Emerging Markets Monkeyhammered Amid Dollar's Longest Win-Streak Since 2015

Quick guide for all the peasants watching the Royal Wedding tomorrow…

[youtube https://www.youtube.com/watch?v=ZtYU87QNjPw]

How to spot the monarchy (fwd to 1:35)…

[youtube https://www.youtube.com/watch?v=Hi8vXOUi-eI]

Italy and Emerging Market dominated the market headlines this week.

Italian stocks, bonds, banks, and credit all cratered this week after Five-Star and The League agreed a notably anti-establishment plan…

Emerging Markets Monkeyhammered Amid Dollar's Longest Win-Streak Since 2015

 

Emerging Market stocks fell modestly on the week (the 3rd drop in 4 weeks) but EM FX and EM Debt collapsed…

Emerging Markets Monkeyhammered Amid Dollar's Longest Win-Streak Since 2015

 

Small Caps were the week’s best performer (all squeezed), Trannies managed gains, but The Dow, S&P, and Nasdaq all ended red

Emerging Markets Monkeyhammered Amid Dollar's Longest Win-Streak Since 2015

 

The Dow tumbled to perfectly unchanged today at the close with Small Caps the only winners…

Emerging Markets Monkeyhammered Amid Dollar's Longest Win-Streak Since 2015

 

In the US, Small Caps managed a 3rd record high day in a row… “Most Shorted” Stocks saw a massive short squeeze into the close last night…

Emerging Markets Monkeyhammered Amid Dollar's Longest Win-Streak Since 2015

 

It appears Bank stocks don’t like higher yields or steeper curves…

Emerging Markets Monkeyhammered Amid Dollar's Longest Win-Streak Since 2015

 

FANG stocks stumbled… worst week in two months (FANG also failed to take out the Fed highs before rolling over)

Emerging Markets Monkeyhammered Amid Dollar's Longest Win-Streak Since 2015

 

And Tesla tumbled…

Emerging Markets Monkeyhammered Amid Dollar's Longest Win-Streak Since 2015

 

VIX was up on the week but with some notable volatility intraweek…

Emerging Markets Monkeyhammered Amid Dollar's Longest Win-Streak Since 2015

 

As Specs swung back to anet short vol position for the first time since the end of Jan…

Emerging Markets Monkeyhammered Amid Dollar's Longest Win-Streak Since 2015

 

With Stocks and Bonds down this week, it was the worst aggregate loss in two months…

Emerging Markets Monkeyhammered Amid Dollar's Longest Win-Streak Since 2015

 

Treasury yields ripped lower today, ruining all the “record” move headlines for the week (biggest yield jump in 3 weeks doesn’t sound so impressive) –

Emerging Markets Monkeyhammered Amid Dollar's Longest Win-Streak Since 2015

was this week’s melt-up really all about rate-locks on massive IG issuance? Over $30 billion – Monday $17.38b, Tuesday $6.725b. Wednesday $800m, Thursday $5.200b, Friday $750m

30Y Yields stalled at the 3.20% level once again…

Emerging Markets Monkeyhammered Amid Dollar's Longest Win-Streak Since 2015

 

With 30Y down over 6bps from yesterday’s highs…

Emerging Markets Monkeyhammered Amid Dollar's Longest Win-Streak Since 2015

 

 

The yield curve steepened the most in over 3 months this week with 2s30s up 10bps… (though we do note that 2s30s rolled over after tagging its pre-FOMC Minutes level…

Emerging Markets Monkeyhammered Amid Dollar's Longest Win-Streak Since 2015

 

And while Russell 2000 outperformed notably, Small Cap banks hugely underperformed, catching down to the flattening yield curve…

Emerging Markets Monkeyhammered Amid Dollar's Longest Win-Streak Since 2015

 

Emerging Market Debt tumbled for the 7th week in a row – back to Pre-Trump levels…

Emerging Markets Monkeyhammered Amid Dollar's Longest Win-Streak Since 2015

 

The Dollar rose for the 5th week in a row – the longest win streak since 2015 – and the biggest weekly gain since Dec 2016…

BBDXY

 

We do note that The Dollar remains below pre-Trump-election levels still…

Emerging Markets Monkeyhammered Amid Dollar's Longest Win-Streak Since 2015

 

Emerging market currencies bloodbath’d – not one Emerging Market saw its currency strengthen this week with Argentine Peso, South African Rand, and Turkish Lira suffering the most…

Emerging Markets Monkeyhammered Amid Dollar's Longest Win-Streak Since 2015

 

EM FX is down 7 weeks in a row and this week was the worst week since Nov 11th 2016 (Trump election)…

Emerging Markets Monkeyhammered Amid Dollar's Longest Win-Streak Since 2015

 

And while Ethereum ended the week unchanged, Bitcoin Cash crashed 15%…

Emerging Markets Monkeyhammered Amid Dollar's Longest Win-Streak Since 2015

 

No wonder really, since Meghan Markle appears to be bigger than bitcoin now…

https://platform.twitter.com/widgets.js

 

In commodity land, dollar strength weighed heavily on PMs and copper but crude managed gains…

Emerging Markets Monkeyhammered Amid Dollar's Longest Win-Streak Since 2015

 

Finally, is The Fed about to make a big policy mistake?…

Emerging Markets Monkeyhammered Amid Dollar's Longest Win-Streak Since 2015

 

 

Emerging Markets Monkeyhammered Amid Dollar's Longest Win-Streak Since 2015
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