Floods, Nukes, & Pitiful Payrolls Spark Best Week For Stocks In 2017

Flood Schmud, Missiles Schmissiles, Jobs Schmobs...

 

Gold gained the most after today's dismal jobs data...

 

After a crazy run the last few days into month-end, Nasdaq slipped notably lower after the pitiful payrolls print... All major indices closed lower post payrolls

 

Stocks gained on the day though, thanks to overnight pumping, with Trannies tumbling into the close to leave small caps best on the day. Nasdaq record high close...

 

And despite Hurricane Harvey, North Korean Missiles, and Dismal Jobs, stocks soared on the week...

A crazy week:

  • Nasdaq +2.75% - best week since Dec 2016
  • S&P +1.5% - best week in 4 months
  • Trannies +2.8% - best week in 3 months
  • Gold +2.6% - best week since April 2016

FANGs and Biotechs led Nasdaq...

 

VIX was down for the 3rd week in a row...VIX was crushed back to a 10 handle.

 

Treasury yields were up across the board today.. on weak jobs data? but ended the week mixed (30Y higher in yield, belly lower)...

NOTE - the yield curve (2s10s) was flatter for the 5th week in a row.

But it was the shortest-end of the curve that was most troubled as the debt ceiling panic really started to build...

 

FX markets were a little wild today as Payrolls and ECB jawboning sent EURUSD swinging wildly...

 

The Dollar Index rose on the week (best week in the last 4)

 

Yuan was the strongest against the greenback on the week and JPY weakest...

 

Bitcoin surged over 12% this week (up7 weeks in a row) to a new record high...

 

But Bitcoin Inv Trust tumbled 21% following Andrew Left's appearance on CNBC...

 

WTI sank on the week (fifth weekly drop in a row)... RBOB gasoline futures spiked over 14% on the week (roll-adjusted) - the biggest week since Hurricane Irene in July 2011...

 

Having survived a flash crash effort Wednesday night, precious metals surged back to close the week on their highs...

 

And equity investors have another excuse to BTFD - equity dividend yields are higher than bond yields once again...

 

But Gold remains 2017's big winner...