The week summarised... as BofA put it -"It's Not A Risk-On Rally, This Is The Biggest Short Squeeze In Years" With China shut and The Fed going full dovish panic-mode over growth fears, world markets went crazy... S&P up 7 of last 8 days +3.2% - best week since Oct 2014 Russell 2000 +4.5% - best week since Oct 2014 Nasdaq up 7 of last 8 (since Death Cross) closed above 50DMA Trannies up 8 of last 9 closed above 100DMA +4.9% - best week since Oct 2014 Dow up 8 of last 9 +3.5% - best week since Feb 2015 "Most Shorted" +4.7% - biggest squeeze in 8 months Biotechs -2.3% Financials +2.2% - best week in 3 months Asian Dollar Index +1.4% (worst week for USD vs Asian FX since Oct 2011) Dollar Index -1.2% (worst week for USD vs Majors in 2 months) AUD +4% - best week sicen Dec 2011 2Y TSY Yields +6.5bps - biggest rise in 7 weeks 5Y TSY Yields +11bps - biggest rise in 4 months WTI Crude +8.9% - 2nd best week sicne Feb 2011 OJ +4.8% - best day since March Silver +3.8% - best week since May LOLume!! The last 8 days have seen a massive short-squeeze... 2nd biggest in history The last 2 times stocks were short-squeezed this much, did not end well... And the following stunning chart shows the percent of S&P 500 names above their 50-day moving-average has soared from 4% to 60% in a few weeks... h/t @ReformedBroker * * * Off the Payrolls lows, it's been non-stop... VIX has fallen for 9 straight days... the longest streak since Oct 2011.. Energy stocks outperformed and Healthcare (Biotechs) were the laggards... Treasury yields surged all week but Friday saw the push slow a little... (everything but 2Y is now higher than pre-payrolls)... The USDollar Index slipped notably after the FOMC Minutes but had been weaker all week... (AUD rose 3.8% on the week) Commodities all rose on the week Crude had its 2nd biggest week since Feb 2011... Gold broke notably above its 100-day moving-average and Silver had its best week since May (breaking but not holding its 200DMA)... But The Ags were the biggest movers today after USDA forecasts sent everything crazy... (and Orange Juice had its best day since March) Finally, it appears stocks have decided to re-de-couple from any fundamentals as Macro and Micro data has tumbled in recent weeks... Charts: Bloomberg