Only China's tech-heavy ChiNext ended the week positive...
(Click on image to enlarge)
European stocks were red across the board with Italy worst on headlines about a fresh election...
(Click on image to enlarge)
US equities "lost that loving feeling" this week as Iran tensions re-escalated and The Fed teased with 50bps and then took the punchbowl away...Small Caps and Nasdaq were the week's biggest losers, Trannies outperformed (but were red)
(Click on image to enlarge)
NOTE - major vol in Trannies this week.
Despite desperate efforts to get the S&P green for the week and above 3,000; tensions in Iran and The Fed walking back 50bps cut hopes were too much for the algos...
(Click on image to enlarge)
NFLX was ugly...
(Click on image to enlarge)
And The FANG stocks stalled at critical resistance...
(Click on image to enlarge)
Microsoft surged to a new record high, well north of $1 trillion market cap, after earnings...
(Click on image to enlarge)
VIX was higher on the week, testing 14, and while IG risk was flat, HY spreads jumped notably on the week...
(Click on image to enlarge)
Bonds and Stocks remain extremely decoupled...
(Click on image to enlarge)
Treasury yields ended the week lower, despite a spike today as The Fed desperately walked back Williams' comments...
(Click on image to enlarge)
10Y Yields tumbled on the week...
(Click on image to enlarge)
The yield curve (3m10Y) remains inverted for the 40th day (despite testing zero for the 5th time in a week)...
(Click on image to enlarge)
The odds of a 50bps rate-cut plunged from over 70% after Williams' comments to just 22% tonight...
(Click on image to enlarge)
For now, expectations are for around 30bps of cuts in July...
(Click on image to enlarge)
The Fed's jawboning has rippled down to Main Street too...
Expectations of lower interest rates in today’s UMich sentiment survey shot up to 19%, the highest level since May 2009! What do households see that investors don’t see?? pic.twitter.com/E0k4W0Lp6x
— David Rosenberg (@EconguyRosie) July 19, 2019
Despite lots of intraday vol, thanks to The Fed's FUBAR communications strategy, the dollar ended the week higher...
(Click on image to enlarge)
A very noisy week for cryptos with Ethereum the biggest loser...
(Click on image to enlarge)
Bitcoin managed to get back above $10,000...
(Click on image to enlarge)
Ethereum found support around $200 (and last weekend's flash crash lows)...
(Click on image to enlarge)
Oil suffered its biggest weekly loss of the year (down over8%) as silver spiked...
(Click on image to enlarge)
Silver soared over 6% on the week - the biggest weekly gain since July 2016; back above $16 (the highest in a year)...
(Click on image to enlarge)
NOTE - Silver is very close to triggering a golden-cross.
Silver dramatically outperformed gold on the week (after gold reached 26-year highs relative to silver)...
(Click on image to enlarge)
WTI plunged from $61 to a $54 handle during the week as Iran tensions apparently de-escalated (just ignore the drone-shooting)...
(Click on image to enlarge)
NOTE - WTI prices spiked late in the day after headlines that Iran captured a British tanker...
(Click on image to enlarge)
Are we set for another cyclical shift lower in oil in silver terms?
(Click on image to enlarge)
Finally, global central banks have officially flipped from hawkish to dovish...
(Click on image to enlarge)
Because stocks are really in the "danger zone"...
(Click on image to enlarge)
Comments
Log in or sign up to join the conversation.