Week of May 6

Digesting the recent data

Recap of last week

Great week last week as closed out April strong with about 60 points on ES.

Banked 100+ on ES, and stopped out once on Tuesday for around -40.

Bears indeed doubled down on their bets Tuesday/Wednesday and bulls steamrolled them late with a 120 point rally.

My best guess was that Yellen and Powell would take bond bears out to the woodshed and they did just that. Yields down about 15 bps from my post last week.

I also made a couple educated guesses in FX-Land that turned out pretty well.

Overall this week we nailed the global macro picture in what was an extremely volatile week.

Bullish stocks. Check.

Bullish bonds (bearish yields). Check.

Bearish USDJPY. Check.

Bearish DXY. Check.

Next move for markets