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Dow Dumps Into Red For March As Yield Curve Crashes To 11-Year Lows
03-16-2018, 04:12 PM,
#1
Dow Dumps Into Red For March As Yield Curve Crashes To 11-Year Lows
Dow Dumps Into Red For March As Yield Curve Crashes To 11-Year Lows

<p>Stocks went into reverse this week...</p>

<p><iframe allow="autoplay; encrypted-media" allowfullscreen="" frameborder="0" height="315" src="https://www.youtube.com/embed/Dqx1KcWgO-M" width="560"></iframe></p>

<p>All major US equity indices were lower this week (despite a late-day, OPEX-week, panic bid ramp)...</p>

<p><a data-image-external-href="" data-image-href="/sites/default/files/inline-images/2018-03-16_13-01-15.jpg?itok=EPDxkbZs" data-link-option="0" href="https://www.zerohedge.com/sites/default/files/inline-images/2018-03-16_13-01-15.jpg?itok=EPDxkbZs"><img data-entity-type="file" data-entity-uuid="130cc2d5-d5c2-45d9-af72-4a3da98dde8e" data-responsive-image-style="inline_images" height="270" width="500" srcset="https://www.zerohedge.com/sites/default/files/styles/inline_image_desktop/public/inline-images/2018-03-16_13-01-15.jpg?itok=EPDxkbZs 1x" src="https://www.zerohedge.com/sites/default/files/inline-images/2018-03-16_13-01-15.jpg" alt="" typeof="foaf:Image" /></a></p>

<p> </p>

<p>Chinese stocks were also broadly lower on the week...</p>

<p><a data-image-external-href="" data-image-href="/sites/default/files/inline-images/2018-03-16_12-22-04.jpg?itok=ZWXsaqmy" data-link-option="0" href="https://www.zerohedge.com/sites/default/files/inline-images/2018-03-16_12-22-04.jpg?itok=ZWXsaqmy"><img data-entity-type="file" data-entity-uuid="3cbdcb38-4d0e-45f5-83b6-6db822465159" data-responsive-image-style="inline_images" height="262" width="500" srcset="https://www.zerohedge.com/sites/default/files/styles/inline_image_desktop/public/inline-images/2018-03-16_12-22-04.jpg?itok=ZWXsaqmy 1x" src="https://www.zerohedge.com/sites/default/files/inline-images/2018-03-16_12-22-04.jpg" alt="" typeof="foaf:Image" /></a></p>

<p> </p>

<p>Most of European majors were higher on the week, except UK's FTSE...</p>

<p><a data-image-external-href="" data-image-href="/sites/default/files/inline-images/2018-03-16_12-23-57.jpg?itok=JGIgGCz5" data-link-option="0" href="https://www.zerohedge.com/sites/default/files/inline-images/2018-03-16_12-23-57.jpg?itok=JGIgGCz5"><img data-entity-type="file" data-entity-uuid="a03925a7-3af6-486e-abbd-810231667936" data-responsive-image-style="inline_images" height="262" width="500" srcset="https://www.zerohedge.com/sites/default/files/styles/inline_image_desktop/public/inline-images/2018-03-16_12-23-57.jpg?itok=JGIgGCz5 1x" src="https://www.zerohedge.com/sites/default/files/inline-images/2018-03-16_12-23-57.jpg" alt="" typeof="foaf:Image" /></a></p>

<p> </p>

<p>*  *  *</p>

<p>Nasdaq underperformed notably on the day...Futures show the overnight dip when McMaster headlines hit...</p>

<p><a data-image-external-href="" data-image-href="/sites/default/files/inline-images/2018-03-16_13-00-08.jpg?itok=23e_BMP1" data-link-option="0" href="https://www.zerohedge.com/sites/default/files/inline-images/2018-03-16_13-00-08.jpg?itok=23e_BMP1"><img data-entity-type="file" data-entity-uuid="876286fb-4993-416c-a15b-4a92a774377f" data-responsive-image-style="inline_images" height="286" width="500" srcset="https://www.zerohedge.com/sites/default/files/styles/inline_image_desktop/public/inline-images/2018-03-16_13-00-08.jpg?itok=23e_BMP1 1x" src="https://www.zerohedge.com/sites/default/files/inline-images/2018-03-16_13-00-08.jpg" alt="" typeof="foaf:Image" /></a></p>

