So to summarize – the former national security chief agrees to testify against the sitting president and The Dow drops 40pts…

China stocks were mixed with CHINEXT surging overnight but CSI300 ending at the lows (worst week in 2017)

Europe saw stocks and bond yields notably lower…

But for US equities, overnight weakness (as Asian tech wrecked) was quickly dismissed into the US open thanks to Daines and Johnson saying “yes” to the tax bill. Everything was awesome for a while and then the Flynn headlines hit, plunging stocks lower. But then luckily, Europe closed and McConnell sais GOP had the votes for the tax bill and stocks took off again…

On the week, Nasdaq ended lower – worst week in 3 months, Trannies soared most since the election…

But futures show the real swings during a chaotic week

Today’s big event was Flynn’s headlines which sparked a bid for safe-haven bonds and bullion, but that faded as tax vote came and went…

VIX spiked to 3-month highs but was monkey-hammered lower into the close in a desperate attempt to get The Dow green

And remains hugely decoupled from stocks…

After 10 straight days of short squeeze, ‘Most Shorted’ stocks actually dropped today.. barely…

Equity market momentum factor suffered its biggest weekly loss since the election (and best week for Value stocks since the election)

Obviously, this week was all about taxes (this was the biggest jump for ‘high tax’ corps relative to ‘low tax’ corps in history.

Tech stocks were worst on the week as Retailers and Financials ripped oddly together higher…

Banks outperformed on the week despite a collapsing yield curve…

FANG Stocks worst week since June… Semis plunge the most in 2017 (after 11 weeks higher in a row)…