“Everyone is offside,” exclaimed one trader we talked to, noting the swings in EURUSD and stocks have tagged stops everywhere. Dow futures are now down 300 points from Draghi highs with S&P futures breaking below the crucial 1980 trendline support. As the trader concluded, “it’s a bloodbath.”
Not what everyone was expecting…
Ramp is over…
Ironically, while a 300 point swing in The Dow is worth noting, the sentiment shift of the last 3 weeks has once again enabled this “nothing can go wrong” attitude and panicced many weak hands today. It seems a rally built on the biggest short-squeeze in history may not be sustainable after all… just like in Nov 2008…
And with gold soaring and bonds and stocks tumbling, it suggests the age of central banker omnipotence is at an end…
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