Market Massacre: Worst Ever First Week Of Trading

Tyler Durden's picture




 

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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Fri, 01/08/2016 - 16:36 | 7018902 vincent
vincent's picture

Please stay home on Monday to clear space for the jumpers

Fri, 01/08/2016 - 16:36 | 7018904 ToSoft4Truth
ToSoft4Truth's picture

At least none of us bought Silver yesterday... 

Fri, 01/08/2016 - 16:37 | 7018910 Alex Kintner
Alex Kintner's picture

My Chinese advisor, Sum Tin Wong, says "Chinese stawk cheap. You buy now."

That is free advice. You're welcome.

Fri, 01/08/2016 - 20:46 | 7019932 CAPT DRAKE
CAPT DRAKE's picture

Oh man, just about laughed my ass off!!!!!!!!    

Buy some food and ammo?   Really weird at costco today, people buying Florida storm supplies and we are not at all in storm season.   WTF?

Sat, 01/09/2016 - 04:22 | 7020897 Jack Oliver
Jack Oliver's picture

My Chinese advisor - 'Sumkunt '-  said get the FUCK out !

Fri, 01/08/2016 - 16:37 | 7018911 pupdog1
pupdog1's picture

Needs more charts.

Fri, 01/08/2016 - 16:50 | 7018982 Alex Kintner
Alex Kintner's picture

Yes, some more charts would have convinced me. Tyler always pulls out early.

Fri, 01/08/2016 - 16:41 | 7018928 Dimons jock
Dimons jock's picture

And who doesnt like trannies? Some of them are hot, imo...

Fri, 01/08/2016 - 16:54 | 7019000 Brooks_Orpington
Brooks_Orpington's picture

dude...

Fri, 01/08/2016 - 17:20 | 7019139 skinwalker
skinwalker's picture

Some are hot enough that it'll make your head spin. For extra points, drop some acid and watch tranny porn. Your mind will never be the same. 

Fri, 01/08/2016 - 16:42 | 7018934 10044
10044's picture

Bennet Yellankespan says everything is just fine.

So I'm a buyer at these prices.

</sarc>

Fri, 01/08/2016 - 16:45 | 7018949 A is A
A is A's picture

Did anybody see this guy David Tice on CNBC today? He started going off about Austrian economics and the Fed and then they were like, "Oh, sorry we are having trouble hearing you" and cut him off. Lol. I could hear him just fine. Wtf???

Fri, 01/08/2016 - 16:49 | 7018974 aliki
aliki's picture

AisA - yeah, they used the same "honey, I can't hear u right now ... I'm going thru a wind-tunnel" excuse I use on my girl when I'm walking into the strip club :)

Fri, 01/08/2016 - 16:50 | 7018983 silverer
silverer's picture

TV's make good space when you get rid of them.

Fri, 01/08/2016 - 16:46 | 7018960 aliki
aliki's picture

4 more rate hikes

lol

markets had an anyrism & heart attack after just 1 following 7 years of ZIRP

Fri, 01/08/2016 - 16:51 | 7018986 sTls7
sTls7's picture

Such a bloated market that this drop is meaningless...  just getting back to reality is all. 

Fri, 01/08/2016 - 16:52 | 7018995 moonmac
moonmac's picture

Kudlow thought “Not Your Dad’s Root Beer” was non-alcoholic so right after he drank it his coke dealer arrived. 

Fri, 01/08/2016 - 16:55 | 7019008 moonmac
moonmac's picture

Kudlow just called Obama to offer his support for “Cash For Clunkers 2” because the original was terrific for stocks which helped him pay down his tab at Betty Ford.

