Tech Wreck 2.0? FANG Stocks Suddenly Slammed, Nasdaq Dives, VIX Spikes Above 10

VIX is suddenly spiking higher (back above 10) and stocks lower - amid no obvious catalyst...

 

Nasdaq is tumbling...

 

As Dow Transports suffer their second biggest drop in 10 months...

 

And FANG Stocks dive...

NFLX and GOOGL are the big laggards today/this week...

We note that Bloomberg reported earlier that gains for Facebook and Amazon.com account for about two-thirds of the S&P 500’s 5 point gain.

Do Algos read Howard Marks?

Comments

Overleveraged_… Thu, 07/27/2017 - 12:45 Permalink

Omg WTF!!I am hereby calling on the Presdient's Working Group on Financial Markets to fix this IMMEDIATELY! Meanwhile, buying this dip with more 3x Long Leveraged S&P 500. If must be, we can have Yellen call for an emergency microphone session.

order66 Thu, 07/27/2017 - 12:49 Permalink

2480.25 is the top extreme on the weekly ES_F chart value bracket. Key level for bank desks. Always going to get sellers there on first tap.

Turin Turambar Thu, 07/27/2017 - 13:00 Permalink

Simple explanation.  Stocks all ramped up into FANG earnings.  Now that they've pretty much all reported and been driven to record highs, it's time for the manipulators to cash out at the top and screw everybody else.  SMH

Zeej Thu, 07/27/2017 - 13:12 Permalink

Clearly these markets are total bullshitDays like today you can ease into a nice sized friday expiration OTM call position on these trash tech stocks and pay for a nice trip somehwere if the trade works in your favor.

syzygysus Thu, 07/27/2017 - 13:29 Permalink

just clearing out my shorts.  had an issue earlier, too many tacos, thought it was a fart.Oh wait, you meant the stock market.  errr, sorry....kind of gross...

onthedeschutes Thu, 07/27/2017 - 13:41 Permalink

Just got off the phone with the Swiss.  Turns out someone kicked the ethernet cable for the trading desk for the Swiss National Bank.  It's plugged back in now.  Upward rampfest on FANG stocks should resume any moment.  ECB, Bank of England, Bank of Japan all set to pick up any slack.

kenny500c Thu, 07/27/2017 - 17:34 Permalink

Big buyers collude and agree not to buy for a few hours, stop loss orders get hit and shares are bought on the cheap. Then ramp up continues.