Before 330ET, the Nasdaq was the lone survivor in the green this week despite every effort to spark short squeezes and ramps day after day - but that all changed as the ubiquitous late-Friday buying panic occurred of course - lifting stock green for the day (and desperately searching for green on the week). There was a sudden heavy volume dump at 1315ET with no news catalyst amking many wonder if a dark pool puked its orders? A glance at the week's market moves would suggest 'volatility' is anything but low - yet we always manage to close day-to-day calmly. Wondering what provides the ammo for Nasdaq's rise? "Most shorted" stocks are up for the 7th week in a row. Despite all that idiocy, bond yields tumbled the most in 6 weeks and USDJPY fell the most in 14 weeks. Oil slipped on the week but copper, gold, and silver all gained. With the Rusell rebalance, volume was extreme today (but only at the close and that 1315ET dump).
Despite the idiocy on Friday afternoons - yet another epic buying panic in the last 30 minutes... Is this what humans do?
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h/t arbitrage41
It was a busy week... Shittiest GDP print in 5 years, dismal consumption data, and European confidence and PMIs plunge (and Japanese macro data just collapsed)
- JPY's biggest gain in 14 weeks
- 10Y Yield's biggest drop in 6 weeks
- USD Index worst week in 14 weeks
- European stock's worst week in 14 weeks
"Most Shorted" stocks continue to surge back to what looks like a great double top forming (7th week in a row)...
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On the day we saw three selling dumps (two of which were very odd)...
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The sudden heavy volume dump at 1315 was odd - and no news catalyst appeared... one wonders if a dark pool puked its orders?
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One glance at the week's action and it's clear something is not right...
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But June has been a banner month for squeeze-driven rallies in high beta momo...
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Stocks continue to ignore JPY carry and Bonds... for now...
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Oil slipped on the week but copper, gold and silver rose...
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And Bonds had their best week in 6 weeks...
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Charts: Bloomberg
Bonus Chart: Unless the index falls 5% on Monday, the S&P 500 will close higher for six consecutive quarters - that is the first time since 1998.
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