It was quite a week...
- Dow, S&P up 5th week in a row
- VIX up
- Long Bond's worst week since the election
- HY Bond down 4th week in a row
- Bitcoin's worst week since Dec 2013
- Gold's best week in 2 months
- Copper's best 2 weeks since election
But cryptocurrencies made all the headlines this week...
Video length: 00:00:10
With Bitcoin crashing 43% from its highs before stabilizing around $13,000...
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And then spiking above $14,000 into the US equity cash close...
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On the week, Gold gained 1.6%, Bitcoin dropped 28% (the first time that's happened since the first week of September) and is the worst week for Bitcoin since Dec 2013...
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Arbs disappeared across the crypto space as volumes picked up in futures...
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Futures were halted numerous times this week but as is clear there was a bid off the lows this afternoon as panic-sellers left the market...
Limit Down Halt in CME Futs today...
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(NOTE - one-way street lower since CME opened its Bitcoin Futures)
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Ethereum, Litecoin, and Bitcoin were lower but Ripple managed gains on the week... but not before flash-crashing to unch today...
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As we transition to equity market-land, it is worth noting that the cyrpto carnage leaked over into several firms...
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Stocks were higher on the week... but S&P, Dow, and Nasdaq were not very impressed with the greatest tax cut in the history of man...Trannies were best on the week...
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While stocks were higher, so was VIX unusually...
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Unsurprisingly, High-Tax companies outperformed Low-Tax companies on the week - back to cycle highs...
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Financials ended the week higher but were a mess...
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But it's not all shits and giggles - there is serious professional selling pressure (Bloomberg's SMART money flow index is seeing its worst month since June 2015 as the major indices are rotated to retail)...
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And High Yield bond land is getting ugly again...
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It was an ugly week for the long-end of the yield curve- the worst yield increase since the election - but that rolled over as we suspect the record spec long squeeze was flushed...
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The yield curve steepened most since the election... but the last two days saw the trend reverse...
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The Dollar Index slipped lower on the week but was very rangebound...
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Copper stood out in the commodity space (note the pre-open ramp every day) as PMs and Crude seemed to group-hug around a 1.5 to 2% gain...
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As Bitcoin collapsed so a bid for that other 'alternative currency' - PMs - was very evident...
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