Tech investors the last 2 days...

Video length: 00:00:15

Lots of chatter again this week about shrinking The Fed's balance sheet... it's gonna happen no matter what and it is looming...

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so The Fed will be shrinking at $20-50bn a month going forward, will The ECB or BOJ step up and increase their buying to keep the ignorant dream alive?

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For now, it appears not - this week saw G-3 Central Bank Balance Sheets drop the most in 2017...

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Which perhaps explains why the dip-buyers were absent in the banks - the Big 4 Banks all suffered post-CCAR and all but JPM had a tough week... (Financials had their worst week in the last 10)

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On the week, investors panicked back into Tech stocks (Nasdaq's 3rd best week of the year)... Trannies ended the week red, Dow down 4 days in a row (to end the week unchanged), S&P managed to close green today to break its losing streak

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Driven by a collapse back to a 9 handle in VIX, S&P was pumped green for the day/week... (despite a small rise into the close, VIX remains below last Friday Quad-Witch close)

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Dow down 4 days in a row as they just could not rescue it all the way today...

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But we note that Nasdaq remains well below the FANG Crash levels...

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Healthcare (Biotechs) and Tech (FANGs) were the only sectors green this week as Energy lagged (and financials flondered)...

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Today saw a surge back into FANG stocks (retracing 75% of the Tech-Wreck drop) but the slightly broaders FANTASIA (FB, AMZN, NFLX, TSLA, GOOGL, CRM, INTL, AAPL) started to rol over after tagging the Fib 61.8% retracement of the tech wreck

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This was the biggest 2-day short squeeze in over 4 months...

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And "Growth" dramatically outperformed "Value" this week...

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Biotech stocks dropped very modestly today but spiked 9% on the week to 17-month highs - the best week since the election...

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As Biotechs ripped, bank stocks slipped on a collapsing yield curve and loss of hope after CCAR...

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30Y Yields dropped notably this week - (to 2.70% - the lowest since Nov 9th) as the short-end rose modestly...

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The US Treasury yield curve slumps for the 6th straight week (longest streak since March 2016) to its lowest weekly close since 2007...

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The Dollar Index ended the week modestly higher but closed down for the last 3 days...

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Gold managed to eke out a small gain on the week, rallying for the last 3 days back above its 100- and 200-day moving averages...

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Gold and Silver danced around each other to end with the same small gains...

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Of course, the week was also headlined by the bloodbath in black gold... This is the 5th weekly drop in a row (the longest losing streak since Aug 2015); RBOB also fell for the 5th week in a row to lowest close since Nov 2016

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A quiet week for macro data but both soft and hard data hit new cycle lows...

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Nasdaq rallied on fun-durr-mentals...

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Bonus Chart: Nothing bad happens anymore.. since BAML's Global Financial Stress Index has collapsed to 3-year lows... however, judging by China's leading credit impulse, things are about to get exciting...

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