Just seemed appropriate…
Ugly GDP helped take US Macro to its worst weekly drop in over 3 months…
Stocks had their best week in 2 months…(Trannies best, S&P worst)
Banks had a great week…(post-Inauguration)
But we wanted to bring this to stock traders' attention…
Note however that the short-squeeze highs were hit on Wednesday's open…
VIX plunged to its 2nd lowest close in 11 years… and note the desperate VIX plunge to get Dow back above 20100 into the close…
As realized vol crashed…
The VIX curve has steepened drastically…
The collapse in VIX has pushed the relative risk of stocks to bonds to near-record lows (something that has not ended well previously)…
With all the excitment in stocks, bonds ended the week barely unchanged (0-2bps higher)…
The USD Index fell for the 5th week in a row, closing at 2-month lows…
Yuan sold off into golden week (which is seasonally normal)…
The Mexican Peso surged to its best week in almost a year – the 3%-plus spike is the best since Feb 2016…
Oil ended the week unchanged, glued around the $53 level…
But RBOB (amid major inventory builds) tumbled for the 4th week in a row…
Silver spiked back to unchanged on the week…
And gold was monkeyhammered to its worst week in 6 weeks, back below $1200…
Top-down things don't seem so awesome…
And the gap between reality and hope is at a record high…
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