Don't celebrate too early... the year's a long way from over...
The Rick Astley Market Rolls On for the week...
NASDAQ battled with 5233 all day - desperately trying to keep the winning streak alive...
Trannies managed to outperform on the day...but everything else ended red - with a big trend change at the EU close...
On the week, Trannies also outperformed and The Dow lagged and while the NASDAQ managed to eke out a gain, S&P failed by 0.01%
Notably FANG stocks had their worst week since June...
All of which happened as US Macro data suffered its worse 4-week streak in 6 months...
And earnings expectations for 2015 plumb news lows...
And this definitely doesn't matter...
Treasury yields rose on the week - thanks mainly to a surge in yields today as the USD gained (though we note they did rally into the close)...
But we note that the 10Y yield remains incredibly range-bound...
The USD Index fell for the 3rd week of the last 4 (but bounced back today off the week's lows)...
The USD Index bounce seemed to coincide with the Brexit/Jo-Cole-Dead lows...
While crude soared ridonculously (best week in a year)...
Gold managed a small gain and silver losses...
In fact this was the biggest Gold outperformance of Silver in 6 months...
But of course, oil was all that mattered...
Charts: Bloomberg
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