Millions of investors cried out today...
"Pause that refreshes" or "Time to panic"?
Of course utter panic buying into the close ensure a green close and an 11th record in a row - the longest streak in 30 years - because everyone knows stocks don't close red into the weekend -
The Dow went green for the first time of the day with 17 seconds to the close!
But this was the 3rd up-week in a row for The Dow (and 5th up-week in a row for the S&P and Nasdaq). Biggest weekly drop for Small Caps in 5 weeks
After 15 straight days higher, the S&P tech sector suffered its biggest decline of the year...
Financials worst day in 5 weeks, Goldman worst day in Feb, worst week in 5 weeks...The Big Banks were all red on the week...
Stocks and Bonds are both up 5 days in a row...
This is the 6th day in a row that The Dow and the Long Bond have risen in price together... equal record longest streak (1989 and 1994)
But while stocks actually having a down day was briefly possible, it was precious metals that stood out...
Gold rose above $1250 this week for the first time since the election - Gold is up 8 of the last 9 weeks... Silver is up 9 weeks in a row, back above its 200DMA - longest streak since May 2006
Bitcoin hit a new record high...
Crucially, anxiety in Europe - ignored by most - has sparked panic bids into short-dated German paper
Dragging global DM yields lower across the curve...
Leaving Treasuries 'cheapest' to Bunds since 2000...
Even as 10Y yields tested 3-month lows...
This was the 10Y Bond Future's best week since June 2016...
The Dollar dropped on the week - the 7th weekly drop of the last 9...
Yen was the biggest driver (stronger against the greenback) but we note Cable had been until it tumbled today...
Copper was clubbed but bounced back, Precious metals were the week's big winners...
* * *
As we asked earlier... Who's Right?
The 30Y Yield just dropped back below 3.00% once again and 10Y is back at February lows - what happens next?
Despite the exuberance of hope, protection is heavily bid...
And if Utility stocks' demand is anything to go by, bond yields have a long way to fall...
Finally - absent the hope-strewn soft-survey data, 'hard' data has decidedly deteriorated...
So who's right? Stocks... or VIX and Bonds and Real macro data?