Grexit Anxiety Sparks Bond Bid As Stocks Skid To Worst Streak Since January
Summing up the week (in Washington and NYC)...
A hope-strewn squeeze at the open was dominated by the Grexit contagion spreading across the pond..
On the week. the S&P just managed a gain with the Nasdaq on a 3-week losing streak - its worst since January...
But Futures show the real volatile swings in the markets this week...
On the week, Energy stocks were the biggest losers (despite Crude's gains) and Homebuilder led (WTF!?)
Bonds & Stocks decoupled...
And SMART money flow is notably divergent...
And then there's TWTR...
And Axon - the biggest Pharma fraud IPO ever...
Treaury yields ended the week lower... after all that hand-wringing about bonds collapse
The dollar ended lower for the 2nd week in a row...NOTICE THE PATTERN?
Gold and Crude made gains on the week as Copper and Silver slipped...
Crude ended higher but gavce back all its post inventory draw gains as Saudi threats and record production did not help...
Charts: Bloomberg
Bonus Chart: Credit Suisse warns that this level of extreme non-volatility (the smallest range on record) implies investors are like a deer in headlights - stuck in place and too overwhelmed to act.
Bonus Bonus Chart: The S&P 500 is 2% off all-time record highs and investors' Fear is getting extreme...
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Please, once again I state the downturn is merely a partial retracement of the upswing the market saw on dumb optimism the days before Greece acted like Greece again. The market was on a downturn long before Greece was a major factor. It is down because the economy was horrific Q1 and it's becoming obvious it isn't on a wild tear as people watch interest rates on bonds jump regardless of what the Federal Reserve doesn't do. We have the lamest Federal Reserve in years. They are going to make a downturn that makes Greenspan look like a brilliant saint.