Bank stocks down on earnings day... "inconceivable"
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And all it took to break the Trump trade was the mother of all bombs...
The S&P and Dow closed the week at 2-month lows...
All the major indices are below their 50-day moving average...
Bank earnings were a bust - headlines looked good but hid a lot of ugliness - investors finally woke up...
And banks are down hard YTD..
Treasury yields lower for 4th straight day. This was the 5th straight week of declines in 10Y yields and the biggest weekly drop in 10Y yields since June 2016
It seems bonds just got too attractive relative to stocks once again...
The Dollar Index retraced over 50% of the Trump "Dollar too strong" plunge...
Yen was the biggest mover on the week...
As the Yuan strengthens against the dollar, Bitcoin has tumbled in the last few days...
Gold, silver, and crude (though the daily win streak is over) gained on the week, copper and the industrial metals were hammered...
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As we head into the long weekend, here are a few charts to consider...
The 'real' data just isn't there...
But that doesn't matter... (yet)
The market also appears to be ignoring the panic-hedging...
Bond-Stock correlation has normalized after breaking last year... echoing very similar structural shifts from 2007's top...
Trumpflation trades are breaking down...
And banks are waking up to the Treasury Curve collapsing...
As is the VIX Term Structure...