Market Massacre: Worst Ever First Week Of Trading
What better analogy than this...
This was the worst first week of the year for US equities... ever!
Dow... (even worse than 2008)
S&P...
Europe was a disaster...
And epic for China...
And while only Trannies are in a bear market (down 20%) in the US, these 7 developed world markets are already there...(h/t SocGen's Andrew Laphthorne)
* * *
So let's look at the week in stocks...
It was all looking so awesome last night...
Futures show the swings better (with China weakness as an early week driver and US as late-week driver)...
Small Caps and Trannies are down around 7% this week, S&P best but still down over 5% (and down 6 of the last 7 days)
- S&P down 5.3% - worst week since Black Monday
- Dow Industrials down 5.6% - worst week since Black Monday
- Small Caps down 6.9% - worst week since Nov 2011 - Russell 2000 lowest close since since Oct 2014
- Dow Transports down 7.1% - worst week since Sept 2011 - lowest close since Nov 2013
The Dow is down 1400 points in a week (from 17,660 to 16,250)
Utes managed to end the week unchanged but Homebuilders collapsed... Financials and Materials were next worst...
- Financials down 6.6% - worst week since May 2012
- Materials down 7.4% - worst week since Sept 2011
- Homebuilders down 8.6% - worst since Aug 2011
VIX broke back above 25... (VIX up 60% in 2 weeks - biggest jump since Black Monday)
What did Janet do? Post Fed rate-hike - S&P down 6.5%, Gold up 3%, 30Y Bonds up 1.6%
Stocks are about half-way there...
Since the end of QE3, Trannies are down 20% and only Nasdaq is holding any gains...
The FANTAsy stocks are all red since the end of 2015 (with TSLA and AMZN worst)...
Energy Stocks finally woke up to reality in the credit underlying commodity...
US financials have started to plunge back to credit/yield curve reality...
With MS and GS back below Tangible Book Value for first time in 2 years...
Away from stocks...
Treasury Yields tumbled, closing at their low yields of the year with the belly of the curve outperforming... 10Y yields dropped 14bps this week - the biggest drop in 3 months.
FX markets were volatile but by the end The Dollar Index closed unchanged (against the majors)...
But the USDollar surged 1.5% against Asian FX - its best week in 5 months... (Asian FX is its weakest since April 2009 against the USD)
But AUDJPY - probably the world's most-levered carry trades - collapsed 6.7% this week!! It's worst week since May 2010...
Commodities were very mixed this week...
Gold rallied 4% this week - its best 'first week of the year' since 2008... (best week in 5 months) - breaking 2 key technical levels...
Crude down 5 days in a row touching a $32 handle at the lows... biggest weekly drop since Nov 2014
In Summary - Sell The Dips!
See you all Sunday night!
Charts: Bloomberg
Bonus Chart: Investors seeking safety are greatly rotating from Triple AAA stocks to Gold stocks (h/t SocGen's Andrew Laphthorne)
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Stash cash? Is that French for "Keep Stackin', Bitchez"?
FUCKING LOVE THIS RANT!!!
WELL DONE
"That man liked to use the 'F' word..."
---Forrest Gump
Nice rant Kaiser.
@ Kaiser,
Who are the mystery buyers?
The Scum Fucks at the Fed. That's who.
yep...
and the Exchange Stabalization Fund located in the anus of the N Y Fed.
scumbag sociopaths...
KS, please fix your cap lock. It gets old looking at it day after day
FUCK OFF.
Jesus Christ man you are watching the shit show too much. The language. Give up that shit and stay home with the kids or grand kids and try to relax.
thanks..
not.
FUCK!
IS REALITY Setting in yet?
Shit eating grin
Yup - especially being long SPXU and TLT for about a month.
Whew Hew !!! Party on Wayne !
I put a big slab of Bitcoin between a couple slices of TVIX, and the results went something like this:
https://www.youtube.com/watch?v=ecc0nbg9m-8&t=6s
LOL
And anyone who creates a hardware wallet with "Bad Motherfucker" printed on it, that I can put the proceeds into, can pretty much name their price AFAIC.
