US equity markets were led by the stodgy old low-beta Dow this week – not the high-flying muppetry of the Russell or Nasdaq – as stocks enjoyed the best week in 4 months amidst escalation of geopolitical time-bombs in Israel, Iraq, and Ukraine. Dow and Trannies gained 2% by the close as today's disappointment in Yellen and Draghi took the exuberant shine off an otherwise bottom-left-to-top-right Birinyi ruler-based market. The USDollar gained 1.1% on the week – its best week since November – closing at one-year highs. Gold was slapped almost 2% lower (worst week in almost 3 months) as did WTI (back at $1280 and $93.50 respectively). Copper surged 3.2% on the week (2nd best week in a year) on China restocking chatter. Treasuries were a mixed bag with dramatic flattening on the week (30Y +2bps, 5Y +12bps) to 2009 flat. Credit markets cratered on the day – ignoring equity's relative shrug.
From Yellen's speech….
Stocks on the week led by The Dow…
Today was all about the machines and VWAP…
Credit was not happy…
Tresasuries a mixed bag this week with 30Y ending marginally changed on the week…
The USD had a big week…as JPY got mashed back ove 104…
Commodities were very active… Copper's 2nd best week in a year, gold's worst in 3 months…
Charts: Bloomberg
via Zero Hedge http://ift.tt/1l1C4K8 Tyler Durden