Summary

• Good week for U.S. equities with Dow outperforming
• Next stop on the S&P500 is 2801.90 and then the all-time high
• We are better sellers up there into the fall as the Fed’s balance sheet reduction steps up, which will limit the central bank’s participation in Treasury auctions. WATCH THIS SPACE
• Euro periphery sovereign credit continues to weaken
• Unicredit continues to slide
• EM better at the week’s close as Argentina enters biggest IMF package in history, but pressure will continue
• Copper up over 6 percent on the week
• Big week coming: NorKo summit, Treasury auctions, FOMC, and the ECB