Global economic data disappointed/crashed by the most on record this week, plunging to its weakest since the great financial crisis...
Source: Bloomberg
But, but, but... stocks are up over the last few weeks right...
Source: Bloomberg
And then there's the ongoing increase in deaths from COVID...
Are you not entertained though?
However, on the week the mirage of gains in stocks faded - after two glorious weeks of "well the worst must be over" gains - and gold surged on the week...
Source: Bloomberg
Other safe-havens were also bid on the week with Bitcoin back above $7500... (NOTE this is the 6th weekly rise for Bitcoin in a row)...
Source: Bloomberg
And long-bond yields down 8bps on the week...
Source: Bloomberg
Small Cap stocks actually outperformed on the week as the Friday afternoon buying panic helped float all boats (ramping Nasdaq green on the week very briefly) but Dow Industrials and Transports were weakest...
As has become the norm, at 1550ET, there was an apparent sell imbalance and stocks suddenly reversed...
FANG stocks were higher on the week but were mostly rangebound...
Source: Bloomberg
Bank stocks tumbled on the week...
Source: Bloomberg
High yield bonds had an ugly week and IG bonds even dropped a little in price...
Source: Bloomberg
While the long-end of the yield curve was bid, the short-end was wider marginally on the week...
Source: Bloomberg
The Dollar was up on the week with rallies every day after Europe closed...
Source: Bloomberg
While Bitcoin was up on the week, Ethereum outperformed...
Source: Bloomberg
Oil was a shitshow this week (8th weekly drop in crude oil of the last 9, despite the rebound in the last two days)...
Gold was up for the 4th weekly rise in the last 5...
Finally, circling back to where we started, here’s a gloomy statistic from Bloomberg to close the week out: Friday’s U.S. durable goods report showed the inventory-to-sales ratio climbed to 1.82 months in March, the highest in almost 11 years.
Source: Bloomberg
Shipments dropped 4.5%, the most since early 2009, leaving producers with more in inventory and signaling production cutbacks in coming months. At the same time, orders for goods meant to last at least three months tumbled 14.4% -- the most since 2014 -- led by slumping demand for commercial aircraft, Commerce Department data show.
So buy stocks?