History's Biggest Pump and Dump
It all started with the Bitcoin blowoff, then gold and silver got liquidated, then Utilities got pumped and dumped, then lumber, now the Nikkei. One by one the risk markets are breaking down. The acceleration point will come when the HFT bots are no longer willing to take the other side of the trade and hedge funds trip over each other to get out the same door...
All sectors continue to take punishment, so I will focus on the big movers:
Australian All Ordinaries
One of the leading sectors since 2009 broke its 50 DMA today:
Junk bonds are well below their 50DMA, approaching the 200DMA. Facebook is doing another faceplant. Hombuilders, the UK FTSE and Dow Transports all broke their 50DMA decisively today. Solar stocks like SolarCity are down 35% from their highs.
What, Me Worry?