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Despite 2020’s first weekly slump in the global economic surprise index (cough Germany cough) and the spreading deadly pandemic crushing global supply chains…
Source: Bloomberg
The world’s stock markets exploded this week…
Source: Bloomberg
Thanks to an unprecedented flood of “all liquidity is fungible” cash from China …
And that liquidity water-boarding, jedi-mind-tricked the world into believing that the worst is over…
It’s not, just ask Bonds!
Source: Bloomberg
China’s ChiNext (small-cap-tech dominated) exploded higher after the re-opening crash on Monday and while the rest of the major Chinese markets ended lower, they were all well off those opening lows…
Source: Bloomberg
All major European markets were higher – despite disastrous economic data…
Source: Bloomberg
US markets were all dramatically higher this week (even with today’s selloff)…
Nasdaq had its best week since Nov 2018, but breadth is notably divergent…
Source: Bloomberg
After 4 big days of short-squeezes, today saw the machines run out of ammo…
Source: Bloomberg
Even with the plunge of the last few days, TSLA was still up around 15% on the week – its 10th weekly rise in a row…
AAPL slid today as they extended their store closures across China…
But remains above $1 trillion market cap as the MAGA 4 soar…
Source: Bloomberg
Cyclicals rallied hard this week but were unable to erase all the virus losses…
Source: Bloomberg
Momentum had its fits down week since mid-December
Source: Bloomberg
While stocks pushed to new record highs, VIX refused to follow to cycle lows…
Source: Bloomberg
Treasury yields extended yesterday’s drop by plunging more today.Rates did end higher on the week but 30Y only +4bps (after being up 17bps midweek)…
Source: Bloomberg
The 30Y Yield has tumbled in the last two days…
Source: Bloomberg
The yield curve flattened back to 2020 lows this week…
Source: Bloomberg
This week’s equity rally seemed to lift the market’s desire for more dovishness from The Fed…
Source: Bloomberg
The Dollar has surged the last 3 days (and 4 of the 5 days in the week) to its highest since early December…
Source: Bloomberg
Yuan ended weaker on the week, falling back above the key 7.00/USD level…
Source: Bloomberg
Cryptos had a big week with Ethereum soaring over 20% to $220 (biggest week since May 2019)…
Source: Bloomberg
And Bitcoin is testing back towards $10,000…
Source: Bloomberg
Dollar strength did not help commodities this week with PMs lower and crude dropping in demand (and supply) concerns.Copper managed to hold on to gains…
Source: Bloomberg
WTI tested below $50 this week…
Source: Bloomberg
Perhaps most importantly, with Valentines Day just around the corner, the price of chocolate may be about to soar as Cocoa futures have surged about 15% in 2020 as a lack of rain in key production areas of West Africa, the world’s top supplier, is spurring concerns over yields.
Source: Bloomberg
So, finally, what happens next?
Source: Bloomberg
And is the great rotation (from Energy to Tech) over?
Energy producers have almost completed a 20-year round trip relative to technology companies within the S&P 500 Index.The ratio between their S&P 500 industry-group indexes fell this week to its lowest level since March 2000, when an Internet-driven bull market peaked.
Source: Bloomberg.