“Marketplaces In Turmoil”: FANG Freefall Sparks Longest Getting rid of Streak Of Trump Period



Well that escalated quickly…

China was “steady” right away (but would not be when it opens tonight)…

European stocks were pummeled lower now…

In Italy, Ferrari and Pirelli plunged and had been halted Restrict-down... with China cracking down on luxurious goods and broader car fears…

EU and US Autos have plunged…

 

 

With Ford buying and selling with an $8 take care of at its cheapest given that Nov 2009

 

S&P longest losing streak since Nov 2016… Nasdaq down 4% worst day since Brexit…

As Bloomberg notes, nowadays is the fifth straight working day of losses in the S&P 500. Which is the longest streak of declines since President Trump was elected. Even the correction in the February and the retest in March did not go in a straight line like this. So much, the destruction hasn’t been much too bad, nonetheless. The S&P 500 is down only about 2.4% in people 5 days and only about 2.6% from its very last report in September.

October…

 

Dow drops in excess of 800 points at its lows and seems to confirm the double top…

Trannies are now purple YTD…

 

Complex Degrees are falling like flies…

  • Dow < 50DMA

  • S&P < 100DMA

  • Nasdaq < 200DMA

  • Small Caps < 200DMA

  • Transports < 200DMA

 

Tech stocks took in on the chin…

 

FANG was proper f++ked…

 

NFLX and FB now in bear markets (down over 20% from highs), FB down over 10% from highs…

 

Equity market breadth is a disaster…

 

VIX spiked above 22…

 

The VIX term structure is the most inverted since April…

Quite a shift in the last week…

 

Before we leave stocks – here are a few charts to help put the move in the S&P in context…

Hedge Funds…

Financials…

Semis…

Homebuilders…

Autos…

Materials…

Dr.Copper…

And the real economics PhD – Dr. Lumber…

And finally, Credit markets are starting to get monkey-hammered…

And in case you’re wondering what’s holding up the S&P…

 

Despite credit and equity carnage, bonds were not ‘safe haven’ bid as the long-end reversed yesterday’s gains…but as stocks accelerated lower, bonds did catch some buying, leaving the entire curve lower in yield on the week…

 

However, we do note that today’s selling pressure failed to make a new 30Y high (yield)…for the first time in 8 days

 

The yield curve reversed steeper today, erasing yesterday’s flattening…

 

NOTE – 10Y Yields dropped notably in the last hour as selling accelerated in stocks…

 

The market is still not buying what The Fed is selling…

 

The Dollar Index managed a small gain on the day but had another roundtrip session…

 

Offshire Yuan tumbled…

 

Cryptos are generally unch on the week aside from Ripple’s Collapse…

 

 

Finally, we note that the Fear-and-Greed index has swung from the latter to the former in near record time…

Source

1987? Or The Titanic?

We give the last word to an old friend who seemed to nail things perfectly…





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“Marketplaces In Turmoil”: FANG Freefall Sparks Longest Getting rid of Streak Of Trump Period

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