Fri, 01/08/2016 - 17:04 | 7019032 Rockfish
Rockfish's picture

Kudlow = turd

Kudlow & Company, October 22, 2007 asshat crowd with Don  Luskin 

 

https://youtu.be/4LhlPEWww6k
Fri, 01/08/2016 - 17:20 | 7019137 Squid Viscous
Squid Viscous's picture

and jeremy "the insect" siegel... amazing that these same ass clowns are back on the joob toob, after being the pied pipers of the last slaughter

Fri, 01/08/2016 - 17:13 | 7019053 Squid Viscous
Squid Viscous's picture

what a POS - remember his "goldilocks" bullshit right before the last plunge,

and his incessant ziocon rants, like he's also a foreign policy expert.

last time I saw him was some variation of "Putin is our arch enemy" rant...

i hope he burns in hell

Fri, 01/08/2016 - 18:01 | 7019282 messystateofaffairs
messystateofaffairs's picture

Hey, a free market us the best path to prosperity, haww.

Fri, 01/08/2016 - 17:06 | 7019076 Anunnaki
Anunnaki's picture

Kudlow the Catholic /s

Fri, 01/08/2016 - 17:00 | 7019038 R19
R19's picture

FX Flash Spike Down right now in USDJPY and JPY pairs.

Fri, 01/08/2016 - 17:00 | 7019044 83_vf_1100_c
83_vf_1100_c's picture

  More red down arrows in those charts than a coinhead post.

Fri, 01/08/2016 - 17:05 | 7019056 Kprime
Kprime's picture

The Best Investor Advice Ever, for this market!!

MUST GO FASTER

https://www.youtube.com/watch?v=rxqHVoZ0fzc

 

Anybody hear that, it's a umm, it's an impact tremor is what it is.  I'm fairly alarmed here.

Come on, come on, come on, we got to get out of here. 

Objects in the mirror are closer than they appear.

Fri, 01/08/2016 - 17:02 | 7019058 Inthemix96
Inthemix96's picture

Get the right fuck in.  You lot of arse trembling nation wrecking cunts are just about to find owt what real value means.  Gambling on the future of your fellow man would always end like this, and now us daft cunts, get to watch you parasitical twats prove your collective worth.

Can you grow 'Tatties', you bunch of fucksticks?  Can you change a light bulb between yourselves you pieces of utter filth?  Can you shine your own shoes you inbred fucking cunts?  Hows about boil an egg?  Parasitical fucking arseholes right down to the last one of you cunts.

You are just about to join the real world, with a right fucking 'Jolt'.  And about time too, where you really can find owt about 'Speculating', cos I bet my speculation that you grifting, leech, parasitical wankers wont last more than five minutes before either falling apart, or torn limb from limb from the folk you ruined.  And you brought all of this on yourselves.

Sleep tight cunts, you aint many more days from being peeled alive. 

;-)

Fri, 01/08/2016 - 17:51 | 7019240 reload
reload's picture

Happy new year, from down south.

Fri, 01/08/2016 - 19:14 | 7019540 Bopper09
Bopper09's picture

Don't sugar coat it, tell them how you really feel...

Fri, 01/08/2016 - 19:28 | 7019551 sgorem
sgorem's picture

 

TYLERS!! TYLERS! get over here and see what 'Inthemix96 just posted! <:-O oh my...........

arse trembling nation wrecking cunts............

daft cunts.....................

you parasitical twats............

can you grow Titties?......

you bunch of fucksticks............

pieces of utter filth...........

inbred fucking cunts........

Parasitical fucking arseholes.....

last one of you cunts........

with a right fucking jolt......

grifting, leech, parasitical wankers........

Sleep tight cunts.....

and last but not least, "being peeled alive"!  the Goddamn, fucking diatribe coming from the shitty, frothing fuck hole in this guys face. jeeeez!s i did green ya though.
 


Fri, 01/08/2016 - 21:26 | 7020101 83_vf_1100_c
83_vf_1100_c's picture

  I gather you are upset about something?

Fri, 01/08/2016 - 17:03 | 7019060 Aeneid
Aeneid's picture

DOW - a military acronym for Died Of Wounds! Seems appropriate.

