CHART OF THE DAY: European Stocks --> U-G-L-Y

Enough about that cross-asset class research – what did US and European stocks do last week?

1. SP500 (after signaling lower-highs) corrected -2.0% last week to +0.7% YTD but remain Bullish TREND @Hedgeye
2. NASDAQ out-performed (again) correcting only -1.1% last week to +5.1% YTD and remains Bullish TREND @Hedgeye
3. Russell 2000 fell another -1.0% to a negative YTD return of -0.2% and remains Bearish TREND @Hedgeye
4. EuroStoxx 600 dropped another -3.7% to -5.7% YTD and remains Bearish TREND @Hedgeye
5. Germany’s DAX got tagged for a -4.6% decline taking it to -7.8% YTD and remains Bearish TREND @Hedgeye
6. Swiss Stocks lost another -3.6% of their value taking them to -8.0% YTD and they remain Bearish TREND @Hedgeye

So, if you “bought European Stocks in Dollars” those returns have been even worse in the last 2 weeks… but I won’t go there because the only time I hear about the FX adjustment is when the Dollar is going down.