Bespoke Stock Scores — 11/1/22
This content is for members onlyThe Closer – Brazil Bounce, Dow Soars, Pulse Charts, Rental Inflation, CoT – 10/31/22
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Looking for deeper insight into markets? In tonight’s Closer sent to Bespoke Institutional clients, we begin tonight with a look at the extremely volatile session in Brazil as well as the Dow posting one of its best months of the last 100 years (page 1). We then provide an updated look at some of our most recent Consumer Pulse data (page 2) followed by a look at rental data (page 3). We finish with a rundown of the latest positioning data from the CFTC (pages 4 – 6).
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Daily Sector Snapshot — 10/31/22
This content is for members onlyRecord Inflow into High Yield (JNK)
High yield bonds proxied by the third largest ETF tracking the space, the SPDR Bloomberg High Yield Bond ETF (JNK), went on a solid 3% run last week. That ranks as the fifth best performing fixed income ETF in our Trend Analyzer. That resulted in the ETF to close above its 50-DMA for the first time since late August. Today, the ETF has reversed those gains and is hovering slightly back below that moving average.
Although from a technical standpoint that could mean Friday’s breakout was a pump fake, the move was backed by near record volumes hence a record single day inflow. As shown below, roughly $980 million went into JNK on Friday, surpassing the previous record of $774 million set this past January. While total assets have been on the downswing for the past couple of years leaving plenty of room to go until the ETF is back up to its size from its peak in the summer of 2020, that single day inflow did put an impressive dent in those recent outflows. Click here to learn more about Bespoke’s premium stock market research service.
