New Record Highs For Bitcoin & Gold As Dollar Suffers Worst Week In 3 Months

US macro data serially disappointed this week…

Source: Bloomberg

‘Bad’ news was good news for the doves and the market’s expectations for rate-cuts in 2024 ticked back up to 4 rate-cuts (from 3)…

Source: Bloomberg

Bonds were bid on the week with the belly outperforming the wings…

Source: Bloomberg

The 10Y Yield dropped down to almost 4.0% (closing below its 50DMA) at its lowest in almost six weeks…

Source: Bloomberg

But, while yields were lower on the week, stocks were more mixed with Nasdaq down on the week as a red-end to the week for mega-cap tech spoiled the party…

Mag7 stocks ended the week lower after fading from today’s gains…

Source: Bloomberg

Small Caps outperformed, The Dow lagged, and the S&P 500 desperately tried to close green on the week (but failed)…

If it had closed green, that would have been the 17th positive week in the last 19 – the greatest streak in stocks since 1964…

‘Most shorted’ stocks were squeezed hard at the open today, into the green for the week, before tumbling back to the lows of the week…

Source: Bloomberg

The dollar is down for the sixth straight day, ending the worst week in three months for the greenback…

Source: Bloomberg

And dollar weakness helped spur gains in gold which soared to a new record high just shy of $2200 today. Gold is up for 8 straight days – the longest winning streak since July 2020…

Source: Bloomberg

Golds gains continued despite outflows from Gold ETFs (as Bitcoin ETF inflows soared)…

And in the meantime, cryptos roared higher this week with Bitcoin topping $70,000 (a new record high) for the first time…

Source: Bloomberg

But, Ethereum outperformed Bitcoin on the week (+14% vs +10%), hitting $4000 for the first time since

Source: Bloomberg

Oil prices ended the week lower (at the low end of its recent range)…

Source: Bloomberg

Finally, this is fucking nuts…yes a trillion dollars added YTD…

Source: Bloomberg

And this…

Source: Bloomberg

It’s fine!