The last 2 weeks in markets…

And to all those who took Cramer’s advice to buy the dips…

Some big moves this week…

  • Dow Industrials lowest weekly close since April 2014
  • Dow Transports lowest weekly close since May 2014
  • S&P 500 lowest weekly close since Oct 2014’s Bullard lows
  • Nikkei dumped over 7% this week – worst week since April 2014
  • Utilities collapsed 5.1% this week – worst week since March 2009
  • Financials lowest weekly close since Oct 2014’s Bullard lows
  • Biotechs lowest weekly close since Feb 2015
  • Investment Grade Corporate Bond Spreads worst since June 2013
  • Treasury Curve (2s30s) flattened 6bps today – biggest drop in 2 weeks.
  • JPY strengthened 2.4% on week against the USD – strongest week since August 2013 (up 4.5% in 3 weeks) – major carry unwind!
  • AUD plunged 3.5% on week against the USD – worst week since January 2015 and worst 4-weeks since Oct 2014 – China proxy

    • So before we start, Japan was really ugly…

     

    And some context for the US equity index drops…

     

    With everything red year-to-date… (and since the end of QE3, only Nasdaq is clinging to the green)

     

    A quiet Friday before Labor Day weekend provided no juice for momo ignition and apart from a brief algo-driven pop on payrolls, stocks were a one-way-street lower…until the late-day VIX-smash ramp which closed ugly…

     

    And Futures show an ugly night turned even uglier…

     

    On the week, evereything is red…

     

    Dow Futures give us some context for the last 2 week’s moves. Bounce dies at Fib61.8% retracement, breaks through 50% and makes lower high as today tested post Black-Monday lows…

     

    FANG is FUBAR… (post FOMC Minutes)

     

    Financials continues to get hammered (as investors rushed to the safety of Homebuilders this week!?!) – but the panic-buying in the last hour saved it from being a lot worse…

     

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