PANIC MODE ON: Bernanke And China Refuse To DUMP More Money Into The Market! DOW OFF 200+ POINTS!!
Silver is getting destroyed, and now has done an incredible round trip.
It surged in 2010, and went parabolic, and now it’s pretty much given up all of it.
Stocks Are Getting Slammed — Dow Off 200+
Russian Market‏@russian_market1 min
BRAZIL -4% Hmm.. how insensitive..
Bernanke and China send world stocks lower
U.S. stock futures were weaker across the board ahead of the opening bell. S&P and Nasdaq futures were down about 1% and Dow futures fell 0.7%.
“It looks like we’re off to an ugly start,” said Peter Cardillo, chief market economist for Rockwell Global Capital. “We have the Fed show weighing heavily on the markets.”
Thursday morning, the government said the number of jobless claims rose more than expected in the latest week. Meanwhile, the National Association of Realtors will publish its monthly report on existing home sales at 10 a.m. ET. The Philadelphia Fed report is also scheduled for 10.
China Cash Crunch: 1-Day Interest Rate Spikes to Record High 25%
CHART OF THE DAY: The US Treasury Market Massacre
With today’s move, 10-year yields are now the highest they’ve been in two years and are hovering right around a key technical level, as the chart below shows.
As one trader puts it, “2.39 is a key support level and then nothing but air and space until 2.85.”
The LIBOR Of China is going totally bananas
It’s a commodity massacre, too
Gold is, of course, the big story in the commodity space today – it’s down a spectacular 5.2% this morning. Silver is getting crushed though, too – down 6.3%. Platinum is down 2.0% and palladium is down 3.3%.
Oil is taking it hard as well. Right now, WTI crude is trading around $96.00 a barrel, down 2.6%. Brent crude and gasoline are also down 2.6%.
Corn, wheat, soybeans, coffee, sugar, and cotton are all down between 1.5% and 2.4%.
The dollar is strengthening virtually across the board this morning, and a lot of commodity producer and emerging market currencies are taking a hit as well.
Usually, when one asset class sells off, another rises.
And when a lot of asset classes fall, the so-called “safe havens” will rise. These include things like U.S. Treasuries, gold, and a handful of other currencies like the Swiss Franc or Japanese Yen.
However, everything is selling off right now.
“Rare to see every futures market I follow down,” tweeted bond trader Ed Bradford.
Here’s a look at a bunch of futures via FinViz.
Strongest Philly Fed Since April 2011 Reinforces Taper Tantrum