Well that was a week…
Roller-coaster day for stocks – 2 overnight pump efforts failed; stocks sank into and beyond the US cash open, then went bid as Bannon headlines hit… only to slide as reality struck that with Bannon gone, the probability of war is considerably higher…and an ugly close into OPEX
All major cash indices close lower today… as it appears no one wants to hold risk into the weekend…
VIX across all major indices rose on the week…
Small Cap stocks actually dipped into the red year-to-date in this morning's initial flush, before bouncing on Bannon headlines…
But Gold's gains this week pushed it ahead of The Dow for 2017…
The last time Nasdaq fell for 4 straight weeks was May 2016
The S&P 500 remains below its 50DMA finding support at its 100DMA (2418)…NOTE – S&P has not been this close to its 100-day moving-average since the election
Financials were unable to hold on to gains after Bannon, Tech eked out a small gain on the week. Energy and retailers were hit hard…
Energy stocks pretty much ignore crude's idiocy today…
And this is interesting…
Mixed day today for bonds but the long-end closed the week modestly lower and the rest of the curve very slightly higher in yield…
At the short end, the bill curve is notably inverted…
with the panic line in the sand around 9/28…
The 30Y Treasury Yield test 2.75%, near 2-month lows…
The Dollar Index ended the week very marginally higher but the trend was very clear into the close…
For those who 'believe' – Trump favorability has actually improved this week, implying dollar strength to come…
Copper outperformed on the week with gold, silver, and WTI all modestly lower… (NOTE – WTI exploded higher today, 'triggered' at the same time as Banon headlines hit)
Gold topped $1300 once again – the 3rd time this year
This chart made us laugh… USDJPY vs Gold…
Bitcoin had another big week – rising 16.5% to new record highs at around $4400. This is the 5th weekly rise in a row (and BTC is up 86% since the fork)…
But Bitcoin did tumble today amid increasing talk of another fork….
Finally, a reminder that 'stuff' is hitting fans – even if stocks don't really show it… USA default/devaluation risk is now twice that of Germany…
via http://ift.tt/2woXnjj Tyler Durden