Less than a month ago, and just days after the Yuan was finally inducted into the IMF's hall of reserve currency fame, the Chinese Foreign Exchange Trade System, a part of the PBOC, made it very clear that what was about to happen would not be pretty, when it announced - in a statement which clearly everyone ignored - that going forward it would index the relative strength of the CNY not to the USD but the a basket of currencies (against which the USD to which it is pegged has been soaring).

The FANGs are beginning to break down.

FANG is an acronym that stands for Facebook, Amazon, Netflix, Google.

These are four of the top performing stocks of 2015. Netflix was the top stock for the S&P 500 returning 134% in 2015. Amazon was #2, returning 118%.  Google returned 44% and Facebook returned 34%.

In very simple terms, these are the big market leaders. And now all of them are beginning to break down.

Facebook (FB) is testing critical support. Below this the long-term bull market trendline at sub-100.

• Obama, wiping tears, makes new push to tighten gun rules (Reuters)
• Global stocks hit by China worries, North Korea nuclear test (Reuters)
• Oil hits 11-year low, Saudi-Iran row cuts chances of output restraint (Reuters)
• North Korea says successfully conducts first H-bomb test (Reuters)
• Valeant Planning to Appoint New Leader as CEO Remains Hospitalized (WSJ)
• Treasuries Extend 2016 Winning Start With Growth Outlook Clouded (BBG)
• Apple Scales Back Orders for Its iPhones (WSJ)

On the first trading day of the year, stocks crashed after China shocked the world with a circuit-breaking market slide that was not contained by the government. On the second trading day, after the Chinese government intervened drastically, global equities stabilized if just barely.

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How Iceland Escaped From The One Bank

Written by Jeff Nielson (CLICK FOR ORIGINAL)