Not only is it deja vu all over again (again) but our warning this morning of reality of a virtual reality world [6] coming unglued is all too real. Biotechs and Momos are at the lows of the day; Nasdaq and Russell 2000 are now down 3% post-Yellen and all major indices (including the IBM-sponsored Dow) are now in negative territory post-Yellen. Financials, ahead of tonight's CCAR, are also fading fast (catching down to their credit counterparts). Of course, it's all about USDJPY... (oh sorry - fun-durr-mentals)
[7]
All major indices are red post-Yellen
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As Biotechs re-collapse...
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and Momos are fading fast...
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And financials (as we said) are rolling over into the CCAR and catching down to credit...
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We hate to say we told you so... [6]
Despite today's pre-open ramp, which will be the 4th in a row, one wonders if biotechs will finally break the downward tractor beam they have been latched on to as the bubble has shown signs of cracking, or will the mad momo crowd come back with a vengeance - this too will be answered shortly.