A big week…
Unemployment Rate at 49-year lows
US Stocks – worst 2-day drop since May
Small Caps, Nasdaq – biggest weekly drop in 7 months
Small Caps – biggest 5-week drop since Nov 2016
China (closed) ETF – biggest weekly drop in 7 months
Semis – biggest weekly drop in 6 months
FANGs – biggest weekly drop in 7 months
Homebuilders – worst.losing.streak.ever…
USD Index – best week in 2 months
HY Bonds – biggest weekly price drop in 8 months
IG Bonds – biggest weekly drop since Nov 2016
Treasury Yields – biggest weekly yield spike in 8 months
Yield Curve – biggest weekly steepening in 8 months
Gold – best weekly gain in 6 weeks
Chinese stocks were closed for Golden Week but the China ETF slumped…
European Stocks tumbled on the week…
US Small Caps stocks were the worst – though Nasdaq was close – suffering their biggest drop since March…Even The Dow gave up early week gains…
Small Caps – down 4 of the last 5 weeks (the biggest 5-week drop since Nov 2016 – Trump Election) – broke the most below their critical technical support 50DMA since May… but bounced off its 200DMA today…
The S&P bounced off its 50DMA…
The Dow-Small Caps divergence remains yuuge… (the last 5 weeks have been the biggest divergence since Sept 2011)
Semis slaughtered…
FANGs f##ked…
Banks bid but weak…
But homebuilders are getting hammered – down 13 days in a row…lowest since April 2017.
TSLA tumbled back into the red, giving up all those post-SEC gains…
VIX exploded above 17…
And the VIX curve inverted…
But GE had its best week since 2009!!
IG and HY bond prices plunged this week…
But while stocks caught a lot of eyes, bonds were really where the bloodbath hit…
