Durable Goods Orders cratered 2.2% in May, drastically below -0.5% expectations – the worst since Feb. The entire data series disappointed with unexpected declines in Durables Ex-Transports and non-defense orders and shipments. However this is now the 17th month in a row of YoY Core Durable Goods declines, something that has never happened without a US economic recession being present.
INDEXNIKKEI: NI225 – Jun 24, 3:00 PM GMT+9
14,952.02 Price decrease -1,286.33 (-7.92%)
Well they did it… and no one expected it…
UK Stocks -3.14% worst since Jan 2016
US Stocks -3% worst since Aug 2015 (biggest opening gap down since 1987)
VIX +6pts biggest daly rise since Aug 2015 crash
Japan Stocks -7.9% worst since 2011 (Tsunami)
Spain Stocks -12.5% worst since 1987
Italy Stocks -12% worst since 1997
EU Banks -14.5% worst ever
US Banks -4.75% worst since Nov 2011
US 30Y Yield -14bps biggest drop since 2011
US 2Y Yield -14bps biggest drop since 2009
German 10Y Yield -14bps biggest drop since 2011
GBPUSD -11% biggest drop ever
USDJPY -4% biggest drop since 1998
EURUSD -2% biggest drop since Oct 2015
Gold +5% biggest day since Lehman 2008
Crude -4.4% most since Jan 2016
But apart from that everything is awesome.
So is today’s Black Friday about to be followed by another Black, or pick any other color, Monday once more? If the UBS analyst is correct, buying a few puts here may not be such a bad idea.
Reading for June 25, 2016 ~ Sivan 19, 5776
Num 13:1-15:41 ~ Josh 2:1-24 ~ John 7-8
NOTE: …there’s a huge problem with Greg’s assumption, he’s completely wrong about BREXIT not being contrived.