Equities are entering a buyback blackout period, but these have had no consistent bias (positive or negative) in the past. April starts Friday: over the past 10 and 20 years, April has been one of the most consistently positive months of the year for stocks.
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Equities fell this week for the first time since the February low. They had risen each of the prior 5 weeks. SPY lost 0.6% and NDX lost a scant 0.1%. Leading the downside were small caps, with RUT losing 2% for the week. Emerging markets also lost 2%.
Safe havens - treasuries and gold - which had been in high demand during the sell off in equities, were mixed. Treasuries gained 0.4% this week but gold dropped 3%.
Oil and equities had risen together the prior 5 weeks. Not surprisingly, oil also fell this week, by nearly 4%. What happens next for equities is largely contingent on oil: if the rally in oil is over, it is very likely equities will sell off more (enlarge any chart by clicking on it).