Gold Gains As Stocks Slide, Yield Curve Crashes, & Dollar Dumps

Tyler Durden's picture

Economic Data continues to surprise to the upside (compared to what had been terrible expectations)...is this as good as it gets?

But credit, the yield curve, and now stocks are not loving it...

 

Small Caps were the only major index green today...

 

The Dow and S&P 500- fell for the 2nd week in a row - something they haven't done for 3 months...Small Caps best on the week (followed by Nasdaq thanks to yesterday's panic buy)...

 

Futures show the crazy moves this week better..

 

VIX was slammed late on today in a desperat ebid to get the S&P green on the week...

 

But while stocks rebounded briefly, FX carry wasn't...

 

And nor was the bond market...

 

Big week for tax-related stocks...

 

SFIX went public today at $15...

 

While US HY bond prices ended the week higher (thanks to yesterday's melt up)...but still remains well below its 200DMA...

 

US HY spreads rose for the 4th week in a row...

 

European HY Fund assets crashed to their lowest since June 2016...

 

Treasuries were mixed on the week with the front-end higher in yield and back-end lower....

 

The US Treasury yield curve crashed almost 10bps this week - the biggest flattening since Dec 2016 to its flattest since Nov 2007

 

Note that is the flattest 2s10s since Oct 2007... The last 3 times it was this flat, the US economy was in recession...

 

The Dollar Index had its worst week in over 2 months, dropping to 1-month lows... (this is also the first consective weekly decline in the dollar index since July)

 

Yen and Euro strength weighed the most on the dollar this week... (AUD and CAD were weaker as oil slipped)

 

USDJPY was clubbed like a baby seal this week (worst in 2 months) - (today was USDJPY's worst drop since May). It seems 114.000 to 112.00 is the corridor...

 

Gold had its best week in over a month, surging back above its 50DMA towards the $1300 level...

GOLD

 

Bitcoin had another big week - getting as close to $8000 as possible... (up 45% from its lows last weekend)...

 

Finally, we note that in the weeks since MbS launched his 'corruption' crackdown in Saudi Arabia, only one asset has really shone...

 

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HRClinton's picture

Not going to bother looking at the AU dirty porn chart.  But lemme guess...

It's no longer manipulated, and is pulling on Par with BTC. AU shills are having seizures. 

Clock Crasher's picture

Ma!  The meat loaf!  We want it now! 

Hey Mom!  The meat loaf!  FUCK!

..What's she doing?  I never know what she's doing, back there.  

(meatloaf=popcorn)

BlueHorseShoeLovesDT's picture

Squeezey the Algo must have got an early Christmas present of new vice grips for Foot Locker

Francis Marx's picture

Seems like somebobdy knows something. Maybe a Kimmy rocket launch this weekend.

Clock Crasher's picture

The 100,200,300,400,500,600 Exponential Moving Averages in Gold are starting to fan out.  

The longer dated EMA's have been stacked and smashed against one another inside a 20 dollar range for about ONE YEAR.  

Give me a break. 

Note silver and Gold miners did'nt give a fuck about todays Gold rally. 

GoingBig's picture

that almost always means that GLD will crash 50-100 bucks within weeks. Just sayin. 

Bondosaurus Rex's picture

Just keep an eye on cap gains tax. All the charts are well and good.

If they mess up and raise cap gain it will not go well. It will go off like a.....

welll....I don't want to get banned so back to retiring duties.

Juggernaut x2's picture

Oil slipped? It sure got a nice chunk back today.

D.r. Funk's picture

Hi Ben, Hi Janet, Hi Barry, Hi Shinzo, Ho

 

1% DRAWDOWN

---------

-gotten-

---------

(wed. close 11/15)

 

-Level-

-Cleared-

 

Advance to next level

 

||

||

 

3%

DRAWDOWN

 

UP NEXT

BlueHorseShoeLovesDT's picture

What’s phenomenal waste of space!

ReturnOfDaMac's picture

Bitcoin Bichez ... there somebody had to say it.

Ryland's picture

Flattest yield curve since nov. 2007 is the signicant news here.

Clock Crasher's picture

lets see all time flat yield curves.

If vix taught us anything it is that this cycle will take out 20 year lows then 30 year lows then print all time lows ever recorded since record keeping. 

We've got a LONG way to flatten.  Keep her coming boys. 

Rainman's picture

Bear Stearns turned up dead 3 months later as I recall.

Juggernaut x2's picture

Assisted Suicide. Goldman will be the only one left standing after the next Big One.

Winston Churchill's picture

Their discovered fraud in the repo market meant no interbank lending.

Vlad the Inhaler's picture

Maybe so but ZH is guilty of Chart Crime on that yield curve, because when the recession hit the curve was inverting not flattening.

Triple A's picture

gold gains... up 16 dollars....gold skyrockets....up 5 dollars. Zero hedge you funny.

indygo55's picture

In these "markets" that's pretty good. Then it will be beaten like a baby seal with 100% annual mine production dumped on the COMEX in 10 minutes, paper of course. 

Clock Crasher's picture

Earlier in the week-  Vix printing 15 "here we go this is for real"

End of this week- "Mother FFFFucker!"  (destroys keyboard on moniter)

ParkAveFlasher's picture

"That's why I'm richer than you." - Jaime Dimon

(in case you need some more firing up)

Late onset ADHD's picture

drop your cocks and flip your stocks...

Tolomeo's picture

Down but incredibly micromanaged by CBs... look at VIX, down on a down day! Preventing a panic it’s what’s all about!

wattie's picture

Join the Global Class action fightback against gold/silver manipulation!

http://www.leonkaye.co.uk/class-actions/possible-manipulation-gold-silve...

Investors from 18 countries around the world have signed up so far...will you?

Together we can end this.

www.goldclassaction.com

 

www.silverclassaction.com

Solosides's picture

Since Kaiser Sousa has been on vacation for a while, I thought I will stand in for him today:

 

MARKETS?

Please, dont make me projectile vomit

DEATH TO THE (((MONEYCHANGERS)))

wattie's picture

Join the Global Class action fightback against gold/silver manipulation!

http://www.leonkaye.co.uk/class-actions/possible-manipulation-gold-silve...

Investors from 18 countries around the world have signed up so far...will you?

Together we can end this.

www.goldclassaction.com

 

www.silverclassaction.com

Hkan's picture

Sometimes someone somewhere decides sending AU where it belongs. Commensing countdown...

Too many too much.....just for the color of it?...no way.

Way of reducing debt collectively......maybe.