CNBC Pisani: "This has the feel of a textbook pullback"
This was the biggest drop for the S&P since August 2011
The 410-day record streak without a 5% correction is over... Nasdaq is over 7% off highs, DOw and S&P over 8% off their highs...
Only Nasdaq remains green in 2018...
Some headlines...
- S&P 500 CLOSES DOWN 113.33 POINTS, OR 4.10 PERCENT, AT 2,648.80
- DOW JONES CLOSES DOWN 1,176.68 POINTS, OR 4.61 PERCENT, AT 24,344.28
- NASDAQ UNOFFICIALLY CLOSES DOWN 271.50 POINTS, OR 3.75 PERCENT, AT 6,969.45
Selling continues after the close...
Does that look like a 'textbook' pullback?
Someone got a major tap on the shoulder...
This is Jay Powell's first full 'official' day on the job!
Before we get started:
Some historical context: On this date in 1637 the Tulip price index started its crash
— GreekFire23 (@GreekFire23) February 5, 2018
Gold is now outpacing stocks and bonds notably on the year...
And the biggest 5-day crash in aggregate bond and stock returns since Aug 2015's China devaluation and US flash-crash...
And late last week saw a Hindenburg Omen strike...
Putting last week into context - stocks and bonds losses were outliers...
US Equities broke critical technical support levels today.
The Dow, Small Caps, and Trannies erased all of 2018's gains today...
The Dow ripped through its 50DMA but found support at its 100DMA...
VIX exploded today...
As Morgan Stanley notes, VIX futures traded 897k total across the curve so far today. Previous FULL DAY record was 850k (aug 10 2017). Liquidity in the top of the S&P futures book 50% worse than Friday. Avg available size is 111 contracts since 3PM today on the top of the S&P book. Friday avg. size was 209 (for the entire day Beginning of Jan this was 800. End of Jan it was 300.
And for now Equities remain alone at the extremes across asset-classes...
High yield bonds extended their losses to the lowest since Dec 2016...
And ironically, having been blamed for the collapse in stocks, bond yields flash-crashed (30Y back below 3.00%) as equities got slammed...
The entire bond yield complex is down around 6 to 10bps...
Great News 'Murica! The Dollar rallied today - all it took was panic liquidity needs...
Gold and Silver ended the day positive, copper unchanged after a strong start and crude notably lower...
Bitcoin was a total bloodbath today - making for one of its biggest crashes ever...
But the entire crypto space was utter carnage...NOTE - as stocks collapsed so cryptos saw a bid which bounced ETH back to unchanged on the year...
And finally, amid a 'modest' pullback in stocks, investors have slashed their expectations of the number of rate-hikes in 2018...
From an 80% chance of a 3rd rate hike to a 50% chance in two days. For those hoping for Powell to rescue them.. here's what he said in 2012!!
We started with CNBC so we'll end with someone who perhaps gets it:
CNBC Santelli: "This is about Central Bank religion gone bad"
Comments
Popcorn machine just not fast enough!
What happened to the melt up?
In reply to Popcorn machine just not… by SheepRevolution
PPT in full force!
In reply to What happened to the melt up? by eclectic syncretist
We love the deer!
In reply to PPT in full force! by yrad
a glorious day for Buyers of BTC!
In reply to We love the deer! by DeadFred
Warning came, no one cared
Earth was shakin', we stood and stared
When it came no one was spared
Still I hear "Burn!"
https://youtu.be/LCnebZnysmI
In reply to a glorious by T-NUTZ
Did the PPT just get ran the fuck over?
https://www.zerohedge.com/comment/11055917#comment-11055917
In reply to Burn!… by HockeyFool
Yep, just like this:
https://www.youtube.com/watch?v=zDAmPIq29ro
In reply to Did the PPT just get ran the… by overbet
PPT was off-duty, in meetings with the new FED Chair. Guess they should have left one guy back at the office!
In reply to Yep, just like this:… by Pool Shark
People never never never never never never learn. Don't they stop to think why clichés such as the following exist:
- A fool and his money are soon parted
- Its different this time
- I've got a can't lose proposition for you
- People always want something for nothing
- If its too good to be true it probably is
- How I lost everything trying to catch a falling knife
- Hide your cash under your mattress
- It was a perfect storm
- Bulls make money, bears make money, pigs get slaughtered, take the money and run
- Markets can stay irrational longer than you can stay solvent
- All the weak hands are getting shaken out
- Green shoots
- The trend is your friend… until it’s not
- He who panics first panics best.
- People are getting taken to the woodshed
- You can't make money unless you spend money
- I went bankrupt slowly at first, then, all at once.
- Quit while you're ahead
- You've got to know when to hold them, know when to fold them, know when to walk away, know when to run
- Only when the tide goes out do you discover who's been swimming naked
In reply to Yep, just like this:… by Pool Shark
That’s quite an impressive list of Gas Light phrases. My all time favorite cooked up in the labs over at the Pure Evil War Criminal Treasonous Seditious CIA is:
Conspiracy Theorist.
