Dow 20k Disappoints For Fourth Straight Week As Banks Pump’n’Dump

"I was promised Dow 20k, where's my Dow 20k?!!"

 

It's been a month since Bob Pisani said that Dow 20k was "inevitable"…

 

Gold leads in 2017 and bonds are beating stocks as crude lags…

 

Stocks were desperately pushed higher into the close today to ensure the S&P closed green on the week.. but failed…

 

Energy stocks (black) were the worst on the week, Tech (blue) best, and Financials (red) unch…

 

VIX flash-crashed to a 10-handle early on this morning as stocks ramped at the open…

 

Banks pumped-and-dumped after earnings…

 

And no – NIM didn't explode – this is why!! The Yield curve has NOT steepened!!! No matter how many times the media claims it has…

 

"Most Shorted" stocks ended the week unchanged after a yuuge squeeze on Thursday…

 

Apparel stocks plunged to its lowest since Nov 2012…

 

Breadth remains anything but supportive…

 

And SVXY Puts exploded to record highs relative to calls (SVXY is the inverse VIX ETF, thus SVXY Puts ~ VIX Calls ~ Bearish stocks)

 

A lot of vol in bond markets the last two days (echoing the dollar and yuan) but bonds ended the week higher in price, lower in yield with little curve effect…

 

The USD Index tumbled by the most since the week before the election, erasing the post-Fed-rate-hike gains…NOTE – The Dollar Index has fallen back to unchanged year-over-year

 

It's deja vu all over again in The Dollar Index… (one year lagged)

 

With AUD and JPY the strongest on the week (and Cable weakest)…

 

Copper was the week's biggest gainer in commodity-land (best week since Thanksgiving) but gold is now up 3 weeks in a row (the best run since June)… Crude ended the week down almost 3% – the worst week since before the election…

 

Gold back at $1200…

 

Finally, a silver lining… Global economic surprise indices are at their highest since 2010 – having risen in the last 3 months – post-Trump – by the most since the bounce off 2009's lows… Only trouble is – this series is majorly mean-reverting as expectations follow trend…


via Read More Here..

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s