'Growth' continues to underperform 'Value' as once again today's early gains – used by many to indicate that the worst is over – were decimated rather quickly especially in the Biotechs (new cycle lows) and momos (NFLX & FB ugly). KING's failed IPO persists (-4% today) and now down over 17% from its IPO day highs. The S&P held miraculously above the red-line year-to-date but Nasdaq, and Russell joined the Dow in negative territory as growth is now underperforming for the year. The USD index ended the week unchanged (with weakness in JPY offset by strength in AUD and CAD) but the JPY-carry trade decoupled from stocks in the late-day today rather ominously. Bonds flattened on the week (30y -6bps, 5Y +3.5bps) with some profit-taking on flatteners today. 'Growth' commodities rallied with oil and copper up 2 and 3% respectively as PMs dropped 3% as Emerging Markets had their best week in almost 7 months.
Plenty of vol…
- Gold and silver dropped around 3% – worst week in 3 months
- Copper +2.9% – best week in 6 months
- Russell -3.75% – worst week in 22 months
- Nasdaq -2.35% – worst week in 11 months
- EM stocks +4.5% – best week in almost 7 months
Year-to-date the S&P is holding green but Nasdaq, Russell and Dow are clearly red…
Biotech made it 5 out of 5…
Value trumping growth year-to-date now…
This leaves Q1 looking like the worst start for the S&P since 2009…
Since the FOMC, the Dow is the winner as high-beta has been hammered…
FX markets were voltile but left the USD unchanged…
And while growth stocks were crushed, it is growth-oriented commodities that soared this week in the face of PM weakness
Charts: Bloomberg
Bonus Chart: Is KING the new Pets.com?
via Zero Hedge http://ift.tt/1iINOwz Tyler Durden