Massive liquidity issues in China wealth product liquidation, commodities crashing, oil plunging, US macro data disappointments, US earnings disappointments, and Buffett dumping Big Blue - only makes sense that The Dow just had its quietest 8 days since 1952!!!
US Macro data has negatively surprised for 7 straight weeks - dropping to its weakest since October...
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But stocks don't care about fun-durr-mentals...
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Or commodities...
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Or earnings...
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Mixed Payrolls data started everything off bid (Dow hurt by IBM), but late on came the buying panic...
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Did Tim Cook start buying-back AAPL to save the world?
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Small Caps ended the week red...
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S&P hit a new record high close today, even as breadth diverges...
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Dow was 'managed' up to break 21,000... (notice VIX glued betweemn 10 and 11 all week)...
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The Dow and S&P were into their 8th session of moving less than 0.2% in either direction, before the late-day panic buying...
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Last time this happened was 1964 for the S&P 500...
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And 1952 for the Dow...
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Financials were best on the week, Energy stocks worst...
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Bank stocks were mixed this week though, with JPM and MS red, BAC and GS green...with MS a notable laggard post-Fed
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Treasury yields rose on the week... with bonds rallying post-payrolls after a post-fed sell-off.
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But the 30Y Yield ended back below 3.00% again...
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But while corporate bonds were bid, we note that there is a growing divergence between credit and equity protection costs...
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One wonders how long before energy credit markets realize its lower-for-longer for crude...
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The USD Index pushed lower after payrolls today, erasing the Fed spike and ending the week almost unchanged...
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Despite an unch dollar, metals were massacred this week - from Iron Ore to copper...
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Ugly - This was gold's worst week since the election
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Overnight saw a significant flash-crash in the energy complex (and in fact hit stocks too)...banging WTI briefly to a $43 handle and RBOB to $1.45!
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As yesterday saw a big spike in volumes...
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Gold and Silver were smashed lower this week...
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BUT... SLV broke its 14-day losing streak...
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But we note that the tendency to punch gold prices into the London Fix is becoming just a little too obvious...
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