Dow Ties Worst Losing Streak In 40 Years

This is easy...

The brief respite for Chinese stocks disappeared overnight...

And it appears to be finally leaking into American stock markets too...

 

The Dow closed red... again... for the 8th day in a row...

 

There has not been a longer Dow losing streak since 1978!!

 

The Dow is down over 1% YTD while Nasdaq is up almost 12%...

 

This is the worst year-to-date divergence between Dow/Nasdaq since 2009...

 

Is the short-squeeze over? "Most Shorted" stocks suffered their biggest down day since April 6th today (but even then they tried to squeeze the open)...

NOTE - this was only the 2nd down day for the "most shorted" stocks in June (down 3 of the last 21 days)

 

Another day, another dip in FANG stocks bought (though ended lower on the day)...

 

Amazon was down but nothing like as bad as many of the other online retailers (after SCOTUS' decision)...

 

VIX traded back above 15 today...

 

As we suspect the vol term structure is starting to wake up to the looming reality of the actual imposition of the trade tariffs and retaliations...

 

Treasuries were bid today with yields down 3-5bps, pushing all yields lower on the week...

 

The Dollar Index took a dive early on (but cable was the big gainer that led the way in the majors on the back of a hawkish BoE)...

 

While the drop felt notable (it was the biggest daily drop in June) - compared to last week's ECB surge it was a storm in a teacup...

 

Longer-term it seems the dollar index is stuck in resistance...

 

Cryptos leaked lower all day today, no major catalyst evident...

 

On the day copper was the biggest loser with WTI, gold, and silver unchanged; but on the week so far, quite a divergence...

 

WTI ended the day unchanged after testing down towards a $64 handle and above a $66 handle ahead of OPEC...

 

Notably, the massive discounts for Permian crude tumbled today...

 

And as we reflect on the oil complex ahead of tomorrow's OPEC decision, we thought this might be useful...

 

Comments

ted41776 Kurpak Thu, 06/21/2018 - 16:23 Permalink

in order for it to die, the value of fiat currency it is currently priced in would need to skyrocket. get what i'm saying? it's got nowhere to go but up because the virtual printers pumping out fiat never run out of paper or ink and those in charge of print rate have no choice but to continue printing faster and faster

https://tradingeconomics.com/charts/facebook.png?url=/venezuela/stock-m…

ya feel me?

In reply to by Kurpak

Jtrillian ted41776 Fri, 06/22/2018 - 09:01 Permalink

Except that's now what they are doing currently. It seems that their "tightening" is intended to induce enough pain to extinguish the growing populist movement and shift the masses back to the favor of the globalists.  They will likely use the inevitable social unrest created from such an economic collapse to finalize the POLICE STATE (see problem, reaction, solution).  Then, once the globalists have regained control and the masses are under COMPLETE CONTROL, will they be able to hyper-inflate their respective currencies while making preparations for the SDR. 

This, IMHO, is how it will play out.  At least, that's what appears to be happening.

In reply to by ted41776

BankSurfyMan Thu, 06/21/2018 - 16:10 Permalink

Watch BooHoo Finance Live, invest in FAANG and dump the dow, it's all Dick and Jane LIVE! Don't forget to check out free Crypto Currency Seminars! DOOM! Beans, Rice and Talking through your nose about trade wars in the good ole USA! Losers! Dump Yahoo stock! Next!

Expat datbedank Thu, 06/21/2018 - 18:27 Permalink

It's more bullshit.  Dow up 3%?  CNBC and Tyler yawn and call it a normal day.  Dow down 0.1%? OMG! Call the Fed! Call the Army!  Bomb China! Arrest Hillary!

The problem, of course, is that the entire market is bullshit.  Along with housing and debt markets.  All of them are just massive bubbles.  Once they stop inflating, they tend to burst.  Bernanke's notion of letting air out slowly works only for Goldman; they let their money out slowly at the top, short the market massively and then prick the bubble.

America is built on bullshit and bubbles.  Of course, you won't make refrigerators or clothes or tv's ever again because Americans won't work for $5 an hour and sleep twenty to a room.  No, you will work at McDonald's instead for $7.5 an hour, go massively into debt and then go bankrupt when your kid needs surgery for a minor ailment!

LOL. 'Murica!

In reply to by datbedank

AynRandObjectivist Thu, 06/21/2018 - 16:24 Permalink

I think a key stock correction/crash with Netflix involved will really spook the market. It could be the catalyst for all FANG to drop. Netflix will NEVER have the cashflow to justify their absurd valuation. This is fucking Disneyland right now. 

bobert727 Thu, 06/21/2018 - 16:51 Permalink

"Dow Ties Worst Losing Streak In 40 Years"

 

8 down closes as of today......to tie the worst losing steak in 40 years would be the 9 down closes in 1978....would it not?

wolfeman Thu, 06/21/2018 - 17:06 Permalink

Every body involved with the DOW are nothing but gamblers, they are not investors.  They are all looking to make a killing and they deserve it when they get their ass kicked.

Expat Thu, 06/21/2018 - 17:58 Permalink

Trump! Winning!

Oh, wait.  This is all Hillary's fault, right? Or Europe's?  Maybe it the fault of Mexican street gangs who are illegally shorting US stocks.

Two more years of Trump winning like this and America will not only be ignorant and stupid, it will be poor, ignorant and stupid, just like every Trumpturd.

Vote Paul Manafort for Stretched Asshole of the Week in Cellblock D!

VZ58 Expat Thu, 06/21/2018 - 19:27 Permalink

Expat...you should write some articles. It could be financially lucrative for a Phillipino housewife like yourself. Think of it, your comments on ZH usually make everyone laugh here, so it would be a guaranteed hit! And it would surely be better pay than what your getting paid to shill for your progressive friends...

In reply to by Expat