This week can be summed up thus…
and thus…
Year-to-Date, Gold is leading stocks as bonds get battered…
But it was quite a week for stocks…
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Nasdaq, S&P – best week since Dec 2011
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Dow – best week since Nov 2016
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Small Caps – best week since Dec 2016
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“Most Shorted” Stocks – biggest weekly short-squeeze since Nov 2016
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VIX – biggest weekly drop since Nov 2016
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US Treasury Yield Curve – 2nd biggest weekly flattening since Sept 2011
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HYG (HY Bond ETF) – best week since Feb 2016 (despite record outflows)
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Dollar Index – 2nd worst week in 6 months
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Gold – best week since April 2016
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Bitcoin – best week in 2 months
Stocks were a one-way bet as mysterious dip-buyers picked up everything…except today’s Mueller/Russians drop…
Futures show the real craziness of the swing as Nasdaq surged 10% off last Friday’s lows…
In the biggest short-squeeze since the election…
The Dow broke through its Fibonnacci 61.8% retrace before pulling back on Russia indictment headlines…
VIX closed back below 20…
VIX yield curve still inverted (red) but dramatically less backwardated than a week ago (green)
And WTF is going in SVXY!!!!!
But adjusted for the collapse in price…
Overall Vols came back this week but Rate-Vol seems more elevated than norms now…
Treasury yields were mixed on the week with the long-end bid (-3bps) and the rest of the curve bear-flattening…
30Y remains in the range but notably lower in yield on the week…
And 2s30s tumbled…
The Dollar Index had an ugly week…
Dollar’s lowest weekly close since Dec 2014…
The Dollar (down), Stocks (up) and Gold (up) were all one big happy family this week…
A weak dollar sparked a bid across all commodities with copper leading the charge…
Copper’s huge outperformance this week suggests 10Y Yields should be notably higher…
Cryptos had a great week…
With Bitcoin back above $10,000 once again…
Finally, as Gluskin Sheff’s David Rosenberg notes, the new definition of economic strength when 60% of the incoming US data have come in shy of estimates this month and only 30% have topped expectations.
The Citi surprise index has rolled over to four-month lows.
Imagine what a weak economy must look like!
via Zero Hedge http://ift.tt/2ENTJDW Tyler Durden