Credit markets to stocks this week...
Video length: 00:00:06
Before we start - let's celebrate. As @BespokeInvest notes, we're making history today: first 12 month period in the history of the S&P 500 without a 3% drawdown. The VIX is also the lowest on the record using a rolling 12 month average.
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All major indices ended the week red. This is the Dow & S&P's first weekly loss in the last 9 weeks. Trannies were worst (worst weekly loss since July). Small Caps worst week since August.
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This was VIX's biggest weekly rise in 3 months...
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Russell 2000 VIX actually ended slightly lower with S&P VIX the biggest riser on the week...
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Financials (green) were the week's worst performing sector, Utes (blue) and Retailers (black) outperformed...
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On the week when the government unveiled its tax plan, high tax stocks underperformed...
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Bonds and Stocks fell on the week for the first time since June...
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Which coincided with the worst drop in Risk-Parity funds since June...
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All of which happens as a cluster of Hindebnburg Omens strikes...
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Breadth in stocks remains weak...
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HYG (High Yield Bond prices) tumbled most in 3 months...
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High Yield continues to diverge from stocks...
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VIX remains suppressed...
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Treasuries sold off quite hard today - notable along with the equity weakness, suggesting Risk Parity problems - as the long-end underperformed, swinging the curve steeper...
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The yield curve ended the week very marginally steeper after a v-shaped bounce midweek...
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The Dollar Index fell for the first week in the last 4...
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Crude was up for the 5th week in a row, copper lagged...
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Gold and Bitcoin tumbled on the day...
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One reason for the drop in Bitcoin is perhaps some wealth transfer from crypto to cash spending for Singles Day...
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Gold was hit hard today a $4billion notional dump but remains higher on the week post-Saudi-chaos...
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