Late-Day Panic-Buying Sends Dow To Longest Record Streak In 30 Years
Millions of investors cried out today...
Video length:00:01:16
"Pause that refreshes" or "Time to panic"?
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Of course utter panic buying into the close ensure a green close and an 11th record in a row - the longest streak in 30 years - because everyone knows stocks don't close red into the weekend -
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The Dow went green for the first time of the day with 17 seconds to the close!
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But this was the 3rd up-week in a row for The Dow (and 5th up-week in a row for the S&P and Nasdaq). Biggest weekly drop for Small Caps in 5 weeks
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After 15 straight days higher, the S&P tech sector suffered its biggest decline of the year...
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Financials worst day in 5 weeks, Goldman worst day in Feb, worst week in 5 weeks...The Big Banks were all red on the week...
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Stocks and Bonds are both up 5 days in a row...
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But while stocks actually having a down day was briefly possible, it was precious metals that stood out...
Gold rose above $1250 this week for the first time since the election - Gold is up 8 of the last 9 weeks... Silver is up 9 weeks in a row, back above its 200DMA - longest streak since May 2006
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Bitcoin hit a new record high...
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Crucially, anxiety in Europe - ignored by most - has sparked panic bids into short-dated German paper.
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Dragging global DM yields lower across the curve...
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Leaving Treasuries 'cheapest' to Bunds since 2000...
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Even as 10Y yields tested 3-month lows...
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This was the 10Y Bond Future's best week since June 2016...
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The Dollar dropped on the week - the 7th weekly drop of the last 9...
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Yen was the biggest driver (stronger against the greenback) but we note Cable had been until it tumbled today...
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Copper was clubbed but bounced back, Precious metals were the week's big winners...
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***
As we asked earlier... Who's Right?
The 30Y Yield just dropped back below 3.00% once again and 10Y is back at February lows - what happens next?
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Despite the exuberance of hope, protection is heavily bid...
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And if Utility stocks' demand is anything to go by, bond yields have a long way to fall...
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Finally - absent the hope-strewn soft-survey data, 'hard' data has decidedly deteriorated...
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So who's right? Stocks... or VIX and Bonds and Real macro data?
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