www.bloomberg.com/news/articles/2015-12-03/uber-s-latest-funding-round-gives-it-a-larger-valuation-than-80-percent-of-the-s-p-500

Thu, 12/03/2015 - 17:31 | 6872762 walküre
walküre's picture

The dudes that were dreaming about Ipoing hitchhiking but too stoned to make it happen are barfing their guts out

Thu, 12/03/2015 - 20:21 | 6873389 css1971
css1971's picture

VCs here are funding restaurant delivery services. I mean they're throwing hundreds of millions at them. It's fucking weird, what do they imagine is going to happen?

What... The... Fuck? Bubble? Oh yes.

Thu, 12/03/2015 - 17:32 | 6872772 ramgold2206
ramgold2206's picture

"gold is now the weeks biggest gainer" - where is all the gold bashers now.... Good job all that paper is out there because the world just shat its pants....

www.teamramgold.com/about-us    get on the bullion train while you still can

Thu, 12/03/2015 - 17:49 | 6872827 Sir John Bagot Glubb
Sir John Bagot Glubb's picture

Even though the dollar index got crushed today, this is the first time in my memory that a Fed Chairman has spoken to Congress and gold hasn't been clobbered.  That happens EVERY time and I mean EVERY time.  Today it did not.  The Exchange Stabilization Fund thugs must have been busy putting out other fires today in the name of the Almighty Federal Government.  

Thu, 12/03/2015 - 18:03 | 6872858 ramgold2206
ramgold2206's picture

fear not sir John... the delay is only temporary... the beating will resume and continue until paper improves

Thu, 12/03/2015 - 18:29 | 6872932 Bastiat
Bastiat's picture

Gold's +.7% while the USD was -2.0% amounts to a clobbering.

Thu, 12/03/2015 - 19:29 | 6873209 lakecity55
lakecity55's picture

Premiums for Fizz are Up, delivery time is longer from my suppliers.

Gold, Bitches!

Thu, 12/03/2015 - 17:32 | 6872774 Yen Cross
Yen Cross's picture

  When the blowhorn starts blaming central banks for market swings, you know the gig is up.

 paging Steve LIEsman?

Thu, 12/03/2015 - 17:33 | 6872776 Itch
Itch's picture

I can't buy the Draghi disappointment meme, nothing has changed Euro wise, it's still a piece of shit floating along the bottom: hence what we are seeing today is nothing more than a case of unrealized expectations! Surely that can't last... I can't help come to the conclusion what we are seeing is a well- telegraphed squeeze. Too fishy, the FT calling it early and being wrong, then the market carrying on regardless when it was found to be false...have my doubts here.

Thu, 12/03/2015 - 17:45 | 6872817 moneybots
moneybots's picture

"FANGs are not helping..."

 

By the look of the chart, the FANGS cut deep.

Thu, 12/03/2015 - 17:48 | 6872824 NoWayJose
NoWayJose's picture

The data has been disappointing for quite a while - the only difference now is that the Central Banks are out of ammo.

Thu, 12/03/2015 - 18:53 | 6873058 Stormtrooper
Stormtrooper's picture

I keep adding to my ammo.  Maybe I can make a deal to sell Yellen some if she can print up some gold bullion for me.

Thu, 12/03/2015 - 17:53 | 6872840 the grateful un...
the grateful unemployed's picture

Yellen spoke to Congress, she thanked them for raising the debt ceiling which would enable the government to monetize more spending. she also said she supports wage hikes for fast wood workers, and said she will try to hedonically weight that to about 90% of the labor market. She also said housing was strong, not in a bubble and that buying a ranch house worth at least 1/2million would give the buyer fast track immigration status. She declined to comment on the rumor that ISIS was using NATO oil money to buy US homes, and that no refugees would be allowed to use that program to gain illegal entry into this country. In a separate an initiate is on the ballot in Montana to make them an Islamic state. On the question of why she was speaking on the same day at Mario Draghi, she shrugged and said, Bunga Bunga.

Thu, 12/03/2015 - 18:06 | 6872883 Lucky Leprachaun
Lucky Leprachaun's picture

If fast wood workers can get a raise then so should fast food workers IMHO.

