Forgive the sarcasm in the title but it is indeed the Dow's 3rd worst weekly performance of 2013. The major US equity indices end the week near their highs - apart from the Trannies - but all fail to get back into the green as Cypriot concern is weighing everywhere but stocks. VIX ends the week notably higher (and near the highs of the week) as protection was very much bid into the weekend. The USD slipped on the day but ends the week up 0.35% (led by EUR weakness just outweighing GBP and JPY strength). Oil and Silver danced around each other all week to end it perfectly in line at -0.15%, Gold outperformed +1%, and Copper dropped 1.5%. Treasuries also ignored equity ebullience and ended the week near their low yields (down 7-9bps). While financials were not the worst sector on the week, the majors were ugly ending at their lows with Staples leading overall. Today's volume and average trade size were among the lowest of the year as everyone prepares for a long weekend in front of the screens...
EURUSD ran up to test stops above 1.30 right after the close but is fading as the Cyprus votes come in...
This would have been the worst week of the year for the Dow were it for them pesky kids...
3:30 pm ramp algos getting ready
— zerohedge (@zerohedge) March 22, 2013 [4]
[5]
The algo bid in stocks was in direct disagreement with the desire to protect into the weekend...
[6]
but the message was clear from on high- GET US GREEN!!
[7]
leaving S&P testing up to the underside of up trend channel...
[8]
and Bonds closed near the low yields of the week.
[9]
But volume and average trade size was terrible today... (even that idiocy in the last minute)...
[10]
FX markets rolled over but the USD remains positive (as JPY strength reduced risk-on demand)...
[11]
and Silver and oil oddly recoupled while Gold won the week...
[12]
Charts: Bloomberg and Capital Context