China, monthly, 20yr
Summary
Without question, this is the second clear break since last summer.... from the low 2000s to the 3700s... pretty incredible.
I could highlight other world markets.. but I'll leave that for the next world monthly index post... due April 4th.
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The hysteria of Zerohedge... and various others
Reading around this evening I decided to check to see how ZH classified today's market. I had a fair guess at how they might have headlined it, and they didn't disappoint...
It is absolutely bizarre how any site would have the audacity to call a net daily decline of -0.6% as a 'slammed' market.
Even though I still keep an eye on ZH (they remain great in terms of getting news out there fast).... the utter hysteria of almost every headline is just.... well.... maybe 'lame' would be appropriate to describe it.
For me.. it was in late Dec'2012, after seeing ZH tout a Friday decline of -1.1% as a 'market bloodbath' that I realised ZH was no longer remotely attempting to be balanced. Naturally, across the following two trading days, the Dow soared around 500pts.
ZH has become bearishly hysterical on every single down move, and today sure as hell wasn't particularly bearish.. as reflected in a VIX that can't even climb out of the low teens. As things are, I can only imagine the 'hysteria' will grow even wilder in the years ahead. It will make it ever more difficult to remain balanced, and not get swept up within the stampeding crowd.
Pandering to the doomers
No doubt.. ZH is actively playing to the 'doomer audience' (not least the Gold bugs)... and I can understand that.. but I sure as hell won't do it here. Ohh, and I realise some of you don't like that.
ZH will of course be around when the next collapse/crash occurs, and I'm sure they'll remain a useful news source, but its just a shame they are hyping up each and every news story into an 'omg.. the financial world is going to implode today' post. I guess they are desperately needing the traffic/ad revenue.
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Looking ahead
Wednesday will see Durable Goods Orders, along with the latest EIA oil report. Again, any weekly surplus much above 7 million barrels will bode very bearish for WTIC Oil prices. The only issue is whether the main equity market can just ignore it.... probably.
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Goodnight from London