Worst Week In 9 Month; Gold Hits 6 Month Highs

Tyler Durden's picture

Submitted by Tyler Durden on 03/14/2014 16:03 -0400

We started the week exuberant wearing the cleanest dirty shirt scoffing at the weakness of ‘foreign’ markets. By the end of the week, the Dow has dropped 5 days in a row in a week for the first time since May 2012 and the Nasdaq had its work week in 9 months. The S&P dropped back into the red for 2014 – despite a late-day ramp effort – tracking AUDJPY all day long once again. VIX surged above 18% (and term strcuture steepest since US downgrade) and credit spreads blew wider. Treasury yields tumbled 10-14bps on the week – the biggest drop since June 2012. Gold prices rose over 3% on the week to 6-month highs. Copper saw its biggest 2-week drop in 30 months. The USD slipped lower on EUR and JPY strength (JPY +1.9% – biggest surge in 7 months).

AUDJPY was in charge once again..

 

The S&P joins the Dow back in the red for 2014…

As All but Trannies and Russell lose post-Putin gains

Treasuries soared

The Tanks Are Coming

Tyler Durden's picture

Submitted by Tyler Durden on 03/14/2014 13:50 -0400

With Interfax reporting that Belarus has begun full-scale military drills in a “readiness check”, images from Russia and Ukraine suggest the worst-case scenario – that Russia is making preparations to invade Ukraine, not just Crimea but perhaps as far west as Kharkiv, or even beyond – is more possible. Talks have broken down:
  • *LAVROV SAYS RUSSIA, U.S. REMAIN AT ODDS ON UKRAINE: INTERFAX
  • *LAVROV SAYS RUSSIA TO RESPECT `WILL’ OF CRIMEAN PEOPLE

Russia now has a massive force of tanks, troops, artillery, aircraft, and naval forces in position to potentially invade mainland Ukraine from Crimea in the south, but also from positions east and north of Ukraine.