Thu, 12/03/2015 - 18:40 | 6873006 Atomizer
Atomizer's picture

Yellen is cock blocking her fiduciary responsibility to America. 

Regarding your statement of fast food workers. Watch your sales figures plummet. 

Thu, 12/03/2015 - 18:44 | 6873025 Ward cleaver
Ward cleaver's picture

IN addition mr yellen promised to use a different bowl for her haircuts if markets don't act properly.

Thu, 12/03/2015 - 18:15 | 6872909 JPMorgan
JPMorgan's picture

Whatever it takes folks! (just not yet).

Thu, 12/03/2015 - 18:26 | 6872938 Nanur
Nanur's picture

Why all the worry?  Janet said raising the rate will prove the economy has recovered.

Thu, 12/03/2015 - 18:27 | 6872943 Atomizer
Atomizer's picture

Save your ammo. Just start taking out the central banking planners. Illegal immigrants farse will disperse. 

Sheriff Joe calls on 250,000 armed citizens to take matters into own hands...

 

 

Thu, 12/03/2015 - 19:28 | 6873204 Jackagain
Jackagain's picture

Sounds like a plan...

Thu, 12/03/2015 - 18:31 | 6872957 Bastiat
Bastiat's picture

Where's Gartman today?

Thu, 12/03/2015 - 18:44 | 6873024 Atomizer
Atomizer's picture

He's still shaking the magic 8 ball for economic forecast. 

Thu, 12/03/2015 - 18:38 | 6872995 katchum
katchum's picture

Imagine what would happen when the ECB hiked rates, hint ...

Thu, 12/03/2015 - 18:58 | 6873072 firewolfsblog
firewolfsblog's picture

Probably has something to do with the climate change?

 

 ¯\_(?)_/¯

Thu, 12/03/2015 - 19:17 | 6873158 yogibear
yogibear's picture

Bill Gross and other money managers know the plan is to keep on printing and at a faster rate in the face of deteriorating economics.

All those Baby-boomers being added every day. Demographics going to kill it.

No matter how many more 10's of thousands of H1Bs and L1s they pull in from overseas. 

Thu, 12/03/2015 - 19:50 | 6873283 Racer
Racer's picture

Funds going to try to be 'clever' and sell before year end and show they went to cash 'before' it went pear shaped?

Thu, 12/03/2015 - 19:52 | 6873292 css1971
css1971's picture

In a semi sane market, stocks would be down 50% at this point. Would have been since mid 2014.

There's something "epic" happening. I see it everywhere except western stock markets. It shows up in the themes of the US Dollar, the Ruble, the Euro and Oil.

Thu, 12/03/2015 - 20:32 | 6873430 LooseLee
LooseLee's picture

The 'essence' of western stock markets is the Pinko Fascist Commie belief; has been that way since..., probably the early 1980's. Most people in western stock markets would not consider themselves as such, and many 'individuals' are not. However, the 'Big' money is Pinko Fascist Commie through and through. Even the managers of this big money would object to that characterization, but their actions expose them...

Thu, 12/03/2015 - 20:07 | 6873354 luna_man
luna_man's picture

 

 

Wonder who got "SQUEEZED" today?...Wasn't Me!

 

one day to gloat

Thu, 12/03/2015 - 21:04 | 6873537 mijev
mijev's picture

"one day to gloat"

Those days are diamonds.

Thu, 12/03/2015 - 20:14 | 6873377 DontWorry
DontWorry's picture

If you sit in on a poker game and don’t see a sucker, get up. You’re the sucker.

Haven't you learned not to short this market yet?

Thu, 12/03/2015 - 20:34 | 6873436 LooseLee
LooseLee's picture

Your comment tells me that you worship the Pinko Fascist Commies. A sheep learns very quick whom to OBEY....

Thu, 12/03/2015 - 21:19 | 6873585 DontWorry
DontWorry's picture

then go get em, tiger.

Thu, 12/03/2015 - 20:24 | 6873409 JOHNLGALT
JOHNLGALT's picture

Can we have another 50 EFFING charts to clog up my hard drive? _JOHNLGALT

Thu, 12/03/2015 - 20:36 | 6873442 the not so migh...
the not so mighty maximiza's picture

if it not 2000 points its nothing 

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