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Stocks Stumble After Best Gains Since 2014's Bullard Bounce

The week explained...

http://www.youtube.com/watch?v=FsqJFIJ5lLs

 

Stocks extend gains this week - now the best 2-weeks since Bullard's Oct 2014 lows... BULLARD 2 - 0 REALITY

 

But ended on a weak note...

 

Futures give us a glimpse of the sudden buying panic into Europe's Open/China's close, selling at US Open on the "good" news... Weak close...

 

Even though Trannies and Small Caps gained on the day (more squeezes)...

 

Materials and Homebuilders outperformed on the week but note that financials and energy lagged today...

 

One thing of note is "noise" in VIX - this was not seen during the rise in VIX but now that the trend is lower, we see these paniccy spikes lower...

 

The S&P is still having the worst start to a year since 2009.

This has been the biggest 2-week short-squeeze since October 2011...

 

And the weakest momentum stocks soared...

 

Treasury yields swung around like a penny stock this week. The three red lines show a delayed POMO, a delayed auction, and the actual auction... all of which triggered selling...

 

This was the best week for The USD Index in almost 4 months...

 

Led by serious weakness in cable (and EUR)... and general strength today after positive econ data... (note quite a significant decoupling between AUD and CAD today)

 

Commodities were a very mixed bag with crude (best week since Aug 2015) and copper gaining on China stimulus hopes and PMs sold (Silver's worst 2 week drop in over 3 months)

 

Oil and Silver seemed somewhat coupled with their crazy moves...

 

And finally, despite an ugly week for Silver, this is the best start to a year in Gold since 1980...

 

Charts: Bloomberg