Nasdaq Winning Streak Snaps As Yield Curve Hits Fresh 5-Year Lows

Tyler Durden's picture

It seems yesterday's decoupling (stocks up, and everything else risk-off) has unwound today as equity markets were broadly weaker. The Dow and S&P traded in a very narrow range on the day closing slightly negative and breaking the 6-day winning streak. Nasdaq and Russell underperformed notably as "most shorted" stocks appeared to gain some momentum to the downside once again (ahead of tonight's AAPL/FB results) as high-beta caught down to low-beta today. Away from the oddly decoupled equity markets, Gold, silver and copper all closed unch to modestly higher as WTI crude prces dropped further (to $101.50). The USD rallied off European open weakness to end unchanged for the week (with notable AUD weakness overnight). Treasuries rallied with 30Y outperforming once again and the yield curve flattening to fresh 5 year lows. Credit markets continues to push wider and are not sustaining any of the exuberance remaining in the S&P.


High-beta caught down to low-beta on the week


On the day, growth stocks tumbled but remain up nicely on the week - apart from AMZN


As multiple sectors unwind the week's gains


Treasuries rallied all day with the long-end outperforming...


and the yield curve flattening to fresh 5 year lows...


Overnight AUD weakness removed it from the carry pair of choice today and lifted the USD back to unchanged on the week...


PMs seemed dead...


Credit markets continues to slide...


Charts: Bloomberg

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HedgeAccordingly's picture

$AAPL about to lose it's sauce in about 25 minutes....

TheRideNeverEnds's picture

See, I tried to warn you, NQ just rallied over 30 points in about as many seconds and everything is back to green on the day.


The market is not allowed to go down, it is illigal.  


Just buy the dip, works every time.



jmcadg's picture

Why is it that when I BTFD it always seems to the BTFATH.

Message to self - stick to PHYZZ.

Kaiser Sousa's picture

hope u all enjoyed that ridiculous sideways trading in the phony paper Gold and SIlver markets all day today after 3 straight days of algo/Fed manioulation to the down side...

just waiting...more Silver on the way for Kasier...

...out of space's picture

ok i take short usdjpy 102,56 and this ramp back up it just make me mad. 

TooBearish's picture

Ya T calling bullshite on Credit widening - the derivative says wider but cash no - lack of supply has credit near all time narrows - not saying its a buy but bullshite there is no selling of credit from real money accounts rite now - have a geat day!