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Bonds, Stocks, & Silver Surge Over Xmas Week But Dollar Dives To 5-Month Lows

Courtesy of ZeroHedge View original post here.

"They're keeping the rates down so that everything else doesn't go down… The only thing that is strong is the artificial stock market." – Trump, 9/5/16

It's been a year of buying everything:

  • S&P's best year since 1997

  • Gold's best year since 2010

  • Bond's best year since 2014

And all it took was $5 trillion in global liquidity!!!

Source: Bloomberg

Remember, correlation is not causation… especially when your salary depends on it…because this rally in stocks is all about the fun-durr-mentals…The S&P 500 is up almost 30% and earnings expectations are down almost 5% on the year…

Source: Bloomberg

Chinese stocks were unchanged on the week…

Source: Bloomberg

US majors started weak today, rebounded, then ended weak… Nasdaq ended its winning streak…

US Small Caps lagged on the week as Nasdaq soared (the S&P is on the verge of its best year since 1997)…

Nasdaq bounced perfectly off 9,000 intraday…

The Dow bounced off unchanged twice…

AAPL had a more volatile day than normal… was the guy in charge of buybacks taking some time off?

Still doesn't really matter eh?

Source: Bloomberg

We also note that AAPL rejected the Fib 161.8% extension of the late 2018 collapse…

Source: Bloomberg

Something has changed in the last couple of days with AAPL…hedging the huge gains into year-end?

Source: Bloomberg

Even TSLA was red today, but has a long way to catch down to un-exuberant bonds…

Source: Bloomberg

VIX has notably decoupled from stocks this week…

Source: Bloomberg

The open was yet another short squeeze but it didn't last and stocks dumped. But were rescued into the European close by another squeeze…

Source: Bloomberg

Treasury yields ended the week 3-5bps lower

Source: Bloomberg

10Y yields broke back below 1.90%…

Source: Bloomberg

The Dollar plunged today (biggest single-day drop since Sept 4th)…

Source: Bloomberg

This is the 3rd weekly drop in the last 4 weeks, to its weakest close since July…

Source: Bloomberg

As the dollar has slipped, Yuan has drifted very quietly sideways, apparently pegged around 7.00…

Source: Bloomberg

The pound inched higher this week after last week's bloodbath, ending back at pre-election-spike levels…

Source: Bloomberg

Bitcoin was unchanged on the week with Bitcoin Cash surging today to lead on the week; Ripple and Ethereum lagged…

Source: Bloomberg

Bitcoin has been relatively stable for two week weeks (despite the pump and dump)…

Source: Bloomberg

Commodities were all higher as the dollar tumbled, but PMs trumped crude and copper…

Source: Bloomberg

Silver topped $18 on the week (though fell back below today)…

And gold topped $1500 and held it…

Silver has outperformed gold for the 3rd week in a row…

Source: Bloomberg

And WTI Crude has accelerated beyond its uptrend channel…

Copper has now risen for 6 straight weeks – the longest streak since Sept 2017…

Source: Bloomberg

Finally, investor greed has reached peak-extreme…

And hedge fund exposure to the US equity market is exploding…

This won't end well

 


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