To: Box-By-The-Riviera™ who wrote (212885 ) 4/5/2025 3:53:44 AM From: TobagoJack Respond to re <<way zerohedge.com Surveying The Carnage After A "Week When Decades Happened" "There are decades where nothing happens; and there are weeks where decades happen." hard data pushed even stronger ) which supported Fed Chair Powell's view that "the economy remains on a solid footing." rate-cut expectations soared this week with the odds of 5 full cuts now in play...Tl;dr: It was a shitshow: This was the worst week for WORLD stocks since the March 2020 COVID lockdown collapse. This was the worst week for US stocks since the March 2020 COVID lockdown collapse. The NASDAQ joined the Russell 2000 in bear market territory (down over 20% from their highs) The Dow fell a record 2200 points today. Mag7 Stocks lost $1.4 trillion in market cap this week - the most ever.Today was the highest volume session in the history of the US stock market as measured by total shares traded across all exchanges VIX saw its biggest weekly jump since Feb 2020 This was the worst week for US Credit markets since the COVID lockdown crisis (worse than during the SVB banking crisis) In FX markets, the dollar rebounded but today saw the Aussie dollar collapse by the most since 2008 Crude prices crashed 11% on the week - the worst week since March 2023 (SVB crisis / growth scare)Gold prices saw only the second down week of the year (today was worst day since Nov 2024)Copper prices crashed today by the most since Lehman (Oct 2008)Bitcoin managed small gains on the weekThe last time the S&P 500 fell this much this fast, The Fed stepped in with a yuuge rescue package... Activity levels 10/10... ... but Goldman noted that the sell skew is moderating.Today saw the highest volume session in the history of the US stock market as measured by total shares traded across all exchanges Goldman noted that flows on their desk today felt more uncomfortable than yesterday. Here's what the week looked like for the US majors. The Dow was the least ugly horse in the glue factory but was still monkeyhammered down almost 8%. Small Caps and Big-Tech were decimated...The Russell 2000 and Nasdaq are now in bear markets... Mag7 Stocks lost $1.4 trillion this week (the biggest weekly loss ever) and are down $4.5 trillion in market cap from their highs... The S&P 500 has lost $5.4 trillion in the last two days (rather surprisingly, losing the same $2.7 trillion per day)...VIX closed at its highest since COVID today... worse than the worst week of the SVB banking crisis in March 2023 and the worst week for credit since April 2020 ... the market is also starting to price in the possibility of an emergency inter-meeting rate cut... The FX Good... the yen strengthened this week...The FX Bad... the yuan ended unchanged on the week...The FX Ugly... The Aussie dollar crashed to its weakest against the US dollar since March 20202 COVID crisis... the biggest 2-day drop in commodities since September 2011... plunging from five-week highs to four-year lows... After two big down days for stocks, and virtually anyone in finance or experience in economics blasting the tariff approach – the administration could use some wins. Expect the administration to be working around the clock this weekend to announce some “wins”. The alternative would be to “redo” or “massage” the tariffs and make some changes to the administration (you can’t make changes in less than a week, without blaming someone). This too would be great for markets. Even chatter that someone could challenge the legality would probably be good – though that opens up some other cans of worms that might be worse than dealing with the current tariff policy. More countries or regions join in the retaliatory tariffs. Countries start announcing new trade agreements that bypass the U.S. Some other negative surprise occurs across the globe over the weekend (far easier to imagine something bad, than something good). Even on a bounce, has so much damage been done to expectations and global relationships, that we can’t hold any gains? At what point does retail or even worse, 401k holders, start to give up hope and sell? I doubt we’ve seen the lows in markets for this cycle, so be cautious on positions and be prepared to sell any longs, reload shorts quickly!And, if you're looking for an entry point, hang on til 4/9... We will be looking at April 9th as the possible clearing event bringing more certainty to this market. Until then, there will be a lot of pain in the equity markets.
