We started the week exuberant wearing the cleanest dirty shirt scoffing at the weakness of 'foreign' markets. By the end of the week, the Dow has dropped 5 days in a row in a week for the first time since May 2012 and the Nasdaq had its work week in 9 months. The S&P dropped back into the red for 2014 – despite a late-day ramp effort – tracking AUDJPY all day long once again. VIX surged above 18% (and term strcuture steepest since US downgrade) and credit spreads blew wider. Treasury yields tumbled 10-14bps on the week – the biggest drop since June 2012. Gold prices rose over 3% on the week to 6-month highs. Copper saw its biggest 2-week drop in 30 months. The USD slipped lower on EUR and JPY strength (JPY +1.9% – biggest surge in 7 months).
AUDJPY was in charge once again..
The S&P joins the Dow back in the red for 2014…
As All but Trannies and Russell lose post-Putin gains
Seems like credit markets were right – whocouldanode?
Treasuries soared
Gold ripped as copper plunged…
Protection was in big demand in the afternoon into the event-risk-prone weekend…
VIX surged and the term structure steepened to its highest since the US downgrade…
Charts: Bloomberg
Bonus Chart: Gold nears the golden cross (50DMA >> 200DMA)…
via Zero Hedge http://ift.tt/1krHgDb Tyler Durden