Overheard in China this week...

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"I was inverted..."

Video length: 00:02:29

US Macro Data has collapsed for 8 straight weeks to its weakest and most negative in 12 months...

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The last time US Macro and stocks decoupled like this was in mid 2015 and did not end well for stocks...

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Finally to put a nail in this utter idiocy - here is 'soft' and 'hard' data... equities have even decoupled from the hype in 'soft' data...

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So after all that stocks actually ended the week red (aside from Nasdaq of course which is awesome)...

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VIX has now closed below 11 for 15 consecutive days...

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Smashing the previous record...

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Financials were the worst hit on the week, Tech outperformed...

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It was a retailer massacre this week, but FAANGs soared...

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Despite 2 very weak auctions (10Y and 30Y), Treasury yields ended the week lower...

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30Y Yields dropped back below 3.00%...

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After this morning's CPI data missed expectations sending breakevens tumbling (after rising on yesterday's inflation data)...

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The USD Index tumbled on the day (3rd day down in a row) after weak CPI data but remains higher on the week...

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All the majors compressed today to end the week marginally changed but note that Yuan was the only one stronger on the week against the dollar...

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Despite USD strength, crude had a good week (driven mostly by an inventoiry driven squeeze. Gold, silver, and copper were close to unch (rallying as the dolar index slipped the last 3 days)...

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Gold managed to get back above its 100-day moving average and Silver's streak of losses stalled...

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Finally Bitcoin was battered today after the global ransomware attacks struck... (still up 10% on week, and up 6 of the last 7 weeks for a 75% gain)

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Bonus Chart: WTF!!

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Source: WolfStreet