You know, when I was young I thought the rappers with gold grills were idiots. It took me a while to realize that it was EVERYTHING else the rappers wasted their money on. If Mr. T actually owns all those necklaces, he actually did pretty well for himself.
Always funny looking at cnbc's pics of traders faces at the end of a big down day ... collectively it appears as tho every trader was forced at gun point to eat a 5# wheel of manchego cheese and the equivalent weight of prunes and now, in the aftermath, contemplate miles of a asphalt desert landscape armed with nothing but a yeyo spoon and a copy of the WSJ.
It has to be a shock for them. Wait, markets can go DOWN? WTF?
I always like that trading can be suspended when markets are down but never suspended when they are rocketing up.
Only when the Fed voluntarily cuts off the CTRL-P.
yes! the deer! finally!
'Da deeer, baaasss, da deeer....!
Had a good laugh. Well played, ZH.
100 % deer even ..............it's the best day of my life. fing a buba
Still waiting for Donkey Kong to show up, cause, you know, it seems like it's on.
Holy Shit Batman, deer overload – quick Robin get the bat hunting knife …
Houston...we have a malfunction
Yes we do..we now have a gay negro mayor plus more fucking traffic courtesy of the millions of illegals that have freshly joined the ranks of the rest of the ghetto trash here.
Sylvester Turner = Kwame Kilpatrick
or Ray Nagan.
Double deer dipping
We're on an express ride to hell.
Is that good or bad Doc ?
Tsk, somebody lost the key to the PPT's cage. I expect they'll try a big rip on Monday, and it'll be inteeresting to see if anybody plays.......
they must be on the same cox circuit(s) that took denninger down - I'm sure they'll be back on job monday! ;-)
Nah we're gonna see how the chunky chink handles no circuit breakers on da real, monday. 400-600 point down day coming up for the US & maybe the ppt might step in for 1/2, imo. This sell off been slow & steady no ones scared.
“Yellen, It Was Really Nothing” from “William, It Was Really Nothing” by The Smiths
The pain hits hard in this hedge fund town
The Dow has dragged you down
Oh, the blame falls hard as the pensions drown
The Fed has let you down (Oh, no)
And everybody tried to catch this knife
And god knows I've bought the declines
God, now I’ve got to resign
Yellen, Yellen it was really nothing
Yellen, Yellen it was really nothing
... it was their retirement
How can you stay with a Fed Chair who’ll say
“Oh, would you like some more QE?
And, if you’d like, rates at minus-three
It might start a new upswing”
Would she like to bury me?
Thinks the market’s on a string
I don't believe in anyone … except myself
Oh, Janet, Janet you are really something …
double dipping on the Smiths...15 yard penalty
i'm sure it's funny though, if i could tolerate their music
happy new year KCS
Emo before emo was gay.
Hard to imagine Morrissey fronting a band like Mineral, but he might have done justice to Sunny Day Real Estate's "Seven". Replace the snarl with his croon, and it almost sounds like his theatrical style :)
Emo is upbeat compared to Morrisey. Even his hair is so emo that it cuts itself...
Aw, c'mon Squid, Smiths parodies were amongst the most fun to create ("Heaven Knows I'm Vulnerable Now", "The More That You Short Me, the Higher I Get", etc) given the clever lyrics. Follow the link in my profile, click on "Smiths" in the "Labels" section, and try the YouTube links at the top of the parodies, you might change your mind . . .
Checked the site. My gawd; The Night They Drove ol Vixie Down is quality. Best one I've seen, absolute class.
Would you like to marry me? If you like you can buy the rings.....I don't dream about anything.\ ...except myself.
My favorite tune is "Fed rates in Coma"
Jack Yellen best get out her commercial grade knee pads.
I have a feeling Jamie & Lloyd will be inviting her over this weekend!
So much value here.
BTFD's and sleep with the fish.
www.traderzoo.mobi
Companies are hiring foreign slaves... Where's my " Purchasing Power?"