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Worst Macro Data Since Lehman Sparks Stock Buying Frenzy

Intel slashes guidance, retail sales worst since Lehman, Biz inventories to sales worst since Lehman, GDP expectations have collapsed, leading indicator Lumber plunged, and Jobless Claims holding above 300k on average... but the dip below the 100-day moving average was all that was needed...

 

Because with US Macro data falling at the fastest pace since Lehman...

 

And Lumber crashed...

 

Which matters...

 

*  *  *

So why wouldn't you BTFWRSSL...

 

From the 330RAMP yesterday, Small Caps have ripped... and Dow (thanks to Goldman)

 

As S&P rallied perfectly off the 100DMA to top the 50DMA...

 

Today was led by the financials post-CCAR... as they unleashed their newly found buybacks

 

But we hate to be the bearers of reality news but credit markets were not as 'squeezed' as stocks...

 

 

On the week, The Dow crept into the green but S&P and Nasdaq remain red... (Goldman And Visa added 75 points alone to The Dow today)

 

Treasury yields slipped lower still - despite a notably weak 30Y auction - 10Y and 30Y unch from the payrolls print

 

And a big bounce off 1.04 overnight in EURUSD sparked a tumble in the USD Index...

 

This 0.4% drop in The USD Index is the biggest in a month as EURUSD surged off 1.04

 

Commodities were very mixed... Silver up, gold flat, copper up big, crude down big...

 

Crude crashed back to 6-week lows - near cycle lows...

 

So terrible news is good news as "The QE Trade" appears to be back (for a day) - Buy Stocks, Buy Bonds, Buy Gold, Sell USDs...

Charts: Bloomberg

Bonus Chart: Fun-durr-mentals...

Fed heroin trumps fundamentals pic.twitter.com/bzfXwn7yJp

— Not Jim Cramer (@Not_Jim_Cramer)