Happy Holidays...
This is the best 'week before Christmas' since 2011... Did we pull forward all that hope-strewn Santa Rally meme?
Best week for stocks since the first week of October... A Total melt-up off Friday's OPEX lows
On the day an overnight dip was bought... and then puked into the early close
Seems like everyone and their pet reindeer was hedged...
And credit started to weaken notably...
And Bonds diverging...
Notably, Energy broke a 3-day winning streak despite higher oil prices
Post-FOMC, stock gave back most of their post-Fed gains...
And even stocks decoupled from oil's exuberance...
Treasury yields did not play along with equity exuberance today but ended the week up 4-5bps (curve flat)
The USDollar Index slipped lower again today to end the shortened week down 0.8%... worst week in 3 weeks and worst 4 weeks sicne August black monday crash
Commodities were all higher on the week (as the dollar slid)...
WTI Crude was up over 5% on the week - its best week since the end-of-August "Andy Hall Ramp' Melt up.
And what inspired this ripfest... surgingh oil and gasoline prices - "unequivocally good" for Americans - oh wait!
Charts: Bloomberg