Stocks Have Worst Week In 9 Month; Gold Hits 6 Month Highs

We started the week exuberant wearing the cleanest dirty shirt scoffing at the weakness of 'foreign' markets. By the end of the week, the Dow has dropped 5 days in a row in a week for the first time since May 2012 and the Nasdaq had its worst week in 9 months. The S&P dropped back into the red for 2014 - despite a late-day ramp effort - tracking AUDJPY all day long once again (and financials also red for 2014). VIX surged above 18% (and its term structure steepest since US downgrade) as credit spreads blew wider. Treasury yields tumbled 10-14bps on the week - the biggest drop since June 2012. Gold prices rose over 3% on the week to 6-month highs. Copper saw its biggest 2-week drop in 30 months. The USD slipped lower on EUR and JPY strength (JPY +1.9% - biggest surge in 7 months). YTD Gold +14.7%, S&P 500 -0.07%.

 

AUDJPY was in charge once again..

 

The S&P joins the Dow back in the red for 2014...

 

As All but Trannies and Russell lose post-Putin gains

 

Financials are now red for 2014 and Biotech is slamming Healthcare lower - leaving Ites the big winner for the year so far...

 

Seems like credit markets were right - whocouldanode?

 

Treasuries soared

 

Gold ripped as copper plunged...

 

Protection was in big demand in the afternoon into the event-risk-prone weekend...

 

VIX surged and the term structure steepened to its highest since the US downgrade...

 

Gold is the easy winner year-to-date with HY credit worst followed by the S&P 500...

 

Charts: Bloomberg

Bonus Chart: Gold nears the golden cross (50DMA >> 200DMA)...

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