That nobody knows everything, is what I've been saying about today's over-confident buffoons. And that life is significantly a function of luck, and therefore should be greeted with constant gratitude, is the key to happiness.
However, to say that "Nobody knows anything" is just begging to be monkey hammered as hard as possible...because here is what we know...
Despite the relentless back and forth, risk markets had their worst week in several months. The S&P finished at the exact same level that preceded the last two major sell-offs.
2040 has been defended 18 times since August
April's jobs report indicated the worst growth in 7 months
JPY/carry hit a new low this week.
JPY/carry hit a new low this week.
The two largest sectors, Financials and Tech underperformed all week.
Utilities finished their first leg down and up
Consumer staples likely finished 1 down 2 up as well
Berkshire Hathaway missed profit expectations and rolled over on the week
Volatility was bid all week
FANG stocks corrected their recent sell-off, meaning the first wave down and up are likely complete
China sold off hard overnight
Transports broke down through the 200 day
Apple closed the week at 2012 levels
Biotech got monkey hammered all week
Global Dow closed at one month lows
Oil inventories reached a new all time high. Oil went sideways due to the Canadian tar sands fire
Europe resumed its downtrend
Cash balances are the lowest in two decades
Junk bonds just had their largest outflows ever. Following the largest inflows ever
Europe resumed its downtrend
Cash balances are the lowest in two decades
Junk bonds just had their largest outflows ever. Following the largest inflows ever
Here come the charts to prove that no one knows nothing...
Global Dow
Utilities
Oil
Consumer staples