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This week was a story of two halves. Stonks moved lower on Wednesday morning, rebounded from an opening dump and then accelerated (although the Fed minutes signaled considerably more hawkish rate cut and trajectory expectations). The Nasdaq was the biggest winner of the week (thanks to the vomit of small caps today) and the Dow underperformed but only modestly …
It was the best week of the S&P since July.
Major reversal of small caps today however from the opening of liquidity, while the rest of the majors have recovered in a divergent way …
This week’s panic buying reduced the drop from all-time highs (for the S&P) to just 1.5% …
Source: Bloomberg
After Monday’s dump, each day of that week opened with a short press of panic to ignite momentum …
Source: Bloomberg
But as today’s OpEx hit early, the juicers ran out of ammo …
Source: Bloomberg
Defenses and cyclics were offered this week, but the latter outperformed today to win the week …
Source: Bloomberg
Sectors were all up for the week, but Utes fell behind and materials led the gains. Financial data was on the lower end of overall performance …
Source: Bloomberg
In banks, earnings sparked a notable divergence with MS leading and JPM trailing (after renewed buying panic in WFC today) …
Source: Bloomberg
VIX has been pummeled like a baby seal this week, briefly hitting a handful of 15 today … hard to see much downside to the flight from here (especially given the typical post-opex bounce)
Bonds were very mixed this week with short end and well bid dumping offers (2 years +8 bps, 30 years -12 bps) …
Source: Bloomberg
2-year yields hit their highest since March 2020 and 5-year highs since February 2020 …
Source: Bloomberg
The yield curve flattened considerably this week (the biggest week of curve flattening since June) with the 5s30 spread to its lowest since May 2020 as traders signaled expectations for a policy error. from the Fed …
Source: Bloomberg
The very short end of the curve has been revalued dramatically this week – in hawkish fashion – with a full rate hike now scheduled for September 2022 (with expectations that the Fed’s cut will start in December and end in July 2022). .
Source: Bloomberg
And on a side note, the “kink” is back and strengthening in the T-bill curve as the odds of a net extension of the debt ceiling in December slide …
The dollar fell for the 3rd day in a row today and suffered the break of a 5-week winning streak. However, the dollar has traded in a narrow range over the past 3 weeks …
Source: Bloomberg
Crypto soared, increasing for the 3rd week in a row, led by Bitcoin …
Source: Bloomberg
With Bitcoin back above $ 60,000 for the first time since April (and in fact hit nearly $ 62,000 today) …
Source: Bloomberg
Commodities all made gains this week (CRB all communications hit all-time highs), but copper outperformed the most dramatically while gold lagged …
Source: Bloomberg
WTI rallied for an 8th consecutive week, its longest winning streak since May 2015, surpassing $ 82 for the first time since October 2014 …
Source: Bloomberg
Copper has soared this week (its best week since November 2016 and 2nd best week since October 2011), returning close to May highs, as global stocks plunge …
Source: Bloomberg
Gold scored $ 1,800 but couldn’t keep it …
Finally, it’s a real laugh that stocks are climbing to record highs on a day when consumer sentiment hit its 2nd lowest level in a decade …
Source: Bloomberg
“Probably nothing …”
Still this graph makes us wonder if a redux is in the cards?
Source: Bloomberg
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Sources 2/ https://www.zerohedge.com/markets/stocks-bonds-crypto-copper-soar-confidence-crashes-near-decade-lows The mention sources can contact us to remove/changing this article |
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