Quite a week eh? "I don't care... I want to trade size and be a big swinging dick... I'm gonna make it rain!!"
A quick summary of the week...
- Paris Population Down 130 people - worst European terrorist attack since Madrid (190 people) in 2004
- S&P Up 3.3% - best week since Bullard Bounce Oct 2014
- EM Stocks Up 4.5% - best week in 2 months
- Gold Down 0.4% - 5th weekly drop in a row, lowest since Oct 09
- Silver Down 0.7% - 5th weekly drop in a row, lowest since July 09
- Crude Down 0.5% - 5th drop in last 6 weeks, lowest since August
- Copper Down 5.3% - worst week sicne Dec 2014, down 6 weeks in a row to lowest since April 2009
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Let's start with stocks... From worst week of the year last week to best week since October 2014's Bullard Bounce...
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Futures show the real exuberance though... Sunday night's open marked the low after 100-plus people had been killed, and Paris was under martial law...Nasdaq +5% off Sunday night lows!!
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Which roundtripped stocks perfectly to the October Payrolls print...
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* * *
The Devil's in the Divergences...
Bonds and stocks...
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Credit and stocks...
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Trannies and oil...
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Credit and equity risk... (note the roll)
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Credit (cash) and equity risk...
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Stocks and the yield curve...
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And finally FX carry and stocks...
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A few individual stocks mattered today...
Chipotle poisoned some folks...
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Hope is high that Valeant is fixed (thanks to a Citi debt upgrade)
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And then there's Netflix!!! Up almost 20% this week!!!! An $8.6bn rise in market cap in one week... the most ever.
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Tresury yields were extremely mixed - following FOMC Minutes - with 2Y up 8bps and 30Y -3bps on the week... 2Y highest weekly close since April 2010, 30Y yields lower for 2 straight weeks first time since August...
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For the biggest flattening in 4 months - 2s30s fell 12bps this week - almost to 7 month flats...
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Credit markets have now fallen 14 days in a row...
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The USDollar gained on the week - Draghi's whatever it takes today trumping odd post-FOMC weakness yesterday in the USD - AUD shot up this week...
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Commodities were all lower this week - as The USD gained - but copper was really ugly...
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Copper Carnage...
Charts: Bloomberg
Bonus Chart: Retail Deja Vu...
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Bonus Bonus Chart: Ponzinormous...
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