Another Impressive Outing Into A Quiet Week
December 5, 2022 Good morning, It’s hard to criticize a market that absorbs as negative a data surprise as last Friday’s November employment release. Recall the -1.5%+ gap decline in Futures Friday morning on the jobs data print. The market opened down at those levels, but around mid-day, it began steadily climbing into the afternoon […]
Let The Dreamer’s Dream
December 2, 2022 Good morning, From Wednesday’s MN: “Except for the true dreamers, few expect Jerome Powell to lighten his hawkish posture.” Well, let the Dreamer’s dream because JP did slightly soften his position from a month ago, and we know it took markets by surprise because the market reaction seemed much greater than the […]
A Pause That Refreshes?
November 30, 2022 Good morning, Unrest in China this past weekend was a sufficient catalyst to trigger some profit taking on Monday with the S&P 500 Index (SPX) down -1.5% on the day. There was little follow-through selling yesterday, which is a good sign that perhaps the forces of demand supporting our rally haven’t left […]
Stiff Global Headwinds This Morning
November 28, 2022 Good morning, I hope you all had a nice Thanksgiving. It’s back to normal this week following the holiday and markets are being greeted by a stiff global headwind amid growing unrest in China over Covid restrictions. Futures are off about -.75% pre-market on supply-side risk concerns. Most markets around the world […]
Aha!
November 23, 2022 Good morning, From a technical perspective, bond yields declined again yesterday, and stocks reacted in kind by jumping up +1.36% on the S&P 500 Index. The S&P closed above 4000 again after being repelled from that round number resistance zone last week. (see the Bloomberg chart below for reference). The big bad 200 […]
A Leveled Global Playing Field Now
November 21, 2022 Good morning, Stocks and bonds in U.S. markets had a relatively quiet week last week with the S&P 500 Index sliding -0.61%, and the yield on the 10yr treasury going virtually unchanged (+1 bps). International markets continued rising as they played catch-up to domestic equities. For example, the international developed markets index […]
Short & Sweet Today
November 18, 2022 Good morning, This week is coming to a close with markets still on pause. Futures are up +0.90% in pre-market trading, and with that gain, puts the S&P 500 Index right on top of where it closed out last week. Bonds have been similarly quiet. Crude and the dollar are the only […]