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January 24, 2014

Global Markets Tank; Dow Loses 300 Points In Worse Week Since 2011

In the words of Instapundit: That which can't go on forever, won't.

U.S. stocks fell sharply and Treasuries rallied on Friday, with the Dow Jones Industrial Average tumbling triple-digits for a second session and posting its worst week since November 2011, as investors pulled money from emerging markets and other assets viewed as risky.

As Wall Street's faith in some of the world's largest developed countries unraveled, currencies of those nations were hit, with Turkey's lira falling to a record low against the dollar, and Argentina's peso down sharply against the U.S. currency.

"We've touched off by what's going on around the world, so to speak, and are reallocating assets from some of the emerging markets into what is thought of as more reliable," said JJ Kinahan, chief strategist at TD Ameritrade. "It's a safe parking spot," Kinahan added of fixed income.

Rick Santelli says that markets are beginning to wake up to the fact that central banks' straining efforts to levitate a deadweight market cannot continue. His nontechnical point is that central banks have been trying to artificially juice up the market, in hopes that positive psychology would then turn fake growth into real growth, and feigned confidence into genuine confidence.

But he says the frantic efforts to get sodden wood to catch fire have failed, and people are now catching on.

Video at the link.


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