Currencies and bonds reversed course this week, with all but Bitcoin moving lower. Stocks rose across the board, with the HUI gold stocks leading the way, and the Nikkei, hindered by the weak yen, rising the least. Commodities were mixed, with metals and energy higher, while cotton and coffee moved lower.

Bitcoin, the strongest asset of the week, rose 5.8%, to close at 220.5 mg. JPY, the weakest of the currencies, fell 3.3% to close at 0.217 mg. The USD was down 1.2%.

Short term bonds, as measured by SHY, fell in line with the USD, but TLT, our proxy for long term bonds, fell 2.9% to close at 2.23 g. TLT continues to hold above its 200 day moving average, but hasn't yet made a bullish breakout.

Among the commodities, Silver was the leader, rising 2.3% to close at 0.599 g/oz, while cotton, down 5.1%, was the weakest. Coffee was also very weak, making new all-time lows again this week, and closing down 4.7% at 25.5 mg/lb.