We started the week exuberant wearing the cleanest dirty shirt scoffing at the weakness of ‘foreign’ markets. By the end of the week, the Dow has dropped 5 days in a row in a week for the first time since May 2012 and the Nasdaq had its worst week in 9 months. The S&P dropped back into the red for 2014 – despite a late-day ramp effort – tracking AUDJPY all day long once again (and financials also red for 2014). VIX surged above 18% (and its term structure steepest since US downgrade) as credit spreads blew wider. Treasury yields tumbled 10-14bps on the week – the biggest drop since June 2012. Gold prices rose over 3% on the week to 6-month highs. Copper saw its biggest 2-week drop in 30 months. The USD slipped lower on EUR and JPY strength (JPY +1.9% – biggest surge in 7 months). YTD Gold +14.7%, S&P 500 -0.07%.
AUDJPY was in charge once again..
The S&P joins the Dow back in the red for 2014…
As All but Trannies and Russell lose post-Putin gains
Financials are now red for 2014 and Biotech is slamming Healthcare lower – leaving Ites the big winner for the year so far…
Seems like credit markets were right – whocouldanode?
Treasuries soared
Gold ripped as copper plunged…
Protection was in big demand in the afternoon into the event-risk-prone weekend…
VIX surged and the term structure steepened to its highest since the US downgrade…
Gold is the easy winner year-to-date with HY credit worst followed by the S&P 500…
Charts: Bloomberg
Bonus Chart: Gold nears the golden cross (50DMA >> 200DMA)…
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