“Off the lows”…
So this just happened…
But it doesn’t really matter when all it takes is a phone call…
Post-Payrolls, stocks faded until the US open, and then took off…
Thanks to Dennis Gartman, The Dow surged 250 points off the lows…
On the day, good jobs was bad news but good ISM was good news…
On the week, Small Caps soared but Trannies were unable to get out green…
Year-to-date, Russell 2000 and Nasdaq remain the red as Trannies outperform…
VIX was battered almost every day…trading to 13.00!
With VIX in control, stocks decoupled from bonds and FX carry….
And Stocks totally decoupled from oil today at the US open…
Despite the equity strength, bonds also surged with yields down 6bps (30Y) to 15bps (5Y) on the week…
The USD Index tumbled most in 2 months to its lowest close since Oct 2015…(driven by a surge in JPY)
The USD Index suffered a “Death Cross” this week – will it be a false alarm like in October?
Gold managed to close the in the green (best week in a month) as crude was clobbered…
This was Crude’s first losing week in 7 weeks – pushing crude to one-month lows…
So on the week – Stocks Up, Bonds Up, Gold Up, Dollar Down, Oil Down…
Charts: Bloomberg
Bonus Chart: Reminder – You Are Here
