Worst US Macro Slump In 6 Months Sparks Stock, Bond, Silver Buying Spree

We hope this helps...

 

Before we start, this...

This was the worst 2 weeks for US Macro data in 6 months...

 

This is just peddling cynical fiction...

 

Data-dependent Fed...

 

And this is probably nothing...

 

But given all of that Stocks rallied on the week... because that's what they are supposed to do, no matter what...

 

Financials led the week, energy lagged...

 

When Nasdaq dared to turn red, an invisible vol-crushing buying panic took off...

 

But we note that S&P and Dow stalled at resistance around the Stan Fischer ledge from J-Hole...

 

VIX flash-crashed to an 11 handle briefly this morning on the payrolls print, bounced, then faded all day back to an 11 handle close!!

 

Financials stalled a little today but remain decoupled from their underlying commodity...

 

While investors bought stocks on the week, they also piled into bonds - especially the short-end - suggesting less belief in The Fed's rate hike rhetoric...

 

The USD Index oscillated in a relatively narrow band all week with cable and yen the most chaotic (yen's biggest drop since Brexit, down 2% on the week after direct intervention chatter)

 

The USD's relative quietness was evident in copper and gold this week but crude was crushed and silver surged...

 

While gold flatlined on the week, Silver had its best week since Brexit - driven by a spike today on weak payrolls...

 

Despite crude's best day in 2 weeks today (thanks to Putin comments), WTI had its worst week since January...

 

Finally this is probably nothing also...

 

Charts: Bloomberg