And all of this on a Dudley statement (that said nothing), an oil rumor (repeatedly uttered with no actual news), a billionaire bank CEO buying some more stock in his firm, and a seasonal adjustrment (which made retail sales 'appear positive')...
Public Service Announcement:
Crude is the headline of the day...WTI RISES 12% TO $29.44/BBL, BIGGEST PCT GAIN SINCE FEB. 2009
With what appears like another major liquidation in the triple-inverse ETF DWTI... And a major compression of the roll...
But gold is the winner on the week... The last time Gold soared this much so fast was in the middle of the Lehman collapse...
And while everyone crowed about Jamie Dimon's share purchase - which had the stink of Lehman-esque time when every bank CEO trotted out his own brand of confidence inspiring headlines - and that ramped financial stocks... but once again credit wouldn't play along... in cash markets...
and even less so in CDS (hedging)
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Gold wins the week, bonds second best...
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Today's ripfest stalled at 1130ET when Europe closed but the incessant ramp in crude oil lifted everything as algos latched on...
Nasdaq desperately wanted to "get back to even" for the week in today's ramp but only Trannies closed the week green...
With today's ramp led by Jamie Dimon's financials... (which still closed lower by 2.4% on the week - worst of all sectors)
But just look at the mess that is VIX in the last 2 days...
Does this look like financials are fixed?
When stocks took off at around 1300ET (as Oil spiked on rig count data), HY credit did not want to play...
Still could be worse... could be Japan...
A stunning roundtrip in US Treasury yields this week with 10Y swinging to down 30bps at Thursday's lows befoere faxce-ripping higher by over 20bps in the last 24 hours...
The USD rallied modestly today as sellers reappeared in Yen and EUR weakened...
The USD Index collapsed 3.7% in the last 2 weeks - the biggest drop since October 2010...to 4-month lows...
Despite all the algos and liquidation-fueled craziness, crude ended the week down over 5% - the 5th losing week in the last 7; as gold had its best week since dec 08...
You decide if you trust this rally in crude (and thus every risk asset pinned off it)
Charts: Bloomberg
Bonus Chart: Meanwhile these two developed markets now have inverted yield curves...