If it looks like a crash, walks like a crash, and talks like a crash, it’s a CRASH. The Chinese stock market crashed by 8.5% last night. An equal level crash in the U.S. would be about 1,400 Dow points. I wonder if that would get Jimmy Cramer’s attention and send the CNBC bimbo spokes models into a tizzy.
The Chinese stock market has fallen 20% in one week and it can’t get up. Fraud, corruption, debt, greed, and now massive amounts of fear have combined for an epic debacle. The reverberations are being felt around the world. Welcome to the Fourth Turning Part Deux.
But don’t you worry. U.S. Stock futures are only down 850 points. That would bring the 5 day loss on the Dow to about 1,900 points, or 11% in one week. Poof!!! Months of ephemeral profits gone in the blink of an HFT supercomputer.
I’m sure the 30 year old Lemmings ( I mean Wall Street investment gurus) have got everything under control. Their HFT super computer algorithms will surely tell them what to do. Here is an actual picture of the Wall Street titans of investing prowess arriving at their trading terminals this morning.
You were warned by smart, honest, upstanding analysts, based on facts and history. If you chose not to listen, tough shit. You deserve what you get. When the market rebounds by 400 or 500 points sometime this week. Don’t think that means this is over. The dramatic bounces always happen during raging bear markets. The path is down. The fat lady hasn’t even warmed up yet.
Many investors expected the People’s Bank of China would take some action over the weekend to support the financial system. In the absence of any move, a brutal bout of selling overtook markets. The Shanghai Composite Index SHCOMP, -8.49% closed down 8.5%.
U.S. stock futures came off some of their worst losses, but the direction was still due south early Monday. Futures for the Dow Jones Industrial Average YMU5, -2.35% tumbled 345 points, or 2%, to 16,123, while those for the S&P 500 index ESU5, -2.22% dropped 38.40, or 2%, to 1,932.25. The biggest losses were setting up for tech stocks, with futures for the Nasdaq-100 NQU5, -3.54% down 142 points, or 3.4%, to 4,058.25.
It’s about damn time. If this is a surprise to ANYONE, I have some oceanfront property in Arizona to sell you. Given the way California is sinking, a foot per year from using their groundwater during the drought, you might want to take me up on the offer.
Admin has been the historian of record these past several years, documenting the house of cards that is known as our market. I think we’re still watching the previews before the movie begins. By the time the movie climaxes, I expect DOW 4,000-5,000. Like the character Ned Ryerson said to Bill Murray in Groundhog Day, “watch out for that next step, it’s a doozy.”
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A sea of red:
http://www.indexq.org/
Futures Just Crashed To New Overnight Lows, S&P Down 3%
Submitted by Tyler Durden on 08/24/2015 07:48 -0400
It just went from bad to worse.
S&P FUTURES AT DAY’S LOW, FALLING 61PTS OR 3.1%
NEW LOWS FOR NASDAQ FUTURES, DOWN 195PTS OR 4.6%
NEW LOWS FOR DOW FUTURES DOWN 533PTS OR 3.2%
EUROPE’S STOXX 600 FALLS 5.3%, WORST ONE-DAY DROP SINCE 2011
TREASURIES EXTEND GAINS; 10Y YIELD FALLS TO 1.967%
Summarizing The “Black Monday” Carnage So Far
Submitted by Tyler Durden on 08/24/2015 06:48 -0400
It’s officially Black Monday, if only in China for now.
We warned on Friday, after last week’s China rout, that the market is getting ahead of itself with its expectation of a RRR-cut by China as large as 100 bps. “The risk is that there isn’t one.” We were spot on, because not only was there no RRR cut, but Chinese stocks plunged, with the composite tumbling as much a 9% at one point, the most since 1996 when it dropped 9.4% in a single session. The session, as profile overnight was brutal, with about 2000 stocks trading by the -10% limit down, and other markets not doing any better: CSI 300 -8.8%, ChiNext -8.1%, Shenzhen Composite -7.7%. This was the biggest Chinese rout since 2007.
The worst news is that the 3,500 level in the SHCOMP which until recently had been seen as a “hard barrier” for the PBOC, has now been breached, and not only is the Shanghai Composite red for the year after being up 60% a little over 2 months earlier (don’t worry though: just like on Yahoo Finance Twitter everyone took profits at the highs), but nobody knows why the Politburo let stocks tumble and worst of all, how much further will it allow stocks to drop.
Elsewhere in Asia, equity markets traded with significant losses on what is being referred to as ‘black Monday’ amid increased growth concerns coupled with commodities falling to fresh 6 year lows and US stocks in correction, sparked a further sell-off in the region . The ASX 200 (-4.1%) declined by the most in 4 years, Nikkei 225 (-4.6%) and Hang Seng (-5.2%) also saw considerable losses with energy dragging the index lower. 10yr JGBs saw relatively muted trade and are up by 3 ticks.
Risk averse sentiment has dominated the price action in both Asia and Europe as the week kicks off, with Chinese equities again under heavy selling pressure as market participants were left disappointed by the lack of action by the PBOC to ease monetary conditions further. As a result, equity indices in Europe opened sharply lower (Euro Stoxx: -2.3%) and in spite of coming off the worst levels of the session, remain broadly lower, with materials and energy sectors underperforming amid the continued slump in commodity prices. The Dax was well below 10,000 at last check.
In FX markets today, JPY benefited from risk averse and interest rate differential flows as market participants scale back Fed rate hike expectations, which in turn saw the pair fall below the 200DMA line and hit its lowest levels since mid-July.
The short-sterling curve has been seen flatter in trade so far in European amid the ongoing risk averse sentiment, which as pointed out by David Smith of The Times is set to put interest rate rise on hold by both the Fed and the BoE. Consequently, EUR outperformed GBP, which in turn saw EUR/USD hit 1.1500 level for the first time since February 2015, while EUR/GBP gradually edged towards the 200DMA line as USD continued its recent trend lower (USD-Index: -0.7%).
Fixed income products reside in positive territory, bolstered by the global risk off sentiment as T-Notes head into the North American open in positive territory, albeit off their best levels. Elsewhere, Eurozone 5y5y inflation forward rate fell to its lowest level in 6 months.
In the US, the 10-year Treasury yields traded below 2 percent for the first time since April, precisely what Goldman said in its Top Trade #2 for 2015 would not happen.
But, but, janet’s about to raise rates………
Popcorn…Get Ya Hot Buttered Popcorn Here Folks……………The Show Is About To Start.
Bout frekkin time.
Monday ain’t so hot in the US either
Panic!! All Major US Equity Indices Halted
http://www.zerohedge.com/news/2015-08-24/panic-all-major-us-equity-indices-halted
“Nasdaq was the first to be halted at 0758ET.
The Dow is now down 850 points from Friday’s close and halted…
The S&P 500 Futures is halted for the first time in history.”
What are you all crying about?? It was lucky to even gone up!!!
I don’t understand, Administrator. I have been watching that deer eat popcorn for six hours and he hasn’t left to take a dump yet – let alone get a drink of diet soda. I just don’t get it. How is it possible? He must know the Pope or something.
I’ve been watching it for almost a year!
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