Reflecting on the week - a week that saw 7 Fed speakers go full hawktard and drive rate hike odds at a pace never seen before, a week in which hard data tumbled to pre-election lows as 'soft' surveys all hit record highs, a week in which Small Cap stocks tumbled red (but but but they're domestic focused) as bank stocks soared, a week in which The Dow spiked to 21,100 on the back of the biggest retail ETF inflows in 3 years, and a week that saw a virtual currency's price top gold's for the firs time ever - we thought this was appropriate... (NSFW!!)
Animal Spirits (the gap between hope for the future and the current reality) has never been higher...
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Year-to-Date, Gold still leads the major asset classes (bonds unchanged) but bank stocks are beating precious metals...
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Dow up for the 5th week of the last 6 - perfectly glued to 21,000; Small Caps managed to scramble to unchanged for the week...
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VIX was crushed to a 10 handle in order to keep the Dow 21,000 Dream Alive...
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Financials were best on the week (with Staples and Utes lower)...
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A big short squeeze after Trump's address to congress and that was it...
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The Dollar's best week of 2017 - but som every odd price action, especially after the hawkish spech by Yellen...
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Gold's worst week of 2017 and Silver's worst week of 2017, even with modest bounce back this afternoon... Crude's biggest weekly drop since mid-Jan
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Notably the other fear index improved this week as the global USD-XXX basis swap shifted higher bythe most since Dec 2015 (rate hike)...
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Yields rose across the entire complex this week... (but the curve notably flattened) - long bond outperformed...
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30Y Yield's biggest weekly spike since the election (twice tagging 3.10% today before fading back lower after Yellen (not what one would have expected on the hawkish tone)..
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2Y Yield's biggest weekly spike since Nov 2015 (before the telegraphed Dec rate hike)
Fed Funds Futures biggest weekly drop since June 2015...
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As rate hike hopes soared to 96%...
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The Mexican peso rallied for the 4th of the last 6 weeks, erasingmost of its weakness post-Trump (helped today by Wilbur Ross' comments).
Bitcoin soared to a new record high at $1292 (up 6 of the last 7 weeks and up 17 of the last 22 weeks) surpassing the price of an ounce of gold for the first time...
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Finally if Yellen was so hawkish, then explain this...
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