Biotech Bloodbath Sparks Selling Scramble In Stocks
Author’s impression of today’s stock market…
Post-FOMC, everything’s not looking so awesome…
Small Caps were the biggest lower on the day, followed by Nasdaq, Trannies and The Dow & S&P… but the drop was very uniform…
and started as the cash markets opened…
The Dow has fallen back into the Red YTD and the S&P is close…
Financials are now down 2% from before Yellen…
Biotechs Baumgartner’d… down over 12% from the highs 3 days ago – the biggest such slide since April 2014
and back into the red for March…
Is this why Biotechs collapsed?
Apple’s worst day in 2 months…
The US Dollar leaked lower again…
And Treasury yields surged higher after a weak 5Y auction…
Stocks starting to catch down to credit?
Commodities were broadly higher…
But Saudi/Yemen shenanigans trumped massive over-supply and sent crude prices soaring…
Copper popped and dropped on CODELCO mine shutdown news…
Oddly, another day of horrible data but this time “Bad news” was not good news…
What caused this carnage? Who knows… but this is awkwardly coincidental
Charts: Bloomberg
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Biotech Bloodbath Sparks Selling Scramble In Stocks
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