S&P Hits Record Highs After BoJ, GDP Disappointment

This happened...

So this seemed appropriate...


Some high-/low-lights:

  • Nasdaq best month since Oct 2015
  • FANG's best week since July 2015
  • S&P longest narrow trading streak in 45 years
  • HY Credit's worst week in 3 months
  • Crude's worst month in a year
  • USD Index worst week in 3 months
  • Yen's biggest 2-month surge since Dec 08
  • Gold's best week in 2 months (up 7 of 9 weeks)

July saw the post-Brexit central-bank-buying-spree-driven surge continue...but it was a month of two halves (early ramp, later 'stability'),  July was best month since March for the Dow, S&P, Small Caps, and Trannies but Nasdaq was the biggest winner (best month since Oct 2015)...

 

Stocks led the month, despite a collapse in oil (worst month in a year), but bonds and bullion were bid too...

 

While stocks surged to start the months, they end with the longest narrow (<1%) range in 45 years... (Ryan Detrick, senior market strategist at LPL Financial, noted on Twitter that Thursday marked the 11th straight day the S&P 500 closed inside a 1% trading range, the first time this has ever happened, according to records going back to 1970. So for the first time since at least the Nixon administration, stocks have been stuck inside an insanely tight window.)

 

On the week, Trannies are down 2 weeks in a row, The Dow lost for the first time in 5 weeks, S&P battled with 2175 all day to extend the streak of wins to 5 weeks... but Small Caps and Nasdaq comfortably held 5 weeks straight wins...

 

VIX was utterly crushed to 11.77 to desperately get S&P 500 above 2175 for a green close on the week...BUT FAILED

 

FANG stocks were the big driver for NASDAQ... best week in a year...

 

Here is Dow Futures for the last 24 hours - total chaos last night as The BoJ hit but no matter what there was a bid...

 

Dow and Trannies were red on the day...

 

Stocks were maintained by Oil algos...

 

Credit markets suffered this week, despite equity exuberance, with HY's worst week in almost 3 months...

 

Note that following today's dismal GDP data (after The BoJ's disappointment) traders bought everything...

 

The USD Index tumbled today (3rd biggest drop of the year and worst week in 2 months) as Yen surged (most in 6 weeks) after Kuroda's disappointment (and shitty GDP gives The Fed yet more excuses)...

 

The last 2 months have seen the biggest surge in Yen since Dec 08...

 

Treasury yields crashed over the last 24 hours as BoJ and GDP disappointed... with the yield curve back near cycle flats/lows...

 

Bonds and stocks decoupled at the GDP print...

 

This was Crude's worst month since July 2015 (down 3 of the last 4 weeks)

 

Ugly week for crude, copper flat, but PMs surged...

 

Crude tracked USD index all day...

 

With Sept 2016 WTI breaking its 200DMA and back below Doha Fail Lows...and YTD red

 

Charts: Bloomberg