Stocks Surge On The Week As Investors Shrug Off France Fears, Crude Carnage, & Macro Massacre

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Seriously!!

 

Stocks soared on the week… (2nd biggest short-squeze in 4 months)

  • Trannies (orange) best week in 4 months
  • Small Caps (red) best week in 4 months
  • Nasdaq (black) best week in 2 months
  • S&P (green) best week in 2 months
  • Dow (blue) best week in 7 weeks

 

Seemingly completely ignorant of the fact that this week saw the biggest drop in US Macro data in 6 years…

 

‘Soft’ Data suffered the worst week since August and ‘Hard’ Data tumbles for the 3rd week in a row, remaining well below pre-Trump levels…

 

VIX saw its biggest weekly drop (over 1ppt) since the first week of January…

Interestingly most of the rally from  “greatest tax cut ever” from Trump was erased by the close…even as VIX was pressured

 

The Dollar Index ended the week lower, buffetted up and down by various comments from Trump, Mnuchin, and Stan Fischer… This was the lowest weekly close for the dollar since the election.

 

Cable was the strongest against the greenback (on May’s surprise election news) and CAD weakest (energy dump)…

 

Despite Equity strength, Treasury yields ended the week lower (with 30Y worst at unchanged)…seles active inthe US day session all week

 

Despite the USD ending the week lower, commodities were sold…

 

Especially industrials…

 

Crude suffered its biggest weekly drop since early March, back below $50; and RBOB tumbled over 9% – its worst week since Sept 2016

 

Gold was hit into the London Fix every day this week (Monday holiday but machines still hit it)

 

And back to where we started…

 

COMMENT SECTION !