Having priced at the low-end ($10) of an almost unprecedented cut in IPO range, Blue Apron opened this morning at $10, traded up to $11 amid exuberance from Bob Pisani desperate to show how the great IPO market was back... but tumbled back to $10 by the close.
Worse still, having been defended twice, Blue Apron shares broke below the IPO price in the after-market, trading $9.95...
We wonder if Morgan Stanley will support this tomorrow...
As legendary market technician John Bollinger tweeted today...
"Another volatility event in the US stock market. At the lows S&P -1.4%, VIX +51.1%. This is going to get out of hand one day."
And quite an event it was... VIX spiked to 15.16 and liquidity collapsed before panic-vol-sellers struck again (as banks hit unchanged) slamming VIX back to an 11 handle by the close
While S&P 'VIX' was slammed, Nasdaq 'VIX' remained elevated...
Risk Parity funds getting hit as stocks and bonds are dumped...
The Institute of International Finance is perhaps best known for its periodic - and concerning - reports summarizing global leverage statistics, and its latest Q1 report was the most troubling yet, because what it found was that in a period of so-called "coordinated growth", global debt hit a new all time high of $217 trillion, or over 327% of global GDP, up $50 trillion over the past decade. So much for Ray Dalio's beautiful deleveraging, oh and for those economists who are still confused why r-star remains near 0%, the chart below has all the answers.
Authored by Lance Roberts via RealInvestmentAdvice.com,
Janet Yellen, Federal Reserve Chair, recently stated;
“Will I say there will never, ever be another financial crisis? No, probably that would be going too far. But I do think we’re much safer and I hope that it will not be in our lifetimes and I don’t believe it will.”
The
last few days have seen the biggest outflows from S&P 'growth' ETFs
on record, and as Deutsche Bank AG’s chief global strategist, Binky
Chadha, notes the cheapest U.S. stocks relative to earnings, sales and
assets are poised to turn the tables on faster-growing peers...