Disappointing Wages Spark Biggest Market Rally Of The Year
Bad news is good news again...
US Macro Surprises continue to disappoint...
(Click on image to enlarge)
And to be clear - all the gains in macro data have been 'soft' survey gains with 'hard' real data completely unchanged...
(Click on image to enlarge)
But bad news is great news and stocks had their best day of the year... Dow back above 20,000...
(Click on image to enlarge)
Stocks managed to scramble back to green on the week (Dow and Trannies red)...Small Caps squeezed to best of the week
(Click on image to enlarge)
On another big short squeeze...
(Click on image to enlarge)
VIX was crushed back to a 10 handle - after all it was a payrolls day and you always buy the fucking payrolls day dip...
(Click on image to enlarge)
Led by banks surging on Dodd-Frank repeal executive orders...
(Click on image to enlarge)
Goldman and JPMorgan accounted for half of The Dow's gains today.
But it was an ugly week for FANG stocks...
(Click on image to enlarge)
And Energy stocks were the worst on the week...
(Click on image to enlarge)
Weak jobs data was trumped by Fed speak today to ramp yields back higher (30Y notable underperformer)...
(Click on image to enlarge)
The 2s30s Treasury yield curve steepened dramatically this week (post-Fed, post-payrolls) to its steepest since December...
(Click on image to enlarge)
But as we noted earlier, real yields have erased all the trumpflation gains...
(Click on image to enlarge)
The USD Index fell for the 6th week in a row (every week in 2017) - and this week was the worst for the greenback since July 29th... falling to 2-month lows
(Click on image to enlarge)
The USD Index rallied back into the green briefly today thanks to a comment from The Fed's Williams but ended lower...
(Click on image to enlarge)
As the dollar dropped on the week, Bitcoin rallied during China's Golden Week... back above $1000.
(Click on image to enlarge)
Gold also gained (up 5th of last 6 weeks), closing at its highest weekly close since the election...
(Click on image to enlarge)
Copper had its worst week of the year as gold won... Gold had its best week since April 2016
(Click on image to enlarge)
Just one thing...
(Click on image to enlarge)
Disclosure: None