Stocks Stumble On J-Hole But Close Best Week In 4 Months

Tyler Durden's picture

US equity markets were led by the stodgy old low-beta Dow this week - not the high-flying muppetry of the Russell or Nasdaq - as stocks enjoyed the best week in 4 months amidst escalation of geopolitical time-bombs in Israel, Iraq, and Ukraine. Dow and Trannies gained 2% by the close as today's disappointment in Yellen and Draghi took the exuberant shine off an otherwise bottom-left-to-top-right Birinyi ruler-based market. The USDollar gained 1.1% on the week - its best week since November - closing at one-year highs. Gold was slapped almost 2% lower (worst week in almost 3 months) as did WTI (back at $1280 and $93.50 respectively). Copper surged 3.2% on the week (2nd best week in a year) on China restocking chatter. Treasuries were a mixed bag with dramatic flattening on the week (30Y +2bps, 5Y +12bps) to 2009 flat. Credit markets cratered on the day - ignoring equity's relative shrug.

 

From Yellen's speech....

 

Stocks on the week led by The Dow...

 

Today was all about the machines and VWAP...

 

It appears algos were all set for mashing VIX-mode once Draghi spoke but stocks were caught between that algo buying pressure and credit's massive selling pressure...

 

Credit was not happy...

 

 

Tresasuries a mixed bag this week with 30Y ending marginally changed on the week...

 

The USD had a big week...as JPY got mashed back ove 104...

 

Commodities were very active... Copper's 2nd best week in a year, gold's worst in 3 months...

 

Charts: Bloomberg