Stocks Suffer Worst Q2 Start Since The Great Depression

Well that really escalated quickly...

 

After last week's "paint the tape ahead of a long-weekend" melt-up into the close, the first trading day of the second quarter was a bloodbath... In fact the worst since The Great Depression...

As David Rosenberg (@EconguyRosie) summed up so precisely: New math: every tweet by @realDonaldTrump subtracts 70 points off the Dow. Keep 'em coming.

Woah...a ubiquitous opening bounce, then puked into Europe's close, then another attempt to ignite momentum, fails and stocks puked into red for the year again...

 

3rd dead cat bounce in a week...

 

The S&P 500 and The Dow broke below their critical 200DMA... (Nasdaq is closest to its 200DMA since Brexit plunge) -

there was a desperate last few minutes attempt to rally 'em back above the 200DMAs - Dow ended back above its 200DMA

 

First time the S&P has closed below the 200DMA since June 27th 2016 (Brexit)

 

 

VIX topped 25, leading the US equity index vols higher today...

 

Tech led the tumble...

 

Lowest close for NYSE FANG+ Index since January 5th...

 

With Tesla bonds...

 

and Stocks really ugly - We suspect Elon is regretting the April Fools' joke...

 

Remember Friday's reassuring bounce in bank stocks?

 

 

Stocks caught down to bonds' reality once again...

 

Treasury yields slipped lower from the US open (after opening higher)...

 

With the 10Y Yield dropping to neat two-month lows...

 

And Copper/Gold signals another 20-30bps lower for 10Y Yields...

 

The Dollar Index rebounded modestly as safe-haven liquidity flows picked up like last week...

 

Cryptos looked ugly over the weekend but ramped back to even today...

 

Despite dollar strength, PMs rallied on the day as crude was crushed...

 

And finally, as stocks sink, gold gains most year-to-date...

 

Bonus Chart: Fool me once, shame on - shame on you. Fool me - you can't get fooled again...

Comments

FBaggins Arnold Mon, 04/02/2018 - 18:14 Permalink

The financial elites can manipulate the market to do anything they want. The Western Zio axis continues with its buildup in and around Syria. With a major false flag and a depressed market they likely hope the public will be more accepting of an escalation. Hope I am wrong but all of the indicators are there. 

In reply to by Arnold

The Ram gatorengineer Mon, 04/02/2018 - 18:22 Permalink

Yes, it's only one day.  Watch for the ramp tomorrow afternoon.  They will not let two big days down happen back to back.  They will always go back to the safety of QE, plunge protection, or whatever scheme they have going. Of course, it may eventually tank no matter, but we are not there quite yet.  If you are smart, you can use the remaining few weeks/months to sell your positions.  Yes, you may lose a little alpha, but you will sleep better at night.  2018 is not 2017 redux.  The shit cannot be contained in the same way as in previous years.  Time to take your mind off the markets and look for the not so subtle signs of war.  It's their next 'play.'

In reply to by gatorengineer

Deep Snorkeler NugginFuts Mon, 04/02/2018 - 16:16 Permalink

America's Trumpkins are Unnerved

1. the ghastly orange screw-worm known as Trumpy,

owns the stock market and the economy

2. the forces of fascism lurk deep in America's soul

3. GED-averse simpletons witness the omen of austerity

4. Jesus-haunted Pence suffers nystagmus

5. there are no solutions offered - America's intellect is gone

6. in Trump World ethical behavior does not exist

 

 

In reply to by NugginFuts

nope-1004 holgerdanske Mon, 04/02/2018 - 16:06 Permalink

Just all a hypnotic computer game anyway.  S&P multiples.... lmao.  The entire thing is a proxy for world dominance via USD strength, relatively speaking of course.

There is no market.  Only a chart for PR purposes that goes up and down tracked on some "business" channels, whose owners are on the Presidents economic council for Perception Management.  That's what we call "a market" today.

Would like to see this market without the Feds' influence or the ESFs' interventions.  Only then will intelligent comments make sense.

 

In reply to by holgerdanske

bigloser Pool Shark Mon, 04/02/2018 - 20:57 Permalink

Not trying to be snarky, but the number is 10,136.61.

A primary trend change is coming, but it may not happen until summer. The PTB are shaking out the weak hands.

Looking for a rally tomorrow and extending all week, though I'd personally prefer a wicked crash, just to clear the decks and get the talking heads all frothy. After the Dow Theory signal is triggered, you'll hear, "oh, it's not a bear market until the Dow is down 20% from the highs. Bullshit.

Dow Theory FTW.

In reply to by Pool Shark