US Stocks Hold Doha-Dud Gains As US Macro Crashes Most In 14 Months
By Tyler Durden
How we suspect a few USDJPY traders (who are the most net long JPY on record) feel this evening…
After JPY’s biggest daily plunge against the USD since October 2014’s cluster of Central Bank efforts…
This week was the worst for US Macro data since Feb 2015…
This has pushed US macro data down to 2-month lows… the last time this happened, things ended badly for stocks…
The “W”-shaped recovery analog remains…
An odd day today as the shitty MSFT, GOOG earnings were largely ignored by everything other than Nasdaq…
Notably stocks did not get their usual boost from USDJPY’s surge…
Which left Nasdaq the only loser on the week – while Trannies and Small Caps were squeeze today back into the lead…
This is what it took to keep Dow 18,000 today – a 0.4vol point plung ein VIX!!
FANGs had their worst week in 2 months… (down 3 weeks in a row)
Spot the outlier in this week’s FX market (as The USD Index rose 0.5% or so on the week, rallying from midweek)…
Treasury yields rose all week, with no inflection like FX markets (though Wednesday saw the biggest damage done)… 2s30s steepened 5bps on the week
Gold ended the week practically unchanged but Silver, Crude, and Copper all surged an oddly similar 5% or so on the week…
After Crude started the week down almost 7%…
Silver outperformed Gold for the 2nd week – smashing the Gold/Silver ration down 10% in 2 weeks to its lowest since June 2015…
Charts: Bloomberg
Source: US Stocks Hold Doha-Dud Gains As US Macro Crashes Most In 14 Months
