The streak is dead - long live the streak - for the first losing Friday of the year. A sad day among the media though Maria B did proclaim "today was a victory even though we were down," so we can rest assured that all is well. While equities ending off their highs, the week was still positive 1-2% - especially for the Trannies - but rather oddly (well not really anymore) Treasuries are going out at the low yields of the week - down 7bps. The USD lost 0.7% with AUD and GBP strength weighing most and a decent surge higher in JPY today's day session. Oil prices jumped 1.7% on the week back over $93.50 (as RBOB and retail prices start to rise once again). Gold and Silver diverged with the former up 0.8% and the latter -0.7%. Volume today was very heavy (and it was a down day) but the quad-witching is to blame as opening an closing trading was huge as S&P 500 futures tagged new highs overnight but couldn't escape the lows of VWAP at the close. So far 2013 has been a perfect replay of 2012 - Is this it?
Keep Calm and Don't Stop Buying The F$$king Dip...
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It was an odd week of divergence as Bonds and Stocks and Gold were bid - sounds like moar QE to us...as 10Y yields close at one-week lows and stocks near the highs...(though strangely in line with gold)...
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and a potentially interesting insight - 'most shorted' names were ramped today but it failed and on the week - the Russell and its 'most shorted' close in line... as we warned after yesterday's divergence - is the squeeze over?
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March so far in the markets... No Ides Yet...
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as Oil jumped and gold and silver diverged...
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Overall the TSY strength and FX carry reversal dragged stocks lower in a highly correlated manner as Capital Context's CONTEXT model [8]shows (gap is data from futures roll)...
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2013 = 2012 - Is This It?
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Charts: Bloomberg and Capital Context
Bonus Chart - what happened the last few times that volume and average trade size surged on an AAPL up day? - oops...
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