Business

CNBC busily defending the utter bloodbath in semi stocks as nothing to worry about... but this is the biggest plunge for these market darlings since Brexit (June 2016)...

...and just happens to have occurred as the index finally cleared the 2000 dotcom peak...

FANG Stocks are getting smashed - the biggest drop since Feb 2016...

The key factor is that Momentum is getting monkey-hammered...

For the biggest drop since the election...

And meanwhile - Nasdaq VIX has exploded...

Authored by Peter Tchir via Forbes.com,

We have all heard the VIX or volatility index referred to as the Fear Index or Fear Gauge.  Rising VIX was meant to signal fear in the markets.  That is how most investors have historically thought about VIX and traded it (directly or through Exchange Traded Products).

Last night's API-reported surprise crude build sparked selling that not even Russia/Saudi jawboning could rescue, but DOE data showed the exact opposite with a big crude draw and even bigger gasoline draw. Added to a new record high in US crude production and RBOB is fading and WTI is not rallying.

API

This is not supposed to happen...

Liquidity?

As Nasdaq tumbles, Bitcoin is air-pocketing...

But notably Bitcoin followed, did not lead...

The tumble in Bitcoin appears to have hit Nvidia hard...

Following the bounces in new- and existing-home sales in October, all eyes are on Pending Home Sales to complete the trifecta of 'proof' that housing is back baby... and it did rising 3.5% MoM (beating expectations of a 1.0% gain). The driver of the surge was The South (up 7.4% MoM) as September's 3% hurrican tumble is erased.

September's data was revsised slightly lower (from 0.0% to -0.4%) but October's jump is the biggest since Feb..

The surprise surge was driven by a huge rebound in The South: