Monday, March 9, 2020

Across The Board Denialation

The slow motion mega crash has given ample opportunities to wrap the noose tighter. And the sheeple have bought all of them with both hands. These people can't accept the fact that the cycle is over, so they just pretend it's not. They expect high ROI - Return On Imagination. Now featuring imaginary bailouts sold to them by their trusted psychopaths...

Overnight, the S&P futures reached (-5%) limit down early in the Asian session, and then remained limit down until the U.S. open. Oil futures were bludgeoned -30% overnight. When the U.S. casino opened, it took only five minutes to reach -7% which tripped the first circuit breaker, halting the market for :15 minutes. For all of the technical carnage done to every major index, the remainder of the day was very orderly.

Why? Because these well-trained chimps are STILL buying the dip.

The casino ended at the bear market level:

No sign of panic

Cyclicals have almost reached the 2018 low, however new 52 week lows (lower pane) are now higher.

Leveraged loans are bidless:

MAGA is over for banks

JP Morgan deja vu:

Volatility is exploding: