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Draghi-Dip-Buyers Send Stocks, Crude To 2016 Highs; Gold Slammed

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Was there ever any doubt...

 

 

 

 

So this happened...

 

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Yes it is all very exciting, but year-to-date, Gold is outperforming The Dow by 20ppt...

 

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For the best year since 1974...

 

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And since The Fed hiked rates...

 

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And before we start, remember how excited everyone was in mid-September (before The Fed folded)...

 

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h/t @NorthmanTrader

 

 

 

Let's look at markets post-ECB...

 

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And post-Draghi's "no more" comments, It looks like someone was desperate to make sure Gold (the anti-centrally-planned world asset) was outperforming...

 

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Trannies and Small Caps ripped over 2% today...

 

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On the week, it's all green for the 4th week in a row, led by The Dow (rather unusually)

 

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But futures show the real craziness...

 

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S&P 500 broke above its 200DMA for the first time this year...

 

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And just look at the vol in Financials and Energy this week...

 

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HYG (deluged with institutional cash looking for a home amid a barren primary issuance market) soared today to its best 4 week gain since Oct 2011 - which marked the top of that bounce...

 

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One quick question - if everything is awesome, then why is financials' credit risk so extreme high still?

 

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Treasury yields were all higher today (and on the week) with 30Y outperforming (pushing the 2s30s spread to Dec08 lows - 2nd biggest cirve flattening this year)

 

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5Y Yields broke back to the middle of the range (up 25bps in 2 weeks - the most in 4 months)

 

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The USD Index was smacked lower for the 2nd week in a row, near 5 month lows...

 

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This is the biggest 6-week drop in USD Index since May 2015...

 

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USDJPY rallied back but not like stocks...

 

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But EURUSD didn't give any back...

 

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Gold and silver closed modestly lower on the week (slammed in the last hour of the day), copper dropped and oil popped...

 

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Gold futures aretrading like a penny stock!!

 

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Oil rallied for the 4th week in a row (for the first time since May 2015)...

 

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The biggest 4-week run (30.8%) since March 2009...

 

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Charts: Bloomberg

 

 

 

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