After a week like this:

  • Retail Sales Tumble
  • Industrial Production Plunge
  • Inventories-to-Sales Surge
  • 30Y Yield UNCH
  • Oil UNCH
  • Small Caps +3%

This seemed appropriate:

 

This was the worst two-week period for US Macro surprises since Dec 1st 2015…

 

And GDP expectations plunged…but stocks don't care…

 

On the week it was all about a huge short-squeeze… This was the 2nd biggest weekly short-squeeze since Dec 2011

 

Which left the Small Caps and Trannies top on the week..

 

Energy and Financials had a good week but faded notably the last 2 days…

 

Stocks also decoupled from Oil prices…

 

And Bonds ain't buying it…

 

Treasury yields fell notably today, pressing 30Y all the way back to unchanged on the week, flattening 5s30s by around 5bps on the week..

 

The USD Index had a good week (as China devalued) with Swissy weakness offsetting commodity currency weakness…

 

Copper & Crude slipped lower after China data (so it was all stimulus-based hope?) but the big news was the yuuge divergence between gold and silver… This was Silver's biggest week since May 2015

 

The biggest weekly plunge in the Gold/Silver ratio since Aug 2013…

 

Finally this is the week in crude… Unchanged after an epic ramp early on… but today was Crude's biggest drop in 2 weeks ahead of Doha

 

See you all Sunday for Doha headline hockey.

Charts: Bloomberg