Was there ever any doubt...
So this happened...
Yes it is all very exciting, but year-to-date, Gold is outperforming The Dow by 20ppt...
For the best year since 1974...
And since The Fed hiked rates...
And before we start, remember how excited everyone was in mid-September (before The Fed folded)...
h/t @NorthmanTrader
Let's look at markets post-ECB...
And post-Draghi's "no more" comments, It looks like someone was desperate to make sure Gold (the anti-centrally-planned world asset) was outperforming...
Trannies and Small Caps ripped over 2% today...
On the week, it's all green for the 4th week in a row, led by The Dow (rather unusually)
But futures show the real craziness...
S&P 500 broke above its 200DMA for the first time this year...
And just look at the vol in Financials and Energy this week...
HYG (deluged with institutional cash looking for a home amid a barren primary issuance market) soared today to its best 4 week gain since Oct 2011 - which marked the top of that bounce...
One quick question - if everything is awesome, then why is financials' credit risk so extreme high still?
Treasury yields were all higher today (and on the week) with 30Y outperforming (pushing the 2s30s spread to Dec08 lows - 2nd biggest cirve flattening this year)
5Y Yields broke back to the middle of the range (up 25bps in 2 weeks - the most in 4 months)
The USD Index was smacked lower for the 2nd week in a row, near 5 month lows...
This is the biggest 6-week drop in USD Index since May 2015...
USDJPY rallied back but not like stocks...
But EURUSD didn't give any back...
Gold and silver closed modestly lower on the week (slammed in the last hour of the day), copper dropped and oil popped...
Gold futures aretrading like a penny stock!!
Oil rallied for the 4th week in a row (for the first time since May 2015)...
The biggest 4-week run (30.8%) since March 2009...
Charts: Bloomberg