It is the 29th of February 2020

Calmest Market In 75 Years Hits Record Highs - Ignores Dismal Data, Commodity Carnage

Massive liquidity issues in China wealth product liquidation, commodities crashing, oil plunging, US macro data disappointments, US earnings disappointments, and Buffett dumping Big Blue - only makes sense that The Dow just had its quietest 8 days since 1952!!!

 

US Macro data has negatively surprised for 7 straight weeks - dropping to its weakest since October...

 

But stocks don't care about fun-durr-mentals...

 

Or commodities...

 

Or earnings...

 

Mixed Payrolls data started everything off bid (Dow hurt by IBM), but late on came the buying panic...

 

Did Tim Cook start buying-back AAPL to save the world?

 

Small Caps ended the week red...

 

S&P hit a new record high close today, even as breadth diverges...

 

Dow was 'managed' up to break 21,000... (notice VIX glued betweemn 10 and 11 all week)...

 

The Dow and S&P were into their 8th session of moving less than 0.2% in either direction, before the late-day panic buying...

Last time this happened was 1964 for the S&P 500...

 

And 1952 for the Dow...

 

Financials were best on the week, Energy stocks worst...

 

Bank stocks were mixed this week though, with JPM and MS red, BAC and GS green...with MS a notable laggard post-Fed

 

Treasury yields rose on the week... with bonds rallying post-payrolls after a post-fed selloff

 

But the 30Y Yield ended back below 3.00% again...

 

But while corporate bonds were bid, we note that there is a growing divergence between credit and equity protection costs...

 

One wonders how long before energy credit markets realize its lower-for-longer for crude...

 

The USD Index pushed lower after payrolls today, erasing the Fed spike and ending the week almost unchanged...

 

Despite an unch dollar, metals were massacred this week - from Iron Ore to copper...

 

Ugly - This was gold's worst week since the election

 

Overnight saw a significant flash-crash in the energy complex (and in fact hit stocks too)...banging WTI briefly to a $43 handle and RBOB to $1.45!

 

As yesterday saw a big spike in volumes...

 

Gold and Silver were smashed lower this week...

 

BUT... SLV broke its 14-day losing streak...

 

But we note that the tendency to punch gold prices into the London Fix is becoming just a little too obvious...

==> Source: http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/05/01/20170505_EOD4.jpg

Featured Apps