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Thursday, March 28, 2024

Dow Gains 600 Points In 9 Days; S&P, Bonds, Gold & Dollar Unchanged

Courtesy of ZeroHedge. View original post here.

Despite the payrolls beat, “hard” data in the US economy closed the week lower for the 5th week of the last 6 to the lowest since May 2015… as The Dow surges for the 9th day in a row to the 8th record close in a row…

Because…

So this happened…

From the payrolls print, bonds and bullion were sold, stocks were flat…

Equity Futures also struggled post-payrolls with dip-buyers unable to sustain any gains…

The Dow just keeps on rising but Tech stocks suffered their second weekly drop in a row – Small Caps were worst as The S&P managed a small green close

FANG Stocks suffered their worst week since June…

Wells Fargo stumbled on revelatiosn from its 10Q that there could be more fake accounts and legal costs could be significantly higher than reserves…

Blue Apron had quite a day – plunging on news that it was slahing its workforce… and not rebounding on news that in fact it was merely moving its workforce…

Treasury yields ended the week lower (except 2Y) despite a major kneejerk higher (in yield) today on the jobs data…

The dollar index ramped higher today on a combination of the jobs data and chatter about HIA2 – that tagged the high stops from last week’s Fed dead cat bounce and while the dollar ended the week higher, it was fading back to unch rapidly into the close…

The Loonie was the week’s biggest loser against the greenback and the Euro the biggest winner..

All eyes were on EURUSD this week but today’s payrolls data slammed the pair lower… for now…

Gold had its worst day in a month today after payrolls printed, erasing the week’s gains but holding at the intersection of the 50- and 100DMA at around $1260…

WTI Crude ralied today but was unable to turn green on the week…

Finally...”You Are Here”

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