Transports Rally To Longest Weekly Win-Streak In History, Bonds Best Week Since June

Dow Transports managed - by the smallest possible margin - to rise again this week...

...equaling its all-time record 11th straight week...

 

Since 1900, Dow Transports has only ever once before seen an 11-week winning streak - in February 1989...

 

Source: Bloomberg

Some Trannies context...

Source: Bloomberg

On the week, all the other majors were up around the same level (around 1.2-1.4%) despite lots of intra week variance until the last few minutes saw weakness. Nasdaq and S&P were the week's winners, Small Caps lagged...

 

While the bond bear battering stole some headlines this week, it was Coinbase's listing that dominated... until it started to fade...

 

And at the same time, we note all the other Bitcoin proxies also slipped lower... with MSTR down over 16%

Source: Bloomberg

Banks were very mixed during their earnings week with WFC outperforming and MS lagging...

 

Source: Bloomberg

The rotation back to growth (relative to value) stalled this week...

Source: Bloomberg

The 10Y yield dropped around 8bps this week (after falling 6bps last week), back to one-month lows...

Source: Bloomberg

Some weakness today in bonds likely due to BofA's record issuance for a bank ($15 billion).

This was its biggest weekly drop in yields since June 2020...

Source: Bloomberg

Real yields tumbled this week to 2-month lows, dragging gold higher...

Source: Bloomberg

Dollar dumped for the second week in a row - biggest weekly drop since mid-December...

 

Source: Bloomberg

Cryptos were all higher this week as the Coinbase listing came to market...

Source: Bloomberg

Bitcoin managed gains on the week (3rd in a row)...

Source: Bloomberg

ETH is up for the 3rd week in a row, smashing to new record highs...

Source: Bloomberg

For the 3rd time in the last year, we are seeing a notable rotation from BTC to ETH...

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