European Close Sparks Buying-Panic Bid After Morning Momo Massacre The head of the WHO says "this is no time for complacency." Goldman warns "stocks are underestimating the effect of the virus." Morgan Stanley warns of a "factor crash." JPMorgan warned "this bubble will collapse." Headlines suggesting a major increase in virus cases in Beijing. And an increasing number of firms are cutting outlooks and pointing to uncertainty about resumption of supply chains from China. To quote John Wick "Oh, yeah, I think China's back..." NOT! Source: Bloomberg So, it's only right that we would sell off... BRIEFLY... before dip-buyers rampaged back into the market after Europe closed to soothe the fraying nerves... The big move in markets occurred around 11-1130ET (into the European close). The hyper-stocks - PLUG, TSLA, SPCE for example - all collapsed only to be ramped back to vwap... Momentum was monkey-hammered... Source: Bloomberg The 'low-vol'-related factors crashed... Source: Bloomberg FAANG stocks all plunged symmetrically... Source: Bloomberg Some argued that the trigger for stocks was the 30Y Yield breaking to new 2020 lows intraday... Source: Bloomberg Overall, the plunge sent all major US indices into the red for the week (except Trannies) but once Europe had closed, the bid was back... Small Caps and Nasdaqa pushed back into the green on the week... Intraday, the collapse saw the most negative TICK since August Source: Bloomberg Cyclicals suffered the most damage in the mid-morning dump... Source: Bloomberg Treasury yields all tumbled intraday with the long-end outperforming (30-5bps, 2Y -3bps)... Source: Bloomberg Yields are approaching record lows once again with the 30Y within 1bps of a record low close... Source: Bloomberg ...while stocks are at record highs? Source: Bloomberg The yield curve tumbled to its most inverted since Oct 19th... Source: Bloomberg The market has started to demand more rate-cuts in 2020... to save us all... Source: Bloomberg The Dollar Index (DXY) for the 12th day in the last 14 to its highest since May 2017 (and the critical 100.00 level)... Source: Bloomberg JPY continued its collapse...the biggest 2-day crash in the yen since Sept 2017 Source: Bloomberg Pushing JPY to near record lows against gold... Source: Bloomberg And the Euro is at its weakest ever against gold... Source: Bloomberg And Turkey's Lira crashed back near record lows against the dollar and pushed every weaker against gold... Source: Bloomberg Cryptos were all down on the day after an early morning pukefest across the entire space... Source: Bloomberg Bitcoin puked back below $10,000... again... Source: Bloomberg Gold and oil were higher today with small drops for copper and silver... Source: Bloomberg Spot Gold topped $1620 - its highest since March 2013... Source: Bloomberg WTI Crude rallied back above $54 intraday - one-month highs... Source: Bloomberg And finally... Spot The Odd One Out! Source: Bloomberg Something bad better happen soon to prompt global liquidity to re-accelerate or stocks are going to be very disappointed... Source: Bloomberg Tyler Durden Thu, 02/20/2020 - 16:00