Why does this...

Keep making us think of this...

Quite a Week: The Dow, S&P, and Nasdaq closed higher every day this week for the first time in 5 years

• Small Caps soared over 5% this week to record highs - 2nd biggest week since Jan 2013
• Treasuries dropped for 5th week in a row to July 2015 lows
• Gold down 5 weeks in a row to 10 month lows (longest losing streak since Nov 2015)
• Oil closed lower for the first week in the last 4
• USD Index up 4th of the last 5 weeks (highest weekly close since 2003)

And stocks were panic-bid again this afternoon...

Remember the Italy Referendum? Well inflows into European banks after that have NEVER been bigger...

It seems the VIX down, Stocks up relationship normalized today...

Small Caps are the biggest winners post Trump...

Financials and Energy continue to drive it all...

Look at the 'random' walk higher in financials... (and biotechs chaos)

"Most Shorted" stocks soared this week, though we note Friday saw the first down day in over a week...

Stocks are now the handy leaders on the year with the long-bond back to unch...

The USD Index soared post-ECB back to recent cycle highs...

The Loonie strengthened against the USD this week but Yen and Euro weakness were the main drivers of USD strength...

Treasury yields jumped across the curve with a notable steepening...

With the curve back near cycle steeps...

Crude ended the week unchanged...

Silver outperformed Gold this week

Gold is now down $190 from Trump-night highs to 10-month lows...

And finally... Friday Humor...