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"It's Really Broken" - Divergences & Decouplings Dominate Week In Stocks, Bonds, FX

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Distracted much?

 

 

 

 

US Macro data dumped this week...

 

20161021_EOD13_0.jpg

 

 

 

Something odd is going on... VIX is down 6 days in a row but stocks are not playing along...

 

20161021_EOD1_0.jpg

 

 

 

Bond-Stock correlation collapsed this week...

 

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Stocks and bonds decoupled last week on what appears to have been rate-locks ahead of the large Saudi issuance...

 

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Yuan's collapse overnight hasn't quite rippled through yet... just like last week...

 

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And today saw USD strength and stocks strength...

 

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8 days in a row and the ubiquitous end of day ramp has not occurred (chatter about SEC probes of end of day ETF rebalancing shenanigans remain unconfirmed for now)...

 

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We did warn...

 

Algos hoping to frontrun a 3:30pm ramp which may again not come

 

— zerohedge (@zerohedge)

 

 

 

 

 

On the week, futures show the craziness, dips bought but lows retested...China session weakness (red arrows)

 

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Trannies ended the week red,, but the rest (even The Dow) managed to scramble back into the green for the weekend...

 

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The USD Index rose for the 3rd straight week led CAD weakness (and EUR)...

 

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Pushing the USD to the highest sicne Feb 2nd and higher on the year...

 

20161021_EOD9_0.jpg

 

 

 

Bonds rallied all week, with the same systemic pattern and a notable flattening of the curve...

 

20161021_EOD7_0.jpg

 

 

 

Gold was the week's winner among commodities with silver second, despite dollar strength, as copper and crude slipped...

 

20161021_EOD6_0.jpg

 

 

 

Charts: Bloomberg

 

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