If you own Netflix alone in your portfolio - everything is awesome in the world - if you own anything else, not so much...

Video length: 00:00:12

Spot the odd one out...Nasdaq (green) vs World Stocks ex-US, the UST yield curve, EM FX, SIFIs, and Global Macro data...

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China was ugly this week...

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Emerging Markets ugly across all asset classes...

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DAX ended the week ugly - Trump trade tariffs on autos - but FTSE managed to end with a gain...

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Heavy volume in US markets on the Russell rebalance today.

Since Fed Day, The Dow is down around 3% and Nasdaq and Small Caps up around 1% (losing some ground the last two days)

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On the day, S&P and Dow managed gains - flipping the script on the week...ugly close into the rebalance.

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On the week in stocks:

• Dow's worst week in 3 months (ends 8-day losing streak, worst in 40 years)

• Trannies' worst week in 3 months

• S&P worst week since early April

• Nasdaq ended the week lower - first down week in a month

• Small Caps up (barely) for 8th week in a row

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Here's the culprit for the tech wreck - Red Hat missed... (biggest drop since Oct 2006)

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"Most Shorted" Stocks up for the 8th time in the last 9 weeks... (the biggest short-squeeze ever)...

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But it has paused a little the last two days (but we've seen this before)...

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NYSE FANG+ Stocks ended the week lower - first down week in a month - even with dip-buyers scrambling in every day...

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After a four week melt-up short-squeeze, Tesla stocks and bonds tumbled this week...

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Mixed bag in US banks this week with Citi up and the rest down... (all lower after last night's stress test)

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A roller-coaster week for financials relative to tech that ended with the two unchanged relative to each other...

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Unusual action in bonds this week. All Treasury yields ended the week lower but the belly notably outperformed the wings..

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The curve flattened very modestly on the week.

This is the lowest weekly close for the 10Y Yield (and first below 2.90%) since April...

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The Dollar Index fell the most in almost three months this week (after last week's best gains since the US election after the ECB)

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Yuan weakened the most as JPY strengthened on the week...

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In fact - ever so quietly - Yuan has devalued by 4.5% from its highs of the year (which were very similar to the last devaluation level)...

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Another down week for cryptos - led by an 11% plunge in Litecoin - after Japanese regulatory crackdown sparked selling overnight...

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PMs were very modestly lower on the week (with a weaker dollar?) but copper was clubbed on trade tensions and crude exploded on OPEC...

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WTI Crude soared over 5% today - the biggest single-day surge since the OPEC meeting in Nov 2016... (though notably still 6% below the May highs)...

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Silver continues to outperform gold after last week's collapse...

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