A Fast And Furious Return To Reality: Spanish Stock Market Plummets By 12% In Two Days

Tyler Durden's picture

A few hours ago, the IBEX hit a level of 5905, the lowest since April 2003. The irony is that as recently as weeks ago, various momentum chasing self-professed stock "experts" saw some technical formation or another, making them believe that the bottom is finally in for the IBEX, which is "fixed." Turns out it wasn't; it also turns out the market was completely wrong and the result is a 12% slide in the Spanish stock market in two days as reality's return is fast and furious. If this happened in the US, it would be the equivalent of 1500 DJIA point collapse in 48 hours, and unleash mass panic and civil disobedience as people realized their 201(k) is really a +/- 001(k).

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HelluvaEngineer's picture

Thank God we are insulated to the effects of this by our completely self-contained economy.

TrainWreck1's picture

And a Harvard genius for our leader!

Buckaroo Banzai's picture

Speaking of Fast and Furious, when will that dirty whore traitor Holder get brought to justice? Just wondering.

 

i-dog's picture

I haven't seen any flying piigs, yet. But I'm still keeping a lookout....

BTW, the AGW loons say that hell ain't freezing over anytime soon, either....

gatorengineer's picture

Decoupled Bitches <sarc off>  McD's earnings were a preview of things to come..... Lets ban short sales here as its against the common good......

Temporalist's picture

Krugman is short; can we ban that little mogwai that turns into a gremlin when he eats the middle class and poor after midnight?

TrainWreck1's picture

Krugman is 5'7"  http://blog.thisyoungeconomist.com/2009/07/five-things-i-read-today-725.html

Reflecting on this, I think Randy Newman was right. http://www.youtube.com/watch?v=1NvgLkuEtkA

"They got little hands
Little eyes
They walk around
Tellin' great big lies..."

DeadFred's picture

S&P is a little over a week from the death cross. Not much can stop it now. Somewhere about 1340 is trend line support. Knowing our Bizarro market it may bounce but if it doesn't we will be looking at June lows. Exciting times.

battle axe's picture

No way Citicorp/B of A/Chase will be effected by the coming Euro blow up. BWHAAAA HAAAA HAAAAAA....

Sudden Debt's picture

WE ARE ALL EVIL SPECULATORS NOW!!!!
SHORT THE CRAP OUT,OF THIS MARKET AND BUY MORE SILVER AND GOLD WITH THE PROCEEDS!!!

DeadFred's picture

I pegged SPY supports for today at 134.3, 133.6 and 132.5. The first is gone and is acting as resistance. Don't get too rambuncious until you see them all in the rear view mirror. (And don't bet the farm on my choice of numbers)

Edit in hind sight. This looks like a bounce. Not too surprising since the 133.6 trend line is also the 50dma. Mr. Fibonacci would suggest a target of 134.86 or 135.50 as the target.

RSloane's picture

"In a further recessionary sign  , Edwards said aggregate monthly analyst optimism data had slid below 2011 and 2010 lows to under 40 percent. “These data are entirely consistent with a U.S. already in recession,” he said."

http://www.cnbc.com/id/48196972/S_P_500_Nears_Ultimate_Death_Cross_SocGen

Precious's picture

Called it here.

The waterslide is open for business.

JonNadler's picture

esta gente tiene que aprender a manipular el mercado como los norteamericanos no?

PS: No se puede comer oro!

 

No es asi Dochen?

DoChenRollingBearing's picture

Asi es, JuanNadlero!

Verdad, no se puede comer el oro, PUTAZ!

Buckaroo Banzai's picture

Y no se puede comer el papel tambien!

Temporalist's picture

Si se puede!

(oh I thought this was the other thread about "fast and furious")

avidtango's picture

For once, all Spanish markets are in sync.  Bonds, credit and stocks all crashing despite the lack of short selling.  I guess folks decided to return to the tried and true method of simply unloading worthless assets.  And yet, some of these "banks" hovering around a dollar are probably great buys if not on a bounce. 

ElvisDog's picture

Banning short selling is stupid because it removes liquidity from the market and makes an uncontrolled (bidless) crash more likely.

Cursive's picture

 

If this happened in the US, it would be the equivalent of 1500 DJIA point collapse in 48 hours, and unleash mass panic and civil disobedience as people realized their 201(k) is really a +/- 001(k).

