Week In Review – May 4 | Global Macro Monitor

EM FX hammered, especially Argentina & Turkey. Sign of tightening global liquidity with stronger dollar
Euro/$ and cable weaker
Euro periphery spreads a bit wider
U.S. 10-year yield flattish
Corporate credit a little weaker x/ CCC
Euro stocks stronger on weaker currency
S&P500 indecisive, and generates another weekly doji (see here)
Our good friend, Greg McKenna, notes the weekly candles keep gravitating back to 2660-70, which is the 38.2 fibo level (2662.64) from the peak to this correction low.
S&P500 generated avery rare back-to-back bear trap (broke and closed above 200-day) days on Thursday and Friday. It has occured only 0.76% of the trading days since 1962
JFK-Trump analog 4.3 percent apart after 374 trading days. Waitng for the break.
Egypt, Saudi, and Italy Country ETFs maintain double-digit YTD return.