United Airlines new policy…

My new favorite United Gif pic.twitter.com/UoY3RUZcxh

— John Puma (@JohnPuma) April 11, 2017

Gold leads in 2017 as geopolitical risk finally begins to get priced in…

In no particular order:

  • US threatens North Korea
  • Everyone on the same side of the boat (long stocks, short vol, short bonds, short Eurodollars)
  • US threatens Russia
  • Fed intent on tightening no matter what
  • China warns of red lines
  • Russia calls ‘false flag’, builds alliance
  • US threatens Syria
  • Increased frequency of terror attacks in Europe
  • oh, and finally, Frexit looms as election in Europe are highly uncertain

    • But apart from that, US Hard Data at one year lows, Soft Data at record highs predicated on Trump tax/stimulus plan – looks increasingly uncertain

    Stock valuations are at or near record highs…

    And earnings and economic expectations are tumbling…

    And US Government shutdown looms

    ***

    Ok so having got that off our chest – here’s what today looked like across asset classes… Bonds and Bullion were the safe havens as the dollar was dumped, crude spiked on Saudi/OPEC headlines but could not follow through…

    Trannies and Small Caps up on the week, and despite the late minute ETF rebalance panic bid, The Dow, S&P, and Nasdaq ended red on the week…

    VIX spiked to post-election highs…

    VIX almost reached 16 in traday…

    The Dow clung to its 50DMA after breaking below it…

    Tech stocks are down 8 days in a row, the longest losing streak since before the election…

    Bank stocks have been a one-way no brainer trade since the spike after trump’s speech to congress…

    USDJPY was clubbed like a baby seal…

    Treasuries erased all post-payrolls, post-Dudley losses with yield tumbling and the curve flattening….

    Oil’s spike supported stocks in the afternoon until NYMEX close…

    Print Friendly, PDF & Email

    Related Posts