woensdag 14 juni 2017

Banks Best, Tech Trounced As 'Hawkish' Fed Flattens Yield Curve Most Since Brexit

Economic data at 2-year lows, rate hikes, and hawkish outlook, yield curve crash, FANG (growth) plunge, and Gold down...


First things first; today's macro data was an utter disaster and smashed Citi Surprise Index to its lowest in 2 years...


The post-FOMC fallout shows financials outperforming and tech tanking. Gold was the worst performer...


The Dow managed to close green today (thanks to GS, HD, and TRV)...


VIX broke above 11 early on but was crushed back below to ensure a ramp as ETFs rebalanced...


Bad data sent traders back into the 'buy growth, sell value' mode but then when The Fed statement hit 'growth' was dumped, but once Yellen started wrapping up and promised (once again) that disinflation was transitory, then growth and value ripped...


FANG Stocks were slammed (after touching the 61.8% retracement of the Friday/Monday plunge)... 


Treasury yields tumbled across the curve...


The yield curve (2s10s) collapsed to 79bps...


Almost at its flattest since 2007...


And 2s30s crashed by the most since Brexit...


This happened...


The Dollar Index had quite a day, big plunge on terrible data early on then raging bull as Yellen began to speak...


Bitcoin slipped as the dollar rallied this afternoon, holding at a key trendline...


Gold slipped after The Fed (as per script) retracing the gains after the early dismal data dump...


Silver's morning ramp tagged its 50DMA and then dumped on FOMC...


WTI and RBOB plunged after another DOE report showed surprise inventory builds (and weak demand)...


Finally, there's this...


Get back to work Mrs.Yellen...

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