Stocks Have Worst Week In 9 Month; Gold Hits 6 Month Highs

Tyler Durden's picture

We started the week exuberant wearing the cleanest dirty shirt scoffing at the weakness of 'foreign' markets. By the end of the week, the Dow has dropped 5 days in a row in a week for the first time since May 2012 and the Nasdaq had its worst week in 9 months. The S&P dropped back into the red for 2014 - despite a late-day ramp effort - tracking AUDJPY all day long once again (and financials also red for 2014). VIX surged above 18% (and its term structure steepest since US downgrade) as credit spreads blew wider. Treasury yields tumbled 10-14bps on the week - the biggest drop since June 2012. Gold prices rose over 3% on the week to 6-month highs. Copper saw its biggest 2-week drop in 30 months. The USD slipped lower on EUR and JPY strength (JPY +1.9% - biggest surge in 7 months). YTD Gold +14.7%, S&P 500 -0.07%.

 

AUDJPY was in charge once again..

 

The S&P joins the Dow back in the red for 2014...

 

As All but Trannies and Russell lose post-Putin gains

 

Financials are now red for 2014 and Biotech is slamming Healthcare lower - leaving Ites the big winner for the year so far...

 

Seems like credit markets were right - whocouldanode?

 

Treasuries soared

 

Gold ripped as copper plunged...

 

Protection was in big demand in the afternoon into the event-risk-prone weekend...

 

VIX surged and the term structure steepened to its highest since the US downgrade...

 

Gold is the easy winner year-to-date with HY credit worst followed by the S&P 500...

 

Charts: Bloomberg

Bonus Chart: Gold nears the golden cross (50DMA >> 200DMA)...