Economic Data continues to surprise to the upside (compared to what had been terrible expectations)...is this as good as it gets?

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But credit, the yield curve, and now stocks are not loving it...

Small Caps were the only major index green today...

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The Dow and S&P 500- fell for the 2nd week in a row - something they haven't done for 3 months...Small Caps best on the week (followed by Nasdaq thanks to yesterday's panic buy)...

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Futures show the crazy moves this week better..

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VIX was slammed late on today in a desperat ebid to get the S&P green on the week...

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But while stocks rebounded briefly, FX carry wasn't...

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And nor was the bond market...

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Big week for tax-related stocks...

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SFIX went public today at $15...

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While US HY bond prices ended the week higher (thanks to yesterday's melt up)...but still remains well below its 200DMA...

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US HY spreads rose for the 4th week in a row...

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European HY Fund assets crashed to their lowest since June 2016...

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Treasuries were mixed on the week with the front-end higher in yield and back-end lower....

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The US Treasury yield curve crashed almost 10bps this week - the biggest flattening since Dec 2016 to its flattest since Nov 2007

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Note that is the flattest 2s10s since Oct 2007... The last 3 times it was this flat, the US economy was in recession...

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The Dollar Index had its worst week in over 2 months, dropping to 1-month lows... (this is also the first consective weekly decline in the dollar index since July)

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Yen and Euro strength weighed the most on the dollar this week... (AUD and CAD were weaker as oil slipped)

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USD/JPY was clubbed like a baby seal this week (worst in 2 months) - (today was USDJPY's worst drop since May). It seems 114.000 to 112.00 is the corridor...

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Gold had its best week in over a month, surging back above its 50DMA towards the $1300 level...

GOLD

Bitcoin had another big week - getting as close to $8000 as possible... (up 45% from its lows last weekend)...

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Finally, we note that in the weeks since MbS launched his 'corruption' crackdown in Saudi Arabia, only one asset has really shone...

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