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"Not An Algo Was Stirring..." - Dow's Tightest Trading Range In 30 Years

You're welcome...

 

Twas the night before (the night before) Xmas, and all through the market, not an algo was stirring, not even a VIX cracker...

Today was the lowest range day for The Dow since at least 1986...

 

The Dow is now up 7 weeks in a row - the longest winning streak since Dec 2014's Bullard bounce (after which it fell over 5% in the next week)...

 

On the week, Small Caps managed to squeeze into the green by the close but Nasdaq outperformed...

 

Once again they tried to slam VIX early on but that didn't last long and then everyone went to sleep...

 

Financials managed to cling to unchanged post-Fed but the rest of the S&P sectors are red...

 

Treasury yields fell for the first week since the election...notably 30Y yields are now 2bps lower than they were pre-Fed...

 

The yield curve has collapsed since The Fed hiked rates...

 

While on the topic of yields, we note that copper/gold is catching back down to the 10Y Yield (copper down relative to gold in the last week)...

 

The USD Index rose for the 6th of the last 7 weeks - to the highest since Dec 2002 - led by Cable and Aussie weakness... (notably the Mexican Peso dropped most since the election week)

 

 

A small gain on the day for gold (the first in 4 days) briefly moved it green for the week but by the close it was red. Crude scrambled into the green but it was copper and silver that were worst...

 

Gold is down (again) on the week - but barely - however this is the 7th straight weekly decline - the longest streak of losses since May 2004

 

And as Gold sinks, Bitcoin soars... back toward parity and its record highs relative to the precious metal..

 

Finally, the global USD shortage remains extreme...