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Dow Coughs Up Lung, Closes Down 1000+ Points As We Enter Technical Correction

The Dow¬†sharted in its pantaloons to the tune of -1,032 points today (-4.15%), wiping out 2018’s gains and entering 10% “correction” territory along with the S&P 500. To be precise:

10% Correction Levels:

  • Dow 23954 – Dow closed at 23860 is in correction
  • S&P 2585 – S&P closed at 2581 in correction
  • Nasdaq 6755 – Nasdaq closed at 6777, not in correction

YTD:

2018’s gonna be YUUUUUUGE!–uh oh…

Meanwhile, Treasury yield spiked after a weak auction and the implications of a budget deal implying more supply is on the way. As stocks were force-choked lower by darth maul, bonds ended up catching a tiny bid as credit spreads snapped wider and rate volatility spiked.

Portfolio rapist XIV cratered shortly after the open:

The greed? Where did it go? Is it still good?

Since the collapse of XIV, markets have also seen huge equity outflows from US ETFs:

Sad!

 

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9 comments

  1. sarcrilege

    How are the markets and cryptos in general and btc in particular correlated again?

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  2. zeropointnow

    Fuck if I know, ask the Wells Fargo guy.

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  3. mooby

    Meanwhile the Koreans will be eating dog meat at the Olympics even though they have been told not to. They said it increases stamina and longevity.

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  4. samuel the non jew-jew
    samuel the non jew-jew

    what really goes on behind the scene:
    ———————————————————
    jew1 -print me a trillion and place it on red
    market -ok, down we go…
    people -sell sell sell…
    jew2 -print me a trillion and buy red
    market -ok, up we go…
    people -buy buy buy…

    repeat, rinse, wash
    nothing more

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  5. samuel the non jew-jew
    samuel the non jew-jew

    The dog meat is a luxury item,

    only the rich can afford it as it costs over $25 a plate when beef is half that.
    Its called
    “kay-go-gee”

    and its sold in the USA as well. Just have to know the name when asking for it at most bbq places. They also have sweet potato liquer (like moonshine) thats banned in most states but you can get it anywhere if you know the name for it. Its called “so-jew” or soju

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  6. dave

    What other susceptible ETF or ETN have a built-in self destruct like XIV that could be triggered by volatility? I miss Devil Dog.

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  7. zeropointnow

    Depends on product I think, couldn’t find a list. From iPath for example:

    “Automatic Termination
    Certain iPath ETNs will be automatically redeemed if the indicative value reaches a certain level (an “automatic termination event”), as described in the relevant prospectus. Upon the occurrence of an automatic termination event, Barclays Bank PLC will deliver notice of automatic termination, and investors will receive a cash payment in U.S. dollars per ETN on the applicable valuation date calculated in accordance with the procedures described in the relevant prospectus.”

    http://www.ipathetn.com/US/16/en/static/education-trading.app

    Read the fine print.

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  8. Herm

    The Korean dog meat does not enhance stamina and longevity unless you torture the dog to death via flaying.

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  9. zeropointnow

    Adrenochromes

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