Been a while since we have been able to use this one...
Something changed today - the incessant bid for growth disappeared and value outperformed dramatically...
Small Caps soared again today, before getting dragged down with everything else... (but NASDAQ plunged - worst day since Brexit) - They tried to BTFD
And Small Caps have still managed to rise for 3 straight weeks. ..The Dow managed to bounce back into the green towards the close on a big buy-biased MOC
Small Cap Financials exploded higher in the last few days - the biggest jump since the election
VIX hit a 24-year low before all hell broke loose spiking above 12, and its 50/100 DMA...
At 9.37 lows today, this was the lowest VIX print since 1993...
FANG stocks were slammed today...biggest down day since the election
AMZN lost $17B in mkt cap in about 5 seconds.
Not helped this note from Goldman...
AMZN had a fun afternoon...
NVDA faded when Citron's Andrew Left called the crazy-AI/VR/Chip/All-Things-To-All-People company a "casino stock"
Tech tumbled as Energy and Financials surged...
Treasury yields rose for the 3rd day in a row - pushing higher on the week, erasing the gains from payrolls...but the tech plunge into the close sent yields back lower...
The Dollar Index ended the week unchanged despite chaotic swings in Cable, EUR, and AUD...
Cable retraced most of its post-My-Snap-Election gains aftet last night's disappointment...
Bitcoin had another big week (+16.7%) - up 8 weeks in a row - mainly driven by early week gains..
WTI/RBOB bounced modestly today ended the week ugly...
Silver and Gold were down on the week...
There's this... While we have heard every excuse for why this ratio is not relevant, we can't help but wonder how this is anything but a caution sign...
And finally there's this...
