Crude Carnage Contagion: Biggest Stock Bloodbath In 3 Years, Credit Crashes
We leave it to Jack to explain what happened this week...
Quite a week!!
- WTI's 2nd worst week in over 3 years (down 10 of last 11 weeks)
- Dow's worst worst week in 3 years
- Financials worst week in 2 months
- Materials worst week since Sept 2011
- VIX's Biggest week since Sept 2011
- Gold's best week in 6 months
- Silver's last 2 weeks are best in 6 months
- HY Credit's worst 2 weeks since May 2012
- IG Credit's worst week in 2 months
- 10Y Yield's best week since June 2012
- US Oil Rig Count worst week in 2 years
- The USDollar's worst week since July 2013
- USDJPY's worst week since June 2013
- Portugal Bonds worst week since July 2011
- Greek stocks worst week since 1987
Some serious intraday volatility this week as hope kept shining through but in the end, reality won. Despite spiking euphoria among US Consumers, concerns over Greek elections, Japanese elections, the GDP-plunge-driven collapse in oil prices (with neither OPEC nor non-OPEC willing to blink yet on cutting production), and contagion to high-yield finallly caught up with stocks after they blindly followed the mainstream media narrative that low oil prices are unequivocally good for every muppet.
First things first... 2014 so far... "why would you buy a Treasury bond when you can buy stocks with dividends?"
Here's why crude matters...
No Hindenburg Omen today but it appears the Dow & S&P are pressing down to test their 50DMAs...
On the week, The Dow was the laggard... NOT OFF THE LOWS
And Energy sector the worst...
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