AAPL slumbered today (fading at VWAPs) and GOOG stumbled on FTC settlement chatter - dragging Nasdaq to its biggest weekly loss in almost 5 months. Financials were also sold hard (following what every talking head said was 'good' earnings by JPM and WFC this morning) - leaving the sector down 3.7% from post-QEternity highs with previous darling WFC slapped down to BofA/MS levels post-QE -6.5%. Dow Transports outperformed its peers on the week (ending very slightly red) but this remains more a pairs-trade story than anything to hang a 'recovery' on. The S&P has auctioned back to the top of the post-Draghi spike - battle is commencing. Treasury yields legged down once again (long-bond down 18bps on the week at lows) but pulled off the lows after Europe closed -5bps to -14bps as the curve flattened. The USD limped lower for the last few days but ended the week +0.45%. While Oil managed a 2% rise on the week, we saw commodities getting sold today with Gold/Silver sliding (-1.44% and 2.9% respectively on the week). After an early spike down, VIX leaked back higher all day ending at the magical 16% level - up 1.5vols on the week.
YTD - Gold and Silver still leading followed by US equities with the Long-Bond closing in at +3.3%...
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Dow Transports outperformed as the NASDAQ slumped...
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by the most in almost 5 months...
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as the leading sectors of the QE-hope-rally become the laggards very quickly...
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and financials are falling hard now...
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Despite weakness in the USD today, it ended the week up 0.5% with AUD and JPY strength offset by relative weakness in EUR...
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But Commodities slid today - even as USD slid...
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Risk-assets were highly correlated once again today
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The S&P 500 futures closed 1 pt above their 50DMA at a one-month low - closing pretty much at its lows. But has a little way to go to catch up to credit's view of the world...
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Charts: Bloomberg and Capital Context