<p>(NOTE - look at the idiotic panic bid, then puke into the close!!)</p>

<p><a data-image-external-href="" data-image-href="/sites/default/files/inline-images/2018-03-16_13-02-28.jpg?itok=MffmeIAl" data-link-option="0" href="https://www.zerohedge.com/sites/default/files/inline-images/2018-03-16_13-02-28.jpg?itok=MffmeIAl"><img data-entity-type="file" data-entity-uuid="62827b2d-7395-4f6a-8109-d571ab02929a" data-responsive-image-style="inline_images" height="292" width="500" srcset="https://www.zerohedge.com/sites/default/files/styles/inline_image_desktop/public/inline-images/2018-03-16_13-02-28.jpg?itok=MffmeIAl 1x" src="https://www.zerohedge.com/sites/default/files/inline-images/2018-03-16_13-02-28.jpg" alt="" typeof="foaf:Image" /></a></p>

<p> </p>

<p>The Dow is back in the red for March...</p>

<p><a data-image-external-href="" data-image-href="/sites/default/files/inline-images/2018-03-16_12-40-45.jpg?itok=9M1owd4M" data-link-option="0" href="https://www.zerohedge.com/sites/default/files/inline-images/2018-03-16_12-40-45.jpg?itok=9M1owd4M"><img data-entity-type="file" data-entity-uuid="23e0de57-c7bd-4e3d-8749-1480392c180a" data-responsive-image-style="inline_images" height="287" width="500" srcset="https://www.zerohedge.com/sites/default/files/styles/inline_image_desktop/public/inline-images/2018-03-16_12-40-45.jpg?itok=9M1owd4M 1x" src="https://www.zerohedge.com/sites/default/files/inline-images/2018-03-16_12-40-45.jpg" alt="" typeof="foaf:Image" /></a></p>

<p> </p>

<p>The Dow managed to scramble back above its 50% retracement level today, but the jaws of the trendlines are closing in one way or the other...</p>

<p><a data-image-external-href="" data-image-href="/sites/default/files/inline-images/2018-03-16_12-25-47.jpg?itok=sOSya8Bl" data-link-option="0" href="https://www.zerohedge.com/sites/default/files/inline-images/2018-03-16_12-25-47.jpg?itok=sOSya8Bl"><img data-entity-type="file" data-entity-uuid="2f62976f-e3a4-4b1a-af87-0c0ebdc6bde2" data-responsive-image-style="inline_images" height="309" width="500" srcset="https://www.zerohedge.com/sites/default/files/styles/inline_image_desktop/public/inline-images/2018-03-16_12-25-47.jpg?itok=sOSya8Bl 1x" src="https://www.zerohedge.com/sites/default/files/inline-images/2018-03-16_12-25-47.jpg" alt="" typeof="foaf:Image" /></a></p>

<p> </p>

<p>Bank Stocks were all down on the week (led by a 3% drop in Citi) but of most note is the roundtrip from Friday's payrolls spike...</p>

<p><a data-image-external-href="" data-image-href="/sites/default/files/inline-images/2018-03-16_12-12-23_0.jpg?itok=UxEY9Qa-" data-link-option="0" href="https://www.zerohedge.com/sites/default/files/inline-images/2018-03-16_12-12-23_0.jpg?itok=UxEY9Qa-"><img data-entity-type="file" data-entity-uuid="0cce92df-0bab-48a2-aaac-3344ae78c08c" data-responsive-image-style="inline_images" height="264" width="500" srcset="https://www.zerohedge.com/sites/default/files/styles/inline_image_desktop/public/inline-images/2018-03-16_12-12-23_0.jpg?itok=UxEY9Qa- 1x" src="https://www.zerohedge.com/sites/default/files/inline-images/2018-03-16_12-12-23_0.jpg" alt="" typeof="foaf:Image" /></a></p>

<p> </p>

<p>VIX ended the week higher (but drifted lower the last couple of days into OPEX)...</p>

<p><a data-image-external-href="" data-image-href="/sites/default/files/inline-images/2018-03-16_12-56-55.jpg?itok=5hCpwjl-" data-link-option="0" href="https://www.zerohedge.com/sites/default/files/inline-images/2018-03-16_12-56-55.jpg?itok=5hCpwjl-"><img data-entity-type="file" data-entity-uuid="46c353e8-f046-40ab-82b1-b76656bccecf" data-responsive-image-style="inline_images" height="321" width="500" srcset="https://www.zerohedge.com/sites/default/files/styles/inline_image_desktop/public/inline-images/2018-03-16_12-56-55.jpg?itok=5hCpwjl- 1x" src="https://www.zerohedge.com/sites/default/files/inline-images/2018-03-16_12-56-55.jpg" alt="" typeof="foaf:Image" /></a></p>

