Just Out From Evercore ISI: "Sell All Rallies Down To 1900"
First JPM, then Citi, then UBS, then Gartman, and now, moments ago, Evercore ISI jumped on the "sell all rallies" bandwagon.
Sell All Rallies Down to 1900
China's ill-fated decision to prop up stocks and let their currency collapse is a Titanic error in judgement with broadly bearish cross asset implications for the rest of the world. With the macro backdrop more vulnerable today than at any time since the financial crisis, and the S&P 500 and NASDAQ still near all-time highs, we anticipate a downside move to 1900 on the S&P within the first two months of the year.
Tactically speaking the move to 1900 may not occur in a straight line as it did in August given seasonal factors and the binary shift in sentiment, and we would continue to aggressively sell any attempted rallies off of 1990.
Importantly, we reiterate our view that Crude and Energy remain structurally broken and possess significant downside from current levels which will only agitate and exacerbate the ongoing collapse in Emerging Markets, Currencies, Credit and the Curve, and raise the prospect of a deeper correction in developed markets.
Finally, we feel strongly that at least one of the beleaguered Commodity Currencies beginning with the letter "R"; Ruble, Renminbi, Rand, Real and or Riyal; are likely to be devalued before all is said and done, at which point we would likely become more constructive amidst the ensuing chaos.
So is this the moment when, as everyone jumps on the same side of the boat - the short one - one should do the opposite?
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1900? did they mean 900?
no they meant 1900 on the DOW
what rallys?
shares crash...hopes are dashed...people forget....forget they're hiding
Oh man that's good. Props!
Evercore are shit swallowing psychopaths. Who cares what they say. Wall Street establishment species.
1900 will be roadkill on the highway as we pass it by........
MAJOR support at 1960. if a close below 1960, then a freefall/off the cliff.
long SPXU TLT
NoVa
SPY is up 1400 for the Cycle, the 7 year QE bullshit cycle. That makes this stock bubble twice as big as the last two...
There is no MAJOR support, there was never any base building. Fairy dust Rally, Fairy dust support. All your buying is hope for moar.
I don't see a damn thing between here and testing the Sept lows.
You should post the USD/CNH chart. Many LOLs.
Personally I'm buying today for the dead cat bounce up to the eventual fail at S&P 2050.
You have been conditioned
Sell until 3:30pm
Or is it sell hard when the PPT pushes at 3:30?
Targets:
DOW- 10,500
Nasdaq - 1,050
S&P - 985
Big bull flag maybe.
Don't get squeezed, again.
S&P was looking bad on 12/31/2015. Glad to see they are up on their game.
1900??? That is so cute?
.... Yes, and sell silver. Even if you don't have any silver go ahead and sell the shit out of it.
That's right. Buy high and sell low.
Good idea... I'm thinking the market manipulators feel a little defeated today and are going to compensate tomorrow morning