Stocks Suffer Worst Q2 Start Since The Great Depression

Well that really escalated quickly…

After last week’s “paint the tape ahead of a long-weekend” melt-up into the close, the first trading day of the second quarter was a bloodbath… In fact the worst since The Great Depression

https://www.zerohedge.com/sites/default/files/inline-images/2018-04-02_10-52-02.jpg?itok=Xy96uhjj

As David Rosenberg (@EconguyRosie) summed up so precisely: New math: every tweet by @realDonaldTrump subtracts 70 points off the Dow. Keep ’em coming.

Woah…a ubiquitous opening bounce, then puked into Europe’s close, then another attempt to ignite momentum, fails and stocks puked into red for the year again…

https://www.zerohedge.com/sites/default/files/inline-images/2018-04-02_13-00-06.jpg?itok=TEWDVMM7

3rd dead cat bounce in a week…

https://www.zerohedge.com/sites/default/files/inline-images/2018-04-02_12-47-48.jpg?itok=9yMFSMDT

The S&P 500 and The Dow broke below their critical 200DMA… (Nasdaq is closest to its 200DMA since Brexit plunge) –

https://www.zerohedge.com/sites/default/files/inline-images/2018-04-02_11-43-53.jpg?itok=9oVG27vQ

there was a desperate last few minutes attempt to rally ’em back above the 200DMAs – Dow ended back above its 200DMA

https://www.zerohedge.com/sites/default/files/inline-images/2018-04-02_13-07-42.jpg?itok=nB1ATXIC

First time the S&P has closed below the 200DMA since June 27th 2016 (Brexit)

https://www.zerohedge.com/sites/default/files/inline-images/2018-04-02_11-45-03.jpg?itok=SMbagwjR

VIX topped 25, leading the US equity index vols higher today…

https://www.zerohedge.com/sites/default/files/inline-images/2018-04-02_12-53-28.jpg?itok=RPb7OY-X

Tech led the tumble…

https://www.zerohedge.com/sites/default/files/inline-images/2018-04-02_12-41-10.jpg?itok=X0GdmeU0

Lowest close for NYSE FANG+ Index since January 5th…

https://www.zerohedge.com/sites/default/files/inline-images/2018-04-02_12-54-40.jpg?itok=-WasIrw2

With Tesla bonds…

https://www.zerohedge.com/sites/default/files/inline-images/2018-04-02_12-36-19.jpg?itok=voOKK-ju

and Stocks really ugly – We suspect Elon is regretting the April Fools’ joke…

Tesla Tumbles After Elon Musk Jokes About Bankruptcy

https://www.zerohedge.com/sites/default/files/styles/inline_image_desktop/public/inline-images/bankwupt%202.jpg?itok=IlVldwxR

 

This morning shareholders of Tesla are hardly laughing, with Tesla stock tumbling as much as 5%, down to $254, the lowest level in a year.

 

https://www.zerohedge.com/sites/default/files/inline-images/2018-04-02_11-00-42.jpg?itok=F2I2j8Ot

And the 10Y Yield dropping to neat two-month lows…

https://www.zerohedge.com/sites/default/files/inline-images/2018-04-02_10-44-00_0.jpg?itok=hNfTxkJj

Source: ZeroHedge

***

The very next day…

Stocks Soar After Bloomberg Report Unleashes Amazon Buying Panic

https://www.zerohedge.com/sites/default/files/styles/teaser_wide/public/2018-04/amazon%20teaser%204.3.jpg?itok=atmpAlwa

It was generally a quiet day, with no macro news and equities range-bound, seemingly spooked by the ongoing verbal war between Trump and Jeff Bezos, where first in a tweet then a White House press conference, the president warned that US taxpayers will no longer subsidize Amazon “by the billions.” And, as has been the case recently, every time Trump spoke or tweeted, Amazon turned negative.

And then, just around 2:45pm, a Bloomberg headline hit, according to which  President Trump is not formally looking at options to address his concerns with Amazon, which immediately unleashed a buying panic first in Amazon and then across the broader market:

https://www.zerohedge.com/sites/default/files/inline-images/AMZN%20no%20action.jpg?itok=Z2EoABj1

 

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