S&P 500

Citigroup's crack trio of credit analysts, Matt King, Stephen Antczak, and Hans Lorenzen, best known for their relentless, Austrian, at times "Zero Hedge-esque" attacks on the Fed, and persistent accusations central banks distort markets, all summarized best in the following Citi chart...

... have come out of hibernation, to dicuss what comes next for various asset classes in the context of the upcoming paradigm shift in central bank posture.

According to Bank of America's Michael Hartnett, citing EPFR data, in the latest week through April 5, there were $7.4BN in outflows from equities, the largest in 40 weeks. At the same time, bonds recorded $12.4 BN of inflows, the highest in 8 weeks, with Treasuries posting largest inflows in 10 weeks as the "great reflationary rotation" crumbled once again. Curiously, this took place prior to the FOMC Minutes warning that stock prices are "too high."

Since the first day after Christmas last year (12/27/16), the metals space has been a great place to be. Below looks at performance of several metals assets compared to the S&P 500 since this date.

CLICK ON CHART TO ENLARGE

First down after the Syrian air strikes, then up (within minutes after the open) despite a poor jobs number, then down once more on the latest "Truck Terroist", now going back up again, stocks can't make up their mind this morning what to do.

After initially tumbling in the aftermath of the U.S. missile attack on Syria which jolted financial markets, boosting haven assets and temporarily shifting investor focus from today's jobs data , S&P futures have managed to recoup all losses (the Nikkei closed up 0.4% after sliding earlier in the session), with Europe also just fractionally lower and climbing fast.