<p> </p>

<p>Investors sold the short-end of the Treasury curve this week (2y Yield up 3bps) but the rest of the curve was bid (with some selling on Friday after IP beat)...</p>

<p><a data-image-external-href="" data-image-href="/sites/default/files/inline-images/2018-03-16_12-15-53.jpg?itok=O3jCA2ea" data-link-option="0" href="https://www.zerohedge.com/sites/default/files/inline-images/2018-03-16_12-15-53.jpg?itok=O3jCA2ea"><img data-entity-type="file" data-entity-uuid="0f4306bc-0c0a-4701-b825-99617701b137" data-responsive-image-style="inline_images" height="265" width="500" srcset="https://www.zerohedge.com/sites/default/files/styles/inline_image_desktop/public/inline-images/2018-03-16_12-15-53.jpg?itok=O3jCA2ea 1x" src="https://www.zerohedge.com/sites/default/files/inline-images/2018-03-16_12-15-53.jpg" alt="" typeof="foaf:Image" /></a></p>

<p> </p>

<p>Breakevens fell notably on the week also...</p>

<p><a data-image-external-href="" data-image-href="/sites/default/files/inline-images/2018-03-16_12-51-53.jpg?itok=Aj7P-o6G" data-link-option="0" href="https://www.zerohedge.com/sites/default/files/inline-images/2018-03-16_12-51-53.jpg?itok=Aj7P-o6G"><img data-entity-type="file" data-entity-uuid="a385e115-599e-47d4-9147-add68d143e75" data-responsive-image-style="inline_images" height="258" width="500" srcset="https://www.zerohedge.com/sites/default/files/styles/inline_image_desktop/public/inline-images/2018-03-16_12-51-53.jpg?itok=Aj7P-o6G 1x" src="https://www.zerohedge.com/sites/default/files/inline-images/2018-03-16_12-51-53.jpg" alt="" typeof="foaf:Image" /></a></p>

<p> </p>

<p><strong>While the yield curve steepened a little today, on the week it flattened dramatically to a fresh cycle (Oct 2007) low...the 12bps flattening in s2s30s is the 2nds biggest in 4 months...</strong></p>

<p><a data-image-external-href="" data-image-href="/sites/default/files/inline-images/2018-03-16_12-19-31.jpg?itok=OR2dzyDz" data-link-option="0" href="https://www.zerohedge.com/sites/default/files/inline-images/2018-03-16_12-19-31.jpg?itok=OR2dzyDz"><img data-entity-type="file" data-entity-uuid="5ca4c0ca-379e-4553-b261-c515a5ea1084" data-responsive-image-style="inline_images" height="263" width="500" srcset="https://www.zerohedge.com/sites/default/files/styles/inline_image_desktop/public/inline-images/2018-03-16_12-19-31.jpg?itok=OR2dzyDz 1x" src="https://www.zerohedge.com/sites/default/files/inline-images/2018-03-16_12-19-31.jpg" alt="" typeof="foaf:Image" /></a></p>

<p> </p>

<p>The Dollar Index managed to scratch out its 4th weekly gain in a row (reversing as China's new year holiday ended)...</p>

<p><a data-image-external-href="" data-image-href="/sites/default/files/inline-images/2018-03-16_12-07-33.jpg?itok=1bbJw_1Q" data-link-option="0" href="https://www.zerohedge.com/sites/default/files/inline-images/2018-03-16_12-07-33.jpg?itok=1bbJw_1Q"><img data-entity-type="file" data-entity-uuid="b42d4a83-9ed3-41f7-be79-14e22823d246" data-responsive-image-style="inline_images" height="260" width="500" srcset="https://www.zerohedge.com/sites/default/files/styles/inline_image_desktop/public/inline-images/2018-03-16_12-07-33.jpg?itok=1bbJw_1Q 1x" src="https://www.zerohedge.com/sites/default/files/inline-images/2018-03-16_12-07-33.jpg" alt="" typeof="foaf:Image" /></a></p>

<p> </p>

<p>The Russian Ruble fell notably - 2nd biggest weekly drop since July 2017...</p>

