Take your pick - Good, Bad, or Ugly...

Video length: 00:06:16

Good:

• The Dollar's best week in over 4 months

• Silver's best week in 4 months

• Bitcoin's best 2-week gain in 4 months

Not Good:

• 30Y Bond's worst week in 3 months

• 10Y highest yield close since Dec 2013

• Semi stocks worst week in a month

• Techs worst weekly underperformance relative to Banks in over 3 months

• Gold's worst week relative to silver since Sept 2016

How about next week? Do you feel lucky?

Video length: 00:00:13

Odd week, all in all - major reversal midweek in many momentum strategies.

Big shift in momentum midweek, left Dow, S&P and Nasdaq unchanged on the week, Trannies outperformed...

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S&P closed below its 50- and 100DMA...

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The Dow, S&P, and Trannies all tumbled back into the red for 2018 today; only Nasdaq (green) and Small Caps (dark red) remain green for the year...

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Growth was favored early in the week but rejected for value after Wednesday's open...

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Tech was the early week leader over banks.. but then XTE's ban and Taiwan Semi's warning spoiled the party...

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Since The Fed hiked rates in March, stocks notably underperformed bonds into the end of March - then stocks outperformed bonds since April began... until the last couple of days...

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Mixed bag for the FANGMAN stocks...

Mixed picture for banks too... MS leading, GS lagging...

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Ugly week for HY bonds - HYG tagged its 100DMA and rolled over...

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Bonds and Stocks recoupled after two weeks of trying... (green - buy both, red - sell both, orange - buy stocks, sell bonds)

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3rd day in a row of negative aggregate returns for a stock and bond portfolio...

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Treasury yields ended notably higher on the week, reversing dramatically midweek...

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Real Yields and Breakevens surged...but breakevens dumped and pumped today...

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10Y Yields tested 2.9500% for the first time since 2/21 (when stocks got spooked) and closed at the highest yield since Dec 2013...

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The yield curve also reversed course midweek after flattening to fresh cycle lows, it ripped steeper from Wednesday's European close... (2s10s jumped 8bps to 49bps off the lows, and 2s30s +10bps off the lows to 68bps)

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Which comes first - geopolitical-crisis-driven oil-price spikes... or inflation expectations...

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The Dollar Index surged this week back to its highest level since The Fed hiked rates in March...

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With the world and their pet rabbit short the Dollar...

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This could end badly...

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Cryptos had a great week... again... as maybe the Tax-selling-pressure thesis is being proved out...

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But perhaps most notable was Ethereum's dramatic outperformance of Bitcoin as 'risk-on' trades return...

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On the week, despite USD strength, Silver was the winner with Copper and Crude gaining but Gold ended the week red...

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WTI topped $69, and RBOB topped $2.00..

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This was silver's biggest week relative to gold since Sept 2016... (early indications are that the record net short silver position has started to liquidate)

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Finally we note that hard and soft data continues to tumble...

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The SMART money is still leaving...

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Bonus Chart: Why the sudden reversal midweek? Simple - The HKMA had to start buying Hongkers to protect the peg and started selling everything else!!

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