This week in MEGA-RISK:
Volume and liquidity fell to zero
Yen / Dollar went into 1997 RISK OFF mode
Two overnight S&P gaps signalled increasing overnight selling pressure, and instability
Transports, Financials, retail, and small caps lagged significantly
Gold stocks led the market
Gold stocks led the market
Japan Nikkei and European stocks began their third wave down
Q1 profit estimates collapsed to -9% year over year, and stock buybacks were suspended for earnings announcements
S&P breadth and price momentum rolled over
Oil corrected its two week decline
Iran announced lower prices and higher production ahead of the Doha "Summit"
Russia's March oil production reached the highest level since the Soviet era
Russia's March oil production reached the highest level since the Soviet era
U.S. GDP estimates for Q1 were reduced to .1%, despite a 2.5% deficit
Q1 Investment banking revenues were worse than 2008 and 2009
EM GDP was slowest since 2009
Treasury yields reached the February lows
Q1 Investment banking revenues were worse than 2008 and 2009
EM GDP was slowest since 2009
Treasury yields reached the February lows
Retail stocks were obliterated as GAP same-store sales came in at -6%
Massively overvalued "Safe" dividend stocks rolled over
Deutsche Bank and Credit Suisse went into Lehman mode