"Good Day Sir..."
Another day, another headline-algo game... Dow is down over 600 points from record highs
- 1210 Drop - *GOP LEADERS NOT CONFIDENT THEY HAVE VOTES TO PASS HEALTH BILL
- 1228 Rally - REP MULLIN: "WE'RE TRENDING YES ON THE VOTE": RTRS
- 1235 Drop - Freedom Caucus "things are not good"
- 1247 Drop - Good chance vote may be postponed
- 1249 Drop - Ryan "we don't have the votes"
- 1350 Drop - Spicer sounding downbeat
- 1450 Drop - REP. COLE: IF HEALTH BILL FAILS, IT MAKES TAX REFORM HARDER
- 1515 Drop - U.S. HOUSE SPEAKER RYAN HAS TOLD TRUMP THE HEALTHCARE BILL WILL NOT PASS THE HOUSE -CNN: RTRS
- 1529 Rally - Vote Pulled (retarded narrative that now they can focus on tax reform!)
- 1545 Drop - Market suddenly wakes up to realization no health bill means smaller tax reform
Just look at the panic selling in VIX as headline shit that the vote was being pulled!!!
The Dow's longest losing streak since right before the election (7 days)
VIX soared above 14 to 2017 highs... up 6 days in a row and above its 200DMA - then collapsed in the last few minuest to close red!
Quote a swing...
On the week:
- Small Caps worst week since Feb 2016
- Trannies down 3 weeks in a row - worst week since June 2016
- Dow worst week since September
- S&P worst week since November
- Nasdaq worst week since 2016 (from record high to one-month lows)
Financials were a bloodbath on the week, with only Utes in the green -
Financials suffered the worst week since Jan 2016
The Bloomberg Dollar Index fell again today - the 8th losing day in a row - USD Index down 2nd week in a row - biggest 2-week drop in 12 months
The longest losing streak since April 2011... (the dollar has not had a longer losing streak since Dec 2006)
Treasury yields tumbled on the week - this is the best 2 weeks for Bonds since July 2016 -
NOTE that both times The Fed hiked rates, yields tumbled...30Y back to 3.00%, 10Y back to 2.40%
Gold up for 2 weeks in a row - best 2 weeks since Brexit - back to unchanged for March
Crude managed to scramble back to a $48 handle into the close but red on the week, RBOB rallied into the close back above $1.60
Gold topped $1250, Silver topped $17.50 on the week...
Gold is 2017's biggest winner...
Time for some mean reversion - in 'soft' data...
And stocks to earnings...