After yesterday's 'stumble' everything is once again epic today…
Let's start with Turkey… Borsa Istanbul 100 plunged over 13% this week, the most since Lehman…
We're gonna need another coup this weekend (failed or otherwise) to keep this going into FOMC.
But that never worried stocks which just kept on keeping on to record-er highs… (Trannies were worst with airlines crushed but even they saw a panic dip-buying effort)…
The Dip… Was Bought… on weak volume all week…
As VIX was crushed back to an 11 handle to ensure the S&P hit new record highs…
Post-Brexit, gold still leads and bonds are slight winners over stocks…
Treasury yields ended the week very modestly higher (though below pre-coup levels) with the long-end outperforming the short-end…NOTE every day saw TSY selling into the US open…
The USD Index surged to 4-month highs this week (up 5 weeks in a row – biggest surge since November) with JPY and GBP most in play though EUR saw some post-Draghi swings…
Ugly week for oil (worst 3-week slump since Feb) but only copper managed a small gain on the week as USD strength pressured PMs…
While WTI bounced into the NYMEX close, Sept 2016 contracts hit 3-month lows intraday after a surprising surge in the rig count and reminder of the gasoline glut worldwide…
"It's probably nothing"…
more nothing…
One final nothing…
Charts: Bloomberg
Bonus Chart: Nothing
Bonus Bonus Chart: The Trump Bounce
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