In reply to People never never never… by JethroBodien
you want to put a non tribe member at the head of the FED? Go ahead, let us show you why you will never do that again...
In reply to That’s quite an impressive… by Chupacabra-322
Powell is bankster scum just like the rest of them. Being Jewish is not a prerequisite.
In reply to you want to put a non tribe… by evoila
House Of ♣♠♥♦
Who said to get up from table...not enough to enjoy monthly paper profits...
In reply to Powell is bankster scum just… by runningman18
- "You're crazy!"
Best one I've seen, just about sums up all you need to know about Gaslighting.
In reply to That’s quite an impressive… by Chupacabra-322
6 deer, enough to pull yellen into a "shower"
In reply to a glorious by T-NUTZ
A Golden Shower!
In reply to 6 deer, enough to pull… by Squid Viscous
a goldman shower. (insert blankfien tongue out photo here)
In reply to A Golden Shower! by 38BWD22
Glad I moved all my money to the safe haven of that new digital asset class, cryptos. Oh wait...
In reply to a glorious by T-NUTZ
Jump!
In reply to Glad I moved all my money to… by Zero_Ledge
Jump!
In reply to Glad I moved all my money to… by Zero_Ledge
double dare ya jump. fuker...
awesome day, long work day and played out., but this gives me a lift.
i luv it when people loose fiat. lots and lots of depare to greedy fuks.
may their loses keep on rippin faces right on off!
kudos to the shorts!!!!!!!!!!
In reply to Jump! by Anon2017
After today's selloff, the major indices are still more than 50% overvalued.
In reply to a glorious by T-NUTZ
More than that.
We have a 5-6k DOW economy...
...mebbe.
In reply to After today's selloff, the… by Pool Shark
yeah, wake me up when the silver bears are back.
In reply to After today's selloff, the… by Pool Shark
Where did all the bitcoin pumpers disappear to? Come back, please and tell us your smug little stories now.
Poor wretches, drowning in the same sorrow as the gold/silver pumpers a few years back.
PS -- we told you.
In reply to a glorious by T-NUTZ
I'm still ahead because I bought at $980...stick that in your pipe and smoke it!
In reply to Where did all the bitcoin… by mkkby
Dear Deer,
We missed you deerly.
Love,
ZeroHedge
In reply to We love the deer! by DeadFred
The deer needs a name. How about Adam Schiff?
In reply to We love the deer! by DeadFred
I would appear the memo was NOT a nothing-burger.
In reply to PPT in full force! by yrad
Today's markets...
https://www.youtube.com/watch?v=ppMQ2Jvekfg
In reply to We love the deer! by DeadFred
LOL..... textbook he said....
In reply to PPT in full force! by yrad
I'm fully distracted from the MEMO...well played CIA/NSA/Moosad/FED
In reply to PPT in full force! by yrad
The memo won't go away. I'm still trying to figure out how the Federal Reserve Note survives the draining of the swamp. No ideas yet. If the swamp really does get drained the dollar dies. The Petrodollar basically IS the swamp.
In reply to I'm fully distracted from… by Shitonya Serfs
Easy Big Fellah, we're still learning the dance.
Baby steps.....
In reply to The memo won't go away. I'm… by DeadFred
Re-activate some form of the gold standard.
In reply to Easy Big Fellah, we're still… by Arnold
Lemme check.
Naaw, still not a big fan of that idea.
https://www.goldbroker.com/charts/gold-price/vef
In reply to Re-activate some form of the… by Dukes
@ Dead,
Are you not entertained?
In reply to The memo won't go away. I'm… by DeadFred
When the conspirators start dropping dead like flies then I'll be entertained.
In reply to … by Chupacabra-322
This is where the ALGOs will make big money. PPT throws money at market and ALGOs eat it....
In reply to PPT in full force! by yrad
Plunge Protection Team got Drained.
In reply to PPT in full force! by yrad
@hedgelessHorseman Ask for deers and you GET deers.... good call sir, good call!
In reply to What happened to the melt up? by eclectic syncretist
That was me, actually.
In reply to @hedgelessHorseman Ask for… by OregonGrown
Greasing the lamp poles with flammables in Philly was your idea too.
Brilliant.
Deer was yours.
In reply to That was me, actually. by NoDebt
Yellen showed us
In reply to What happened to the melt up? by eclectic syncretist
Tanks In The Streets!
In reply to What happened to the melt up? by eclectic syncretist
You're welcome.
In reply to Tanks In The Streets! by Juggernaut x2
Janet: Hello?
Jerome: Hey it's Pimpin' J.
Janet: Oh, I already know what you want. There are a couple hundred pallets of extra printer ink down in the basement.
Jerome: Thanks. Gotta go!
In reply to What happened to the melt up? by eclectic syncretist
All things considered, that R-Squared (correlation coefficient) of 0.2 and change is NOT that much, barely "statistically significant".
I wonder if there is a change in the air that will be a new paradigm..., or "sumpin'".
In reply to What happened to the melt up? by eclectic syncretist
Second dupe in just a few mins...
In reply to What happened to the melt up? by eclectic syncretist