What goes up, must come down and while stocks have yet to factor in the Fed’s anti-gravity gun will end one day, bond yields roundtripped in the most dramatic way in 2 years this week. Quite a ride…
A reminder (after 5 macro misses today)…
And (h/t @ImpartialExamin) from “Money, Bank Credit, and Economic Cycles”…
OK – with that off our chest. It was quite a week in general as consensus trades swinging around…
Volume was awful the last two days…
After collapsing through Wednesday, bonds tore lower in yield today – all the way back to unchanged on the week...the biggest drop in yields in over 4 months.
The plunge in bond yields appears to be catch up trade from the anti-correlation yesterday… very odd
Stocks held on to yesterday’s volumeless gains but rolled over after OPEX struck early…
Futures markets show the swings a little more effectively… from Friday’s payrolls print…
On the day, Trannies outperformed (after being the week’s loser into that)…
Shale stocks continue their slide – though bounced today…
The momo names remain battered, squeezed, and bruised…
The dollar tumbled on the week with today’s wild swings – selling EUR in Europe’s session then dumping USDs as US macro data disappointed… Bad data sparked USD selling…
Commodities were all higher on the week led by Silver’s surge…
But crude was rescued off $59.50 support into the green for the 9th week in a row…