 

This would never happen in the US.  American Exceptionalism and all.  /sarc

Stock Tips Investment's picture

The situation in Spain is clearly critical. However, I think that is so dramatic, what is happening in Europe. The economic situation in Europe is very bad and will continue on this road for a while more. These circumstances will have a global impact and therefore the stock market will be seriously affected. Our primary responsibility is to look after ourselves and our families. Large variations in markets (no matter how bullish or bearish) generate large revenue opportunities. Aprovechemoslas, because no one else will come out to our aid.

TahoeBilly2012's picture

End of All Markets coming!!

Sofa King Confused's picture

Will somebody please start World War III

buzzsaw99's picture

the bernank will never allow the usa stock market to drop. it is the only thing he cares about, his lone takeaway after years of asiduous study of the great depression. if japan only had the bernank they would be eating rainbow stew with a silver spoon by now.

gatorengineer's picture

fucking shame they are outta unicorn meat....

NotAMathWhiz's picture

And Skittles...  And rainbows...

DeadFred's picture

His revolver is empty and the Chinese have him in a painfully grasp. The put is dead but people just don't know it yet.

RSloane's picture

Never underestimate how Teh Bernank's future delusional ponderings will impact the market. His bullets are lovingly made from unicorn droppings and faded pictures of Keynes.

eclectic syncretist's picture

During most major collapses throughout history there is a sharp crash (think 2008), followed by an almost complete recovery (think now), that is in turn followed by a slower relentless grind down to the ultimate lows where the government and bank sponsored bubbles are finally eradicated (on a deeper level what's really eradicated is the general populace's confidence in their government and banks, which were the entities blowing and propping up the bubbles all along in order to screw the populace).  That's not to say that this is what's going to happen this time, but it is statistically speaking, the best bet.

centerline's picture

+/-001K .  That one made me laugh.  Seems list just yesterday that the 201K joke was the new tragic comedy that no one saw coming.

Unfortunately, +/-001K is already the truth.  Just a matter of recognition.  

slackrabbit's picture

Some Central Bankers just want to watch the world burn...

timbo_em's picture

Are these the oportunities Whitney Tilson talked about in his latest letter? Plenty of low hanging fruits in Spain. Banks and construction companies are a good bargain.

orangedrinkandchips's picture

RELEASE THE CRACKEN!! (aka the NYFED non-stop bid via HFT on a machine called The Cracken!)

Snakeeyes's picture

But IBEX began to rebound a bit. But with the Euro down, GDP falling, it is terrible in Spain.

http://confoundedinterest.wordpress.com/2012/07/23/monday-morning-blues-spain-gdp-falls-again-euro-plunges/

phat ho's picture

The agony of defeat comes to mind for any of you old enough to remember the opening clip to "wide world of sports" where the guy on the ski jump totally wipes out to the side. :-)

ZeroAvatar's picture

'The agony of d'feet'=  Tony Robbins' fire-walkers, lol!  (They lost 'faith' after the first couple of moans of agony).

 

Sank into the depths of Moardor.  Just like the Ibex.

TideFighter's picture

Remember the AMC Matador? I think it depreciated at this rate. On a trade-in, you had to pay the dealership a disposal fee. Same thing here.

The Swedish Chef's picture

Weren´t Greek bonds a "no brainer" trade a year ago? I think I remember someone stating that, can´t recall the name. His screen name is probably RoboTrader but actual... Nope. But I do remeber reading the quote.

BurningFuld's picture

It's definition time:

Banker: (noun) A crook you have entrusted with your money.

DeadFred's picture

Now that's a deal I want to get in on!!

i_call_you_my_base's picture

I laughed out loud when I read that.

avidtango's picture

Maybe it's time to go long Spanish bonds for a short time or short the shorts for a short time.  Remember, the idea of long-range investment and planning is for idiots.

jjsilver's picture

Homebuilders are looking very attractive

monopoly's picture

I really hate to say it but holding confetti, and physical really feels good. The one eyed blind man leading the blind. And remember, it does not start here until the printing press is taken away from the inmates. 

Just the beginning all, just the beginning.

Son of Loki's picture

"201(k)"....I like that...soon 101(k) then as you say....001(k).