That was a week…
Total chaos in FX, debt, and commodity markets and the S&P 500 ends unchanged?!!
The Dow ended the week red, S&P was manipulated perfectly to unchanged, and Trannies and Nasdaq led the surge…
From The Fed’s rate-hike, Dow and S&P are red…
It’s Quad-Witch so what else did you expect today? Standard 200 point insta-ramp in The Dow (and VIX-crusher algo to an 11 handle!)… all to get the S&P green for the week very briefly (2779) and run some stops…
The big banks ended the week – an FOMC week – red!
Treasury yields were extremely mixed with the short-end higher and long-end well bid…
10Y Yield briefly tagged 3.00% before plunging..
The yield curve collapsed to a new flattest level since Oct 2007…
In FX land, it was chaos:
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Dollar Index’s best week since US Election (Nov 2016), highest weekly close since July 2017
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EUR lowest weekly close since July 2017
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EM FX down 9 of last 11 weeks – lowest weekly close since Nov 2016
EM FX was carnage with Rand, Lira, and Peso getting pounded…
The Argentine Peso was a total disaster…
Despite the SEC-driven bounce, Cryptos had another ugly week – worst since March – with Bitcoin’s lowest weekly close since Oct 2017…
Commodity markets were crazy…
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Bloomberg Commodity Index worst week since Feb, lowest close since April
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Gold lowest weekly close since Dec 2017
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Silver’s worst week since April
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Oil’s 4th losing week in a row – lowest weekly close since April
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Copper’s worst week since Feb
WTI tumbled back to a $64 handle to close the week and RBOB plunged to 2-month lows…
Gold and Silver were both monkeyhammered on massive volume today…
Gold/Silver soared back to unchanged on the week…
The broad commodity complex was crushed this week…
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