6.7 C
New York
Friday, March 29, 2024

Stocks Jump To Record Highs As Bond Yields, Economic Data Dump

Courtesy of ZeroHedge View original post here.

Ugly retail sales and dismal industrial production capped a gravely disappointing week for US macro data, tumbling into the red for the first time in 3 months…

Source: Bloomberg

As four GDP-tracking estimates came down an average 0.43-pp between last Friday and today.

And by the end of the week, stocks had pushed to record highs and Treasury yields had collapsed to two-week lows (an implied 500-Dow-point divergence)…

Source: Bloomberg

How will that end?

Dow led on the week as multiple “trade deal is close” comments juiced the markets again and again (Trannies lagged)…

Source: Bloomberg

Chinese stocks were ugly this week…

Source: Bloomberg

European stocks were more mixed with Spain lower and the rest marginally higher…

Source: Bloomberg

The US equity market open appears to be a very bullish event…

Vol was crushed at the close to force The Dow to close above 28,000 for the first time…

In the US, defensives dominated the market gains…

Source: Bloomberg

Healthcare surged to new record highs on President Trump’s statement…

Source: Bloomberg

Short squeeze after short squeeze were ignited this week on the heels of various “trade deal is close” bullshit headlines…

Source: Bloomberg

The S&P is now at its most overbought since late April…

Source: Bloomberg

Buybacks continue to dominate…

Source: Bloomberg

VIX continued its collapse this week…

..crashing to an 11 handle…

…and sending the term structure to its steepest since just before the VIXmageddon as XIV imploded…

Source: Bloomberg

But that doesn’t stop the world and their pet rabbit shorting vol – to yet another new record short (5th week in a row)…

Source: Bloomberg

Credit markets continue to decouple from stocks…

Source: Bloomberg

Especially in CLO-land…

Source: Bloomberg

Treasury yields all tumbled on the week with the short-end underperforming…

Source: Bloomberg

This was the biggest weekly yield compression since September…

Source: Bloomberg

The Dollar ended the week lower (with the last two days saw the biggest drop in a month)

Source: Bloomberg

Yuan ended the week marginally lower (but rebounding back above the Yuan fix overnight)…

Source: Bloomberg

Cryptos all drifted lower this week after a big surge last weekend…

Source: Bloomberg

Gold and Silver both rallied this week while copper dropped (and crude played insane ping pong on trade/OPEC headlines)…

Source: Bloomberg

WTI continues to swing between rails in a tight range…

Notably, precious metals rallied this week amid the biggest outflows since Dec 2016…

And finally, amid all the political circus this week, President Trump’s approval rating surged to a 5-week high…

Source: Bloomberg

And in case you wondered why stocks just keep rising despite dismal earnings and deteriorating macro data…

Source: Bloomberg

It’s simple – the Fed is expanding its balance sheet at the fastest pace since the very peak of QE3 money-printing…

Source: Bloomberg

Subscribe
Notify of
0 Comments
Inline Feedbacks
View all comments

Stay Connected

157,450FansLike
396,312FollowersFollow
2,280SubscribersSubscribe

Latest Articles

0
Would love your thoughts, please comment.x
()
x