Small Stock Slide Ruins First "Perfect Week" This Century

Does anyone else feel like this is going on behind the scenes?

 

Quite a week:

  • S&P up 3rd week in a row to record high - best 3-week run in over 4 months
  • Trannies up 3rd week in a row (+4% this week) - biggest week in over 4 months
  • Italian Bank Stocks up 13% this week - best week in 5 years
  • 10Y Yields rose 23bps this week - that's a 17% rise in yields (yeah we know!) which is the 3rd biggest weekly spike ever.
  • USDJPY spiked over 5% this week - the biggest JPY weeklu Yen weakening since 1998!
  • Cable rose 2% this week - biggest week in over 4 months
  • Copper rose 5.3% this week - the best week in over 4 months
  • Gold fell 2.7% - first down-week in the last 7 weeks
  • Silver dropped 1% - first down week in the last 7 weeks

The "Perfect Week" ended in failure...NOTE - today was rates rising and stocks falling - first time during this ramp

As @RyanDetrick pointed out, the last time S&P saw a "perfect week" - up all five days during the week and all five days were new all-time highs - was March '98. This has only happened 11 times since 1950.

The only volume seen all week was the post-open selloff in Thursday

 

"Extreme Greed" Bitches...

 

Off The February "we must save the world" lows. S&P, Dow are up almosty 20%, Small Caps up 27%...

 

But since BREXIT, Bonds and Bullion still hold the lead...

 

Since payrolls, stocks remain the lone winners with crude flat and gold and bonds lower...

 

On the week, Trannies were best, Nasdaq worst (but still up 1.3%)

 

Financials strengthened notably on the week... but faded off yesterday's open...

 

VIX fell for the 3rd week in a row, closing at 12.5 - its lowest weekly close in a year... (lowest intrday 12.14 this week is lowest since Aug 2015). They crushed VIX into the close to try for a green close but it failed dismally...

 

Treasury yields were ugly. Despite a brief pause on Wednesday, it was a one-way street higher with 10Y up 23bps on the week...

 

This is the 3rd biggest percentage surge in 10Y yields (yes we know percentages on yields suck) ever...

 

The yield curve steepened dramatically - 2s30s +11bps (the biggest absolute spread jump since June 2015, or biggest percentage surge in the curve since Jan 2013

 

The USD Index ended the week practically unchanged (+0.25% and up today) BUT massive vol in Cable and JPY were the big news...

 

JPY's biggest weekly devaluation in 18 years!!

 

Commodities were all over the place this week, Copper shot higher in early week stimulus hope (then died), crude dipped and ripped, while PMs drifted lower...

 

 

Charts: Bloomberg

Bonus Chart: Fundamentals... Industrial Production is so "old economy"