Global Futures Extend Losses, CPI Explodes
Taiwan's Stock Exchange Index just saw it's biggest market crash in 54 years according to ZeroHedge, falling 9%. Needless to say margin levels are at historic high's, so the bleeding has only now begun as potentially ugly margin calls commence.
US CPI data came in (extremely) hot moments ago. We saw a rise of 4.2% YoY after CPI rose by 0.8% in April vs the 0.2% expected. This was the biggest YoY jump since September 2008, and the biggest MoM jump since June 2008. Core CPI rose 3% YoY, with a MoM rise of 0.92%, the largest MoM rise since 1981. Transitory though, right Powell? What a crock of shit.
The US10Y yield is approaching 1.65%, and we're possibly looking at a cup and handle, with a vicious breakout soon, sending stocks spiraling at the worst possible time. We saw the dollar rally hard (0.30%) to 90.41, catching support at the February low around 90.
The Vix hit an HOD of 23.9 moments ago, before cooling back to 23 as of 9AM. We've clearly broken out of the descending trendline formed from the March top, putting our target of 30 in play this week. A retest of the 21 support level is possible, but unlikely given this morning's negative sentiment after the ugly CPI print.
QQQ is set to open below the 100DMA which was recaptured yesterday before we saw a rejection at the 50DMA. SPY is set to open at the red line support around 411, with the 50DMA potentially coming into play as early as today at 403.62. IWM is also poised to open below the 100DMA, which was recaptured yesterday before the close, bringing the March 25th low around 208 into play. The 200DMA is sitting all the way down at 190, so hold on to your hats if we see an ugly open like we did yesterday. Growth in particular is going to suffer today, with value likely seeing a BTFD parade.
Later on around 10:30AM we'll see Crude Inventories, then around 2PM we'll see the latest Treasury Budget balance.
* I am/ we are currently holding positions in UVXY, HUV.
US CPI data came in (extremely) hot moments ago. We saw a rise of 4.2% YoY after CPI rose by 0.8% in April vs the 0.2% expected. This was the biggest YoY jump since September 2008, and the biggest MoM jump since June 2008. Core CPI rose 3% YoY, with a MoM rise of 0.92%, the largest MoM rise since 1981. Transitory though, right Powell? What a crock of shit.
The US10Y yield is approaching 1.65%, and we're possibly looking at a cup and handle, with a vicious breakout soon, sending stocks spiraling at the worst possible time. We saw the dollar rally hard (0.30%) to 90.41, catching support at the February low around 90.
The Vix hit an HOD of 23.9 moments ago, before cooling back to 23 as of 9AM. We've clearly broken out of the descending trendline formed from the March top, putting our target of 30 in play this week. A retest of the 21 support level is possible, but unlikely given this morning's negative sentiment after the ugly CPI print.
QQQ is set to open below the 100DMA which was recaptured yesterday before we saw a rejection at the 50DMA. SPY is set to open at the red line support around 411, with the 50DMA potentially coming into play as early as today at 403.62. IWM is also poised to open below the 100DMA, which was recaptured yesterday before the close, bringing the March 25th low around 208 into play. The 200DMA is sitting all the way down at 190, so hold on to your hats if we see an ugly open like we did yesterday. Growth in particular is going to suffer today, with value likely seeing a BTFD parade.
Later on around 10:30AM we'll see Crude Inventories, then around 2PM we'll see the latest Treasury Budget balance.
* I am/ we are currently holding positions in UVXY, HUV.
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