Highlights: 

  • Stocks lost ground against bonds and gold.

  • S&P 500 rejected the important resistance range of 2800-2820.

  • The VIX bounced over 18% as volatility came back into the equities markets.

  • Small caps were the worst performers from a factor perspective.

  • Low volatility was the best performing factor.

  • Bonds, Gold, and the US dollar had strong weeks.

  • Growth continues to slow in the US as the ECRI Weekly Leading index is down -3.7% year over year.

  • Housing is starting to show some positive signs of life.

  • Defensive positioning is still warranted.

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USD/JPY: bears pausing, still in control

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Gold consolidates around $ 1440, eyes US data for fresh direction

Gold (futures on Comex) extends its side-trend around the 1440 mark into the mid-European session, having stalled its retreat from 2019 highs of 1454 near 1437 region.

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