Despite Dip-Buying Panic, The Dow Has Not Seen Longer Losing Streak Than This Since 1978

Don't play...

 

The BTFD'ers were back early on, but once the S&P got within a tick of green, shortly after Europe closed, things stalled, only to ramp again in the last hour, pushing S&P into the green, but that was it...

 

It was all about crushing VIX (after tagging 15 overnight, the machines hammered it back to a 12 handle)

CNBC's Bob Pisani - "A very impressive rally" - except Bob we closed red.

Nasdaq is the only major index in the green still for March...

 

The Dow bounced perfectly off its 50DMA...

 

The Dow is down 8 days in a row - the longest losing streak since 2011 - if it hits 9, that will be the worst streak since 1978!!

 

Banks were battered...but bounced (Goldman is now down on 14 of the last 16 days) - this is the worst drop for Goldman since Jan 2016

 

Banks dipped red for the year, Tech leads and Energy is the big laggard...

 

March's great rotation from Goldman To safe-haven Snapchat...

 

Across asset classes the moves were similar - all inflected at the US Open - but net net - the dollar is lower, yields lower, stocks flat, and gold higher...

 

Gold remains 2017's big winner as financials dipped into the red YTD today...

 

Notably bond yields broke first, then stocks followed, recoupling shortly after the European close

 

Treasury yields were lower on the day, leaving all but 2Y yields lower on the year... 30Y <3.00%, 10Y <2.40%

 

Yen weakness ignited the rebound in the Dollar Index around the US Open...

 

Gold and Silver gained again (pushing the former into the green for March). Copper spiked but crude slipped lower...

 

While gold gained on the day, Bitcoin bounced back above $1000...