Global capital markets are down five weeks in a row, losing just under $9 trillion - the biggest, fastest drop since Lehman... (around $8.2 trillion from global equity markets)
European banks were ugly led by Deutsche...
US Equity markets closed the week in the red for the year (but the rest of the world also continued to collapse)...
It's been ugly:
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Dow down 9% from record high (down 4 of last 5 weeks)
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S&P down 10.1% from record high (down 4 of last 5 weeks)
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Nasdaq down 13% from record high (down 4 weeks in a row)
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Dow Transports down 15.2% from record high (down 6 weeks in a row)
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Small Caps down 15.8% from record high (down 6 weeks in a row)
With all the major US equity indices languishing below their 200DMA...
Global Systemically Important Banks had their worst week since March, tumbling for the 5th week in a row to the lowest since Nov 2016...down 30% from their highs...
FANG Stocks were hammered, worst week since March (down 4 weeks in a row) down 20% from their highs...
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FB -33% from highs (well below 200DMA)
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AMZN -19.75% from highs (closing below its 200DMA)
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NFLX -28.8% from highs (closing below its 200DMA)
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GOOGL -16.4% from highs (closing below its 200DMA)
However, the last word goes to Glusdkin Sheff's David Rosenberg...
Go ahead, blame Powell. Don't tell anyone that foreign buying of Treasury debt has been cut in half this year and keep it a secret that the dollar share of world FX reserves has shrunk to a 5-year low of 62.5%. The USD role as the reserve currency is on its last legs.— David Rosenberg (@EconguyRosie) October 24, 2018
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