Dollar Dumps As Nasdaq Suffers Longest Losing Streak In 15 Months

A thought...

Citi summed the last few days up well... and ominously...

"Bear markets open on the highs and close on the lows. This is particularly the case when derivative products need to rebalance in a relatively narrow window near the end of the day"

And what happened again?

 

And its happening across all the major equity indices...

Nasdaq just suffered a 4-day losing streak - its longest since Nov 2016.

 

Pretty clear what the machines had in mind today - run The Dow up to hunt the pre-FOMC stops... but there was no momo...

 

FANG stocks faded today and AAPL is unch on the week...

 

China is back from its New Year celebration (China stocks gained - playing catch up), and The Dollar dropped for the first since they left...

 

Zooming in, it's clear the machines were testing yesterday's post-FOMC Minutes plunge lows...

 

European stocks suffered a death cross today as European Economic crashed into the red...

This week the Euro Area Economic Surprise Index (ESI) turned negative for the first time since September 2016. Negative surprises in soft data (e.g. PMIs) have contributed to most of the decline which ended the longest positive streak for the index.

High yield bonds continue to slide...

 

And HY Spreads are starting to blow out again relative to VIX...

 

Treasuries were bid today with the belly outperforming the tails...

 

10Y Yields drifted lower...

 

On a side note, while the world is watching 10Y Yields, 30Y yields are in a very interesting region of congestion...

 

Commodities were all higher as the dollar dropped...

 

The Energy complex ripped higher today (on DOE data) after some early weakness...

 

Crypto tumbled again today...leaving Bitcoin unchanged for the month...

 

As Bitcoin broke below $10k, catching down to Nasdaq...

 

Oh, and if you're wodndering what started this morning's panic-buying... simple...

Comments

Keltner Channel Surf Thu, 02/22/2018 - 16:06 Permalink

Found this gathering dust in my refrigerated parody warehouse, cross-referenced under “rigged” and “Brit-Indie cult band”:

“They’re Rigging Prices”    from  “The Glittering Prizes”     by Television Personalities

In the past I always tried
But I never got stocks to hit my prices
I put it down to Providence
Or something simple, like “markets are complex”

Pretty soon that’s gonna change

Pretty soon it’s gonna change, pretty soon I’m gonna trade
And you won't victimize me

They’re rigging prices for me !

I swear I clean up every day
Since I outsourced the job to flash boys
When my HFTs begin to trade
I even get the chance to play with hexadecimal toys

Pretty soon I’m gonna change

Pretty soon it’s gonna change, pretty soon I’m gonna trade
You won't recognize me

They’re rigging prices for me
They’re spoofing prices for me

Kaiser Sousa Thu, 02/22/2018 - 16:06 Permalink

another day, another futile search for ANY genuine macro-economic news/data WHATOSOFUCKINGEVER that could justify the U.S. Fraud Markets being positive let alone the Dow Jones Propaganda Index being up nearly 400 points after the typical Fed/Exchange Stabilization Fund ramp in the 10-11:30 est. timeframe…

meanwhile, its revealed that one of this Bankrupt Banana Republics' “rival’s” is continuing to accumulate 1 of the only 2 forms of REAL money at warp speed, and yet the phony paper prices of both “mysteriously" remain held in “someones” tractor beam…
hilarious…keep it up chumps so i can continue my bargain basement accumulating…

DEATH TO THE MONEYCHANGERS.

ps: did u see that move with only 10 minutes left to push back above 25,000???
classic...

Yen Cross Thu, 02/22/2018 - 16:09 Permalink

   Ha.... I said there was going to be a squeeze in the $usd. Don't worry though. It's going to head higher again.

  All the euro macro was terrible last night, and the German GDP shit it's diapers.

  Was that[downvote] you Dennis Gartman?

Yen Cross silverer Thu, 02/22/2018 - 16:29 Permalink

   The U.S. equity markets are Japanified.

   The only way for them to move higher is "nominally" through dollar selling via the euro and yen. Did you notice the $usd was bid when U.S. equities were being sold, and offered when they're being bought?

    Now the markets are so stretched, along with higher rates, traders are moving into cash and bonds. This will be $ positive over the medium term.

In reply to by silverer

wattie Thu, 02/22/2018 - 18:18 Permalink

ATTENTION GOLD/SILVER INVESTORS

 

LAUNCH DISCOUNT – Allocated Bullion Exchange (ABX)/Andrew Maguire (Whistleblower) Developed Crypto- Kinesis!

Initial Token Discount 25% for a limited time only!!

A game changer for Precious Metals Backed Cryptos.

For further information contact

iainw@ownbullion.com

Games Without … Thu, 02/22/2018 - 18:26 Permalink

The recent move up in the dollar is absurd. Interest rates rising will be because of deficit spending and lenders expecting higher rates for increased risk, not economic growth. There is a big difference, one that seems to get lost on the self proclaimed monetary experts.