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Friday, March 29, 2024

Stocks Dump As Deutsche Doubts Drum Up 2008 Dread

Courtesy of ZeroHedge. View original post here.

We had to…

This was how most professionals saw it…

This is how Deutsche Bank and CNBC saw it…

It was all about Deutsche Bank…and contagion…

Deutsche Bank -> US Financials -> US Stock Markets

And yes – there really is contagion into those “fortress” balance sheets…

Everyone blaming the drop on CDS Speculators… which is funny because CDS improved marginally today!!! And if you think DB is all talk… then why did USD liquidity needs explode in Europe?

And then there’s this…

“I would just stay away. It’s un-analyzable,” Gundlach told Reuters in a telephone interview.

“It’s too binary. The market is going to push down Deutsche Bank until there is some recognition of support. They will get assistance, if need be.”

Investors should continue to be defensive on financial markets as market selloff “doesn’t feel like its over”

We don’t blame him…

A v-shaped, VIX-driven, rip off the lows by the machines salvaged VWAP

Notably, the Deutsche-driven dump in stocks decoupled from OPEC’s oilgasm…

When the Deutsche news hit, investors pushed into gold/bonds…

Even Trannies ended weaker Despite Oil squeezing higher but Small Caps led the way down…

Financials were not the worst sector…

Plenty more room to fall on Financials…

On the week, Trannies are the only index green

Post-Fed, bonds are flying as banks are battered…

VIX was heavily used today, driving up to 15.7 before ‘someone’ stomped on its neck…

The USD Index remains flat on the week, but note the huge roundtrip in USDJPY today…

Treasuries were well bid once the DB news hit, with further flattening…

Crude extended its OPEC squeeze gains despite a growing feeling this is total farce…

Charts: Bloomberg

Bonus Chart: DB < TWTR…

Bonus Bonus Chart: CNN Fear & Greed Index plunges to “Fear” with the S&P just 2% from record highs!!

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