Don't celebrate too early… the year's a long way from over…
The Rick Astley Market Rolls On for the week…
NASDAQ battled with 5233 all day – desperately trying to keep the winning streak alive…
Trannies managed to outperform on the day…but everything else ended red – with a big trend change at the EU close…
On the week, Trannies also outperformed and The Dow lagged and while the NASDAQ managed to eke out a gain, S&P failed by 0.01%
Notably FANG stocks had their worst week since June…
All of which happened as US Macro data suffered its worse 4-week streak in 6 months…
And earnings expectations for 2015 plumb news lows…
And this definitely doesn't matter…
Treasury yields rose on the week – thanks mainly to a surge in yields today as the USD gained (though we note they did rally into the close)…
But we note that the 10Y yield remains incredibly range-bound…
The USD Index fell for the 3rd week of the last 4 (but bounced back today off the week's lows)…
The USD Index bounce seemed to coincide with the Brexit/Jo-Cole-Dead lows…
While crude soared ridonculously (best week in a year)…
Gold managed a small gain and silver losses…
In fact this was the biggest Gold outperformance of Silver in 6 months…
But of course, oil was all that mattered…
Charts: Bloomberg
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