Thanks to the standard Friday v-shaped recovery, the Dow scrambled back to green
on the week and S&P 500 hit its Maginot 'retirement on' line - all on the
back of USDJPY 105.00 pinning. Trannies and S&P hit new record
highs and S&P had its best day in 2 weeks (led by exuberant growthy
Staples & Utilities this week). Russell ended the week red
as the late-day buying-panic sent Nasdaq just green with Dow and S&P. But,
away from stocks, US Treasuries had their worst week in a year
with 30Y +16bps (but 2Y only +2bps). The US dollar rose to new 14-month
highs with its biggest week in 10 months. Despite the USD strength,
Copper manage to close marginally higher even as PMs dropped 1.6% and
oil plunged almost 3% (WTI under $93) in a very volatile week.
High-yield credit markets closed with their worst week in the last 5.
Bad news is great news still - just six years into the
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