As President Trump jets towards The Middle East leaving behind him a wake of headlines from the mainstream media, we suspect this will help him sleep…
Let's start with this…
- *WILLIAMS: U.S. ECONOMY IS DOING OK, GOOD
Umm, no.
- *BULLARD SAYS DATA SINCE MARCH FOMC HAS BEEN RELATIVELY WEAK
Umm yeah
US Macro data disappointed for the 9th straight week – well below the election lows, this is the weakest and most disappointing data since May 2016 (and the biggest drop since March 2015)
While the Treasury curve steepened very modestly today, the week saw the biggest flattening of the year…and is now flatter than before the election
The Dollar Index also saw a big drop this week – worst week for dollar since July 2016, back to pre-election levels…
So having got all that of our chest…
Safe havens were bid this week…
Stocks were having a great day – VIX was being crushed, everything was awesome, and the S&P was almost green on the week… until WaPo and NYT hit the markets with a double-whammy of Trump Turmoil…
Which left everything red on the week…
The Dow dropped back to its 50DMA…
Retailers were worst on the week, Energy best with Financials down for the 2nd week in a row
The big banks were dumped…
Quite a week for Short-term VIX.. it's great surge in history and greatest crash…
Treasury yields ended the week notably lower…
30Y Yields closed well below 3.00% and below pre-Macron win levels…
The Dollar Index is down 7 of the last 8 days having erased all of the post-Trump gains…
EURUSD was the biggest mover – the 2.5% surge was the most since Feb 2016...Yuan best week in 3 months
And as The Dollar sank, gold rallied…
WTI had its best 2-week gain since Dec 2016, closing back above $50…
Copper, Gold, and Silver all gained around 2.4% on the week as crude doubled it…
Bonus Chart: Fun-Durr-Mentals…
via http://ift.tt/2q4TmJP Tyler Durden