Despite Dip-Buying Panic, The Dow Has Not Seen Longer Losing Streak Than This Since 1978
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Video length: 00:04:05
The BTFD'ers were back early on, but once the S&P got within a tick of green, shortly after Europe closed, things stalled, only to ramp again in the last hour, pushing S&P into the green, but that was it...
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It was all about crushing VIX (after tagging 15 overnight, the machines hammered it back to a 12 handle)
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CNBC's Bob Pisani - "A very impressive rally" - except Bob we closed red.
The Dow bounced perfectly off its 50DMA...
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The Dow is down 8 days in a row - the longest losing streak since 2011 - if it hits 9, that will be the worst streak since 1978!!
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Banks were battered...but bounced (Goldman is now down on 14 of the last 16 days) - this is the worst drop for Goldman since Jan 2016
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Banks dipped red for the year, Tech leads and Energy is the big laggard...
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March's great rotation from Goldman To safe-haven Snapchat...
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Across asset classes the moves were similar - all inflected at the US Open - but net net - the dollar is lower, yields lower, stocks flat, and gold higher...
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Gold remains 2017's big winner as financials dipped into the red YTD today...
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Notably bond yields broke first, then stocks followed, recoupling shortly after the European close
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Treasury yields were lower on the day, leaving all but 2Y yields lower on the year... 30Y <3.00%, 10Y <2.40%
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Yen weakness ignited the rebound in the Dollar Index around the US Open...
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Gold and Silver gained again (pushing the former into the green for March). Copper spiked but crude slipped lower...
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While gold gained on the day, Bitcoin bounced back above $1000...
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