Dow Closes Under 10,000 For First Time Since February 7

On a day like today, when the entire CNBC fast momo brigade said it was buying into the close (we would show you the clip of just how worthless intraday trading advice on CNBC is, if only the propaganda station had not pulled the episode), there was just one way for the marker to close: below 10,000. The fight over the 10k barrier, which the traders over at Liberty 33 find important for some reason, was fast and furious, but in the end, reinforced by a deteriorating euro, the bears won, closing at 9974.4, further plunging after hours. The Dow is now at the lowest close of the year, with the only times the Dow has closed under 10k being in a three day brief period between February 5 and 7th. Also, looking at the EUR panel, things are going from bad to worse. Absent China lifting every other offer, which would be confusing in light of SAFE's earlier negative announcement on European bond holdings, we could easily see a 1.20 handle by tomorrow morning, which would solidly push the S&P on its way well into triple digit territory.

The drop from the Dow highs one short month ago is now over 11%.

And this is how the bloodbath after hours is looking like right now:

 

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