<p><a data-image-external-href="" data-image-href="/sites/default/files/inline-images/2018-03-16_12-10-26.jpg?itok=6fbspReT" data-link-option="0" href="https://www.zerohedge.com/sites/default/files/inline-images/2018-03-16_12-10-26.jpg?itok=6fbspReT"><img data-entity-type="file" data-entity-uuid="6480b65b-af4c-4c48-94e2-6954ea0e11fb" data-responsive-image-style="inline_images" height="259" width="500" srcset="https://www.zerohedge.com/sites/default/files/styles/inline_image_desktop/public/inline-images/2018-03-16_12-10-26.jpg?itok=6fbspReT 1x" src="https://www.zerohedge.com/sites/default/files/inline-images/2018-03-16_12-10-26.jpg" alt="" typeof="foaf:Image" /></a></p>

<p> </p>

<p>The gains in the dollar weighed on gold, silver, and copper but crude snapped higher today (for no good reason), jumping into the green for the week...</p>

<p><a data-image-external-href="" data-image-href="/sites/default/files/inline-images/2018-03-16_12-29-08.jpg?itok=YgSlm9cG" data-link-option="0" href="https://www.zerohedge.com/sites/default/files/inline-images/2018-03-16_12-29-08.jpg?itok=YgSlm9cG"><img data-entity-type="file" data-entity-uuid="1a6c6a0b-9927-4aea-9e5a-da72c3173980" data-responsive-image-style="inline_images" height="258" width="500" srcset="https://www.zerohedge.com/sites/default/files/styles/inline_image_desktop/public/inline-images/2018-03-16_12-29-08.jpg?itok=YgSlm9cG 1x" src="https://www.zerohedge.com/sites/default/files/inline-images/2018-03-16_12-29-08.jpg" alt="" typeof="foaf:Image" /></a></p>

<p> </p>

<p>Quite a stop-run in the energy complex...</p>

<p><a data-image-external-href="" data-image-href="/sites/default/files/inline-images/2018-03-16_12-31-07.jpg?itok=4Hd718OI" data-link-option="0" href="https://www.zerohedge.com/sites/default/files/inline-images/2018-03-16_12-31-07.jpg?itok=4Hd718OI"><img data-entity-type="file" data-entity-uuid="4e594c49-2297-4a10-a3e4-e7a96deb3be0" data-responsive-image-style="inline_images" height="289" width="500" srcset="https://www.zerohedge.com/sites/default/files/styles/inline_image_desktop/public/inline-images/2018-03-16_12-31-07.jpg?itok=4Hd718OI 1x" src="https://www.zerohedge.com/sites/default/files/inline-images/2018-03-16_12-31-07.jpg" alt="" typeof="foaf:Image" /></a></p>

<p> </p>

<p>Another ugly week for cryptos, though today saw brief buying-panic...</p>

<p><a data-image-external-href="" data-image-href="/sites/default/files/inline-images/2018-03-16_12-43-28.jpg?itok=-r2mJo-Q" data-link-option="0" href="https://www.zerohedge.com/sites/default/files/inline-images/2018-03-16_12-43-28.jpg?itok=-r2mJo-Q"><img data-entity-type="file" data-entity-uuid="3ae1189d-7880-4fd5-afd4-55f193a3800b" data-responsive-image-style="inline_images" height="261" width="500" srcset="https://www.zerohedge.com/sites/default/files/styles/inline_image_desktop/public/inline-images/2018-03-16_12-43-28.jpg?itok=-r2mJo-Q 1x" src="https://www.zerohedge.com/sites/default/files/inline-images/2018-03-16_12-43-28.jpg" alt="" typeof="foaf:Image" /></a></p>

<p> </p>

<p>Finally, we note that Gold remains the only asset-class to have normalized post-Feb-Fiasco...</p>

<p><a data-image-external-href="" data-image-href="/sites/default/files/inline-images/2018-03-16_12-47-56.jpg?itok=WbDFQrz9" data-link-option="0" href="https://www.zerohedge.com/sites/default/files/inline-images/2018-03-16_12-47-56.jpg?itok=WbDFQrz9"><img data-entity-type="file" data-entity-uuid="85ea25dd-b99d-4d2d-b957-0a4ca771c612" data-responsive-image-style="inline_images" height="231" width="500" srcset="https://www.zerohedge.com/sites/default/files/styles/inline_image_desktop/public/inline-images/2018-03-16_12-47-56.jpg?itok=WbDFQrz9 1x" src="https://www.zerohedge.com/sites/default/files/inline-images/2018-03-16_12-47-56.jpg" alt="" typeof="foaf:Image" /></a></p>

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