Deal On, Risk Off The great deal ever... is done-ish. And the market's reaction was... Stocks gave back some of their gains from yesterday, selling on the news today... But yuan collapsed, erasing all the gains... Source: Bloomberg And Treasury yields plunged, erasing all the losses from yesterday... Source: Bloomberg And despite the headlines of massive Ag purchases, Ag prices sold on the news too... Source: Bloomberg VIX was total chaos... spiking early above 14 and then getting monkeyhammered back to a 12 handle in the last hour... Source: Bloomberg So what did all this "phase one" trade-deal complete malarkey achieve? Stocks are up 8%; bonds, the dollar, and gold are down 2%... Source: Bloomberg On the week, Nasdaq outperformed and Small Caps lagged, barely holding gains... S&P was glued back to VWAP for much of the afternoon after selling off on the 'news' of the deal... Credit notably decoupled from equity protection today... Source: Bloomberg Treasury yields tumbled today, ending the week 1-2bps lower... Source: Bloomberg The Dollar fell for the 2nd week in a row, testing down to 5-month lows before a huge rebound back to unchanged today... Source: Bloomberg Cable rallied for the 3rd week in a row to its highest since May 2018... spiking overnight but fading back during the day Source: Bloomberg Cryptos bounced back a little late in the week but only Bitcoin Cash ended barely green... Source: Bloomberg Commodities are broadly higher on the week, buoyed by the trade deal and a weaker dollar... Source: Bloomberg Copper, oddly, tumbled on the day as the deal was completed... after breaking out during the early part of the week... Gold ended the week at pre-payrolls levels... So did Silver... Finally, you are here... And US economic data is at its most disappointing in over 3 months... Source: Bloomberg Trade accordingly! Tyler Durden Fri, 12/13/2019 - 16:00 Tags Business Finance