Techs Wrecked, Financials Falter As Korean Threats Spark Gold Gains

Tyler Durden's picture

Well that all escalated rather quickly...

Brent spiking (Kurds and Korea), Gold spiking (Korea), AAPL tumble (weak orders), FANG bloodbath... large into small and growth into value.

The day's broad activity was driven by North Korean headlines which sparked a bid for gold (and early anxiety over Europe after Germany's election)...

 

Gold regains the lead year-to-date...

 

But Stocks suffered some more serious drawdowns with Tech stocks worst 4-day loss in 3 months to one-month lows... Small Caps reached a new intraday record high early on (and Trannies clsoed green)...

 

Nasdaq VIX Spiked above 16 - back to the upper end of recent trading band but notably not as big a spike as prior tech wrecks...

 

S&P VIX spiked above 11 intraday (back above its 50- and 100-DMA) as S&P lost its 2500 level... but the machines did their best to ramp the S&P back

 

And VVIX (expectations for the uncertainty of VIX going forward) has never been higher relative to VIX...

 

Big switch from growth to value today...

 

And stocks' Momentum factor is now down for the month...

 

FANG Stocks worst day since early June.

 

Facebook's (election-related headlines) and Netflix's (Fox streaming headlines) worst day since Nov 2016...

 

AAPL down 12 of the last 15 days (and down almost 10% from its record highs) closing below its 50- and 100DMA (filling the earnings night gap higher)...

 

Bank stocks continue to decouple from the yield curve...

 

Treasury yields fell on the day on a safe haven bid with more 2s30s flattening...trading died after the kneejerk on korea headlines...

 

Interstingly, the dollar index was well bid today (back to FOMC-Day highs)...

 

Driven by EUR weakness on the heels of Merkel's horrible election outcome...

 

Despite the dollar strength, Gold surged off its 50DMA (and Silver off its 100DMA) back above $1310...

 

WTI Crude surged above $52 (on the back of Kurdish referendum fallout concerns) and RBOB  followed oil prices higher...

 

But Brent spiked to its highest since July 2015 with a massive backwardation and dramatically rich to WTI...

 

Finally, Bitcoin also spiked on the North Korean headlines...

 

Well that didn't work... yet...

 

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tmosley's picture

>Gold regains the lead year-to-date...

All of my lels.

BabaLooey's picture

Buy...the buttfucking dip.

I used to downvote those pithy posts - as to BTFD..............

.....but no more.

Buy with both hands.

Buy until your wallet is bare

Buy until you cannot buy anymore.

Buy..............dammit  to hell.......................BUY!!!!!!!!!!!!!!!!!!!!!!

Rainman's picture

yo...bet the SNB will buy the shit out of that fukkin FANG dip

Traderone's picture

It looks like they have already started. NQ up 30 pts from the low and ES up 11.  

Squid Viscous's picture

and you caught most of that move after being miraculously flat for the am (non) ramp,

amazing guy!

Ben A Drill's picture

Tomorrow is another day in the land of the PPT. Everything is a figment of their imagination said the FED. Pay no attention to the man behind the curtain. Follow the yellow brick road.

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Dragon HAwk's picture

A Red Day.. How Quaint.

Ben A Drill's picture

Tomorrow is another day in the land of the PPT. Everything is a figment of their imagination said the FED. Pay no attention to the man behind the curtain. Follow the yellow brick road.

adr's picture

They won't let RBOB fall below the September contract close. We can't let the people have $2.35 gas again can we?

We're just completely fucked in every regard.

This farce needs to tank so we can get back to real prices for things.

D.r. Funk's picture

Fantasy vix at 9 over already, aw

Hey master manipulator fucks:

If you get it back wont be for long

 

Midnight Rider's picture

Wasn't the '87 crash on October 19th? Don't think the last chart is lined up quite right.

ReturnOfDaMac's picture

Hey, whatever happend to those fools who kept saying 9/23 would be the end of the world?  Wonder if they got a new date to peddle more horse manure ....

TradingTroll's picture

I dunno about the end of the world but after Merkel was reflected I made a boatload on my Euro short

Herdee's picture

Physical Delivery buyers of Gold Bullion are stepping in on any dip over in Shanhai and Hong Kong. The Chinese always want a deal on gold, especially when Trump wants a war on their border. They can't believe sometimes how stupid Chicago short sellers of naked paper Gold Futures Contracts are at times. Their hoping that the crooks on Chicago fall into a lot more traps.

Conax's picture

 All the war drums make it a little risky to naked-short silver today.

Bankers LoVE War but hate to free the silver. It's a paradox.

Fighting a modern war requires A Lot of Silver.  Mexico (El Plata Grande) is a shambles.  S E Texas and the Dong of Florida are as well. Fiats for relief and rebuilding must be conjured in mad fashion. PMs may finally see a more bullish price action from here on out.

JoeTurner's picture

where da white womenz at ?

silverer's picture

I'd like to add that everyone invested in gold is not a rectum stacker.

GoldHermit's picture

The moral of the story – buy gold – sit back and watch the world destroy itself

Peak Finance's picture

I hope my gold hasn't been in anyone's ass

fuck now I need scrub all my coins

HRH Feant2's picture

Call the POPO dammit!

Yen Cross's picture

  I think I'm seeing the proverbial "sloppy seconds" trade in equities indexes.  It's> the fallen but I can't get up chart<

  WE shall see...