Tech, Small Caps Suffer Worst Week In 10 Months As Trump Hangover Hits

Everyone's doing it, just follow them...

 

An interesting week:

  • Nasdaq's worst week since Feb 2016
  • Small Caps worst week since Feb 2016
  • Bank stocks up 4 weeks in a row to highest since Jan 2008
  • FANG Stocks down 4 of the last 6 weeks
  • Treasuries down 4 weeks in a row, TLT lowest close in a year
  • USD Index down first time in 4 weeks
  • Oil's best week since Feb 2011 (at highest since July 2015)
  • Gold down 4 weeks in a row to 10 month lows

Stocks on the week stunned investors, with Small Caps and Nasdaq suffering their worst weeks since Feb 2016 (and Dow and Trannies clung to unch)

NOTE: The Dow gained 10 points on the week - just 3 stocks - GS, UNH, and JPM added over 150 points alone.

Since the election, Nasdaq is now red...

 

But futures show the real action...

 

Financials (and Energy) remain the biggest post-Election winners (with Utilities and Staples worst) but both banks and energy stocks faded today... (banks worst day in over 2 months)

 

Just two charts to consider...

 

Notably VIX flash-crashed on payrolls... but look at Dow Futures swings - desperate to keep green for the week...

 

Post-payrolls, oil was best but bonds and bullion beat stocks

 

FANG (Diamondback) outperformed FANG Stocks on the week...

 

The yield curve steepened on the week (after 2 weeks of flattening), leaving 2Y yields lower on the week and the long-end underperforming...

 

So bonds and stocks down on the week - as Risk-Parity funds suffer the 7th week of losses in the last 9 weeks...

 

FX markets were volatile this week withthe USD index ending lower for the first time in 4 weeks led by cable strength...

 

Crude soared on the week - best week since Feb 2011 (to July 2015 highs) and silver gained as gold and copper slipped lower

 

Finally we leave you with this - here is your market America...

h/t @Not_Jim_Cramer