"As If It Never Happened" - Stocks, Bonds, Gold Soar On Draghi "No Limits" Double-Speak

Sssh!!!!

Did Draghi just open the 'vault' and expose the reality that everything central bankers do is about the market!!??

 

The day started with jobs data... we've seen that pattern before...

 

But it was Draghi's comments that sparked the real idiocy in stocks.

Futures provide a little more clarity on what happened today... From the cliff-edge of the ECB statement, futures ramped to run stops...

 

Finally, on the week, it's as if it never happened for Nasdaq, S&P and Dow (while Small Caps and Trannies had a tough time) - Trannies worst week since Black Friday collapse

 

Ugly week for Energy stocks, but financials love a flatter curve?

 

But shorts were not squeezed...

 

FANGs dominated by NFLX...

 

While stocks loved Draghi's "no limits" speech... FX markets shrugged...

 

Stocks dropped with crude as OPEC hit... but then rallied magnificently...

 

And stocks ignored the bond market bid...

 

But The Dow (and S&P) is back in the green year-to-date... so Mission Accomplished!!

 

Quite a week... if you ignore the idiocy in stocks.

Treasury yields ended the week modestly higher (with 2s30s unch but the belly underperforming)...

 

The broad bond market has hit a 20-month low...

 

Mortgage bonds hit a 15-month low...

 

And high yield bonds are at the same level when Lehman hit...

 

FX markets were extremely volatile with Swissy and EUR best and JPY worst as the USD tumbled...

 

EURUSD's biggest weekly rise in over 7 months...

 

As a near-record net short position crushed every hedge fund...

 

Commodities were a mixed bag with crude clubbed (by the cartel), copper up and PMs jumped on weaker dollar and global uncertainty...

 

Gold and Crude seem linked at the throat...

 

Charts: Bloomberg