Dow Soars To Best January Since 1997, Bonds’ Worst Start In 25 Years

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January summed up… Bonds worst January since 1992… Dow’s best January since 1997… Dollar’s worst January since 1987…

Phew… that was quite a month…

Records busted everywhere…

And the S&P is now on a 15-month win-streak (never happened before) and is up for 22 of the last 23 months – since The Shanghai Accord in Feb 2016!!

But the month ended ugly with the last few days setting up for the S&P’s worst weekly loss since 11/4/16 (the week before the election)…

Greenspan spooked stocks this afternoon…but they were rescued into the green…

The S&P 500 has had two consecutive 50bp+ selloffs this week for the first time since 2016

Notably, The Dow has dramatically outperformed Trannies in January back to a historical resistance level…

Gold outperformed post-FOMC…

 

Boeing rescued The Dow by adding around 100 points of gains today…

 

China continues to suffer with Shenzhen and CSI-300 now down YTD…

 

And Volatility’s biggest monthly jump since Aug 2015’s China Devaluation Crash…

 

And vols across all assets spiked in Jan…

 

Bonds are now the most oversold since the election in Nov 2016…

 

Which is understandable after the worst start to a year since 1992 (based on Lehman Agg)…

 

 

 

Today saw the long-end rally and short-end dump as the curve flattened dramatically…

 

2s30s is at its flattest since Oct 2007… January is the 6th monthly flattening in a row (9 of 10 and 12 of 13)

 

 

The Dollar Index was monkey-hammered in January – its worst January since 1987

Cable is up 5% in January and the best performing major against the dollar…

 

Despite the dollar weakness, Copper ended the month lower (worst since Sept) as gold, silver and crude jumped…

 

As Gold notably outperformed Bitcoin…

 

Finally, it’s been an ugly month for many cryptocurrencies, but Ethereum managed to gain 45% YTD…

 

 

Bitcoin ends back below $10,000 – suffering the worst monthly loss since Dec 2013…

 

 

 

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