Fri, 01/08/2016 - 17:05 | 7019068 Anunnaki
Anunnaki's picture

Is Obomber gonna go out in a recession. Oh what about his precious legacy? 

Can Hellary win if we're in a recession next Sept.? 

Fri, 01/08/2016 - 17:06 | 7019075 Kprime
Kprime's picture

it's bush's fault.

Fri, 01/08/2016 - 17:09 | 7019091 corporatewhore
corporatewhore's picture

only if diebold decides in her favor

Fri, 01/08/2016 - 18:51 | 7019458 22winmag
22winmag's picture

Even Diebold won't have a choice when Trump pulls his schlong out of the race at the last minute.

Fri, 01/08/2016 - 18:13 | 7019330 lakecity55
lakecity55's picture

Hitlery is gonna get hit by the email scandal!

Shotgun Joe and Fauxcohontas by Draft/Brokered Convention!

Fri, 01/08/2016 - 17:06 | 7019073 Yen Cross
Yen Cross's picture

 BAC was $5.00 after the 2008 crash, before " uncle Warren" bailed it out, and this moron is suggesting buying BAC stock above $15.00?

 I can't stop laughing...

Fri, 01/08/2016 - 17:10 | 7019099 Anunnaki
Anunnaki's picture

WWMBD?*

What would Michael Burry do?

Fri, 01/08/2016 - 17:12 | 7019112 Dimons jock
Dimons jock's picture

Every banker ive met would never think of jumping because they love themselves way too much. Can you imagine a job where you lose your clients wealth,but somehow still find a paycheck in your checking account?

Bankers actually love to fly, they just need a little push in the right direction.

Fri, 01/08/2016 - 17:17 | 7019127 Yen Cross
Yen Cross's picture

Someone tell Bob Piss-On me- about the divergence with credit and equities.

Fri, 01/08/2016 - 17:20 | 7019141 Dimons jock
Dimons jock's picture

Why bother? He believes the december jobs numbers were great( soon to be revised when we find out they were holiday jobs performed by college students)

Fri, 01/08/2016 - 17:24 | 7019154 Yen Cross
Yen Cross's picture

 Central banks have created an Massive Godzilla debt monster...

Fri, 01/08/2016 - 17:37 | 7019190 Squid Viscous
Squid Viscous's picture

godzilla, great blue oyster cult tune.

Fri, 01/08/2016 - 18:43 | 7019442 DipshitMiddleCl...
DipshitMiddleClassWhiteKid's picture

so after the next implosion..will trading still be a thing?? 

 

i had a good week this week in FX 

Fri, 01/08/2016 - 19:16 | 7019536 Yen Cross
Yen Cross's picture

Good for you... Keep up the good work.

 Transition your profits, into tangibles.

BTW> there's a market for everything.

Sat, 01/09/2016 - 00:50 | 7020659 DipshitMiddleCl...
DipshitMiddleClassWhiteKid's picture

hehehe 

 

im hoping the markets will be around for another 5 years or so, so i can make some money and leave the workforce for good..but by the time i make enough money to not work i dont think america is going to be a civilized place anymore 

 

Fri, 01/08/2016 - 17:30 | 7019146 Rockfish
Rockfish's picture
7/2/2007- Peter Schiff On Kudlow & Company

One of my favorites. Don Luskins preaching BTFD, Schiff being beat by these snakes. Hmm who was right? 

https://youtu.be/wB0eFrmUOhw 

Fri, 01/08/2016 - 17:36 | 7019184 Early Retirement
Early Retirement's picture

So CNBC's lead story is, "Sign Apple Has Bottomed," and the "sign" mentioned therein is a single analyst upragde, and the footnote reveals this "analyst" is a market-maker in Apple stock.

 

Just criminal.

Fri, 01/08/2016 - 19:09 | 7019516 Barnaby
Barnaby's picture

My team and I were each given an Apple Watch at CES, and after I left the Con Center I tried to give mine to a homeless chap. He was like "what, you don't have any Chipotle leftovers for me cocksucker?"

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