An ugly end to the year but on the year, the dollar tanked (worst since 2003), stocks and bonds (the long-end) soared higher, commodities rebounded dramatically, cryptocurrencies exploded, and gold had its best year since 2010 as VIX saw its lowest average in history.

And all that was driven by the biggest increase in central bank balance sheets since 2011… anyone else feel like this… (our estimate is we are at around the 30 second mark currently).

2017…Now that was a year for stocks…

Additionally, The Nasdaq also has posted a record number of all-time high closes this year.

Vols across every asset class collapsed to multi-year (if not record) lows.

Treasuries were extremely mixed on the year with 2Y Yields soaring 67bps and the long-bond yields collapsing 34bps.

The collapse in the yield curve (2s30s) is the biggest flattening since 2007.

This is the flattest yield curve since Oct 2007.

The Dollar was a bloodbath this year – the biggest loss for the greenback since 2003.

All the major commodities ended higher on the year with copper's recent crazy rampage leading the way.

While all the headlines have proclaimed Bitcoin the big winner, its 1400% return in 2017 is dwarfed by the explosion in Ripple.

In December