VIXtermination Trumps Deutsche Damage, Dismal Data; But Stocks End Week Weak

Macro data has fallen 5 of the last 6 weeks...

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Despite desperate efforts to ramp stocks intro the quad witching close, major indices ended the day red... 

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VIX crush is losing its mojo... 

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 On the week, stocks closed green (despite weakness today)...

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Dow futures swung around 200 points on the week to end practically unch... 

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Post-Rosengren, everything is lower (USD higher) with the least worst being the long-bond... 

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Of course it was AAPL that saved the world this week....massively outperforming after dropping following the iPhone 7 farce... 

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The only thing that mattered this week... 

The biggest headlines this week were in bond land but today's moves erased much of the record-breaking panic-mongering (with 30Y outperforming 2Y today)... 

2s30s steepened on the week but flattened dramatically today after tagging Brexit highs... 

On the week Yen strengthened (against the USD) most but the USD Index gained notbaly led by weakness in EUR and GBP... 

Cable -1.9% this week - worst week since Brexit (and -1.6% today - worst day since Brexit) - thanks to comments on Article 50 being triggered in Jan/Feb 

Commodities were very mixed on the week - PMs drifted lower as USD strengthened, but Copper soared as Crude got clubbed... 

Big moves...

  • WTI -6.5% this week - worst week since January
  • Copper +3.2% this week - best week in 2 months

Charts: Bloomberg

Disclosure: None.

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