Dow Turns Negative For 2014: Stocks Suffer Worst Week In 3 Years
Quite a day…
Dow Transports -6.9% – worst week in over 3 years – closed under 200DMA
Dow -2.6% on the week – given up all its gain year-to-date
Nasdaq -4.4% on the week – worst week in 30 months
S&P cash trades down to its 200DMA
VIX +40% on the week to 21 – 2nd biggest week in over 4 years, highest close in over 8 months
Treasury yields close at 2014 lows, down 10bps (30Y) to 17bps (5Y) but the modest steepening still leaves 2s30s under 260bps, flattest since 2012.
30Y Yields hit a 3.02% handle – 17 month lows; 10Y yields back under 2.30% – 16 month lows
The USDollar rallied for the 2nd day but ended the week -0.8% – the first losing week in 12 weeks and worst week in 6 months. USDJPY sold off the most in 14 months this week.
Gold +2.7 – best week in 6 months; Silver +2.9% – best week in 4 months
WTI Crude plunged 4.6% – worst week in 9 months; 2-week collapse 8.5% is biggest sicne June 2012.
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But the fundamentals are still in tact?
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Dow 16,576 12/31/13 close – Year-to-date, things are getting ugly fast..
Dow closed below its 200DMA
S&P closes at 200DMA