Dead Market Walking

Lowest 90-day realized vol for the S&P 500 in 10 years...

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85 days in a row without a 1% drop... 44 days without a 1% close to close gain or loss... 39 days in a row without a 1% intraday swing...

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But The Biggest Short Squeeze since the election...

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Has sent stocks to record highs... Trannies were best on the week, but the massve squeeze lifted everything...

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On an ever-decreasing bed of lower volumes...

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VIX was crushed back to a 10 handle leading the Dow to just shy of 20,300...

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Energy stocks ended the week red but today's kneejerk higher on Tarullo's resignation headlines kept the banks in the green...

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Bonds traded in a very narrow range today and ended the week lower in yield across the curve... (30Y ended the week back above 3.00%)

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The yield curve flattened notably... (the week saw the biggest weekly flattening in 2 months)

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Which explains why banks shot higher today... oh wait...

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The USD Index has its first positive week of the year (best week in 2 months)

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EUR was the weakest of the majors on the week and Cable strongest...

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Meanwhile oil prices ramped into the green for the week (as EIA OPEC data trumped dismal production and inventory data)...

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And Oil Vol collapsed to 3 year lows...

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On the week oil ended unchanged. Notably Copper and silver surged today as the USD dropped around the US open (performance post-payrolls)

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For 2017, The Dow just edge out the long bond but Gold remains the big winner... (6th winning week of the last 7)

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