Bespoke’s Crypto Report — 10/21/22
Bespoke’s Crypto Report contains numerous technical, momentum, and sentiment charts for bitcoin, ethereum, and other key cryptos. Page 1 of the report includes our weekly commentary on the space and attempts to identify any new trends that are emerging. The remaining pages include important overbought/oversold levels to watch, charts on historical drawdowns and rallies, seasonality trends, futures positioning data, Google search trend shifts, and more. Our weekly Crypto Report is produced so that followers of the space can more easily stay on top of price action, technicals, seasonality, and sentiment.
Sign up for a monthly or annual subscription to Bespoke Crypto to receive our weekly Crypto Report and anything else we publish related to cryptos. Note: If you’re currently a Bespoke Premium, Bespoke Newsletter, or Bespoke Institutional subscriber, you’ll need to subscribe to Bespoke Crypto as an add-on to receive access. The weekly Crypto Report and any additional crypto analysis is not included with our Premium, Newsletter, or Institutional memberships. You can sign up for Bespoke Crypto and receive our Crypto Report in your inbox weekly using the monthly or annual checkout links below. If you sign up for the annual plan, the first year of access is 50% off!
Bespoke Crypto Access — Monthly Payment Plan ($49/mth)
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Bespoke Investment Group, LLC believes all information contained in this service to be accurate, but we do not guarantee its accuracy. None of the information in this service or any opinions expressed constitutes a solicitation of the purchase or sale of any securities, commodities, or cryptocurrencies. This service contains no buy or sell recommendations. This is not personalized advice. Investors should do their own research and/or work with an investment professional when making portfolio decisions. As always, past performance of any investment is not a guarantee of future results. Bespoke representatives or clients may have positions in securities discussed or mentioned in its published content.
The Closer – Bad Prints, Fixed Income Observations, 5 Fed, Housing – 10/20/22
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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 tonight’s notable earnings reports (page 1) followed by a look at the moves in fixed income markets that have left various maturities at multi-year highs (pages 2 – 4). We then update our Five Fed Manufacturing Composite (page 5) followed by a rundown of today’s existing home sales data (pages 6 and 7). Afterward we show the run up in news mentions of various economic topics (page 8) before closing out with a recap of the 5 year TIPS sales (page 9).
See today’s full post-market Closer and everything else Bespoke publishes by starting a 14-day trial to Bespoke Institutional today!
Bespoke’s Weekly Sector Snapshot — 10/20/22
This content is for members onlySentiment Streaks Press On
A small equity market bounce over the last week didn’t cause any major changes in investor sentiment, at least based on the weekly AAII numbers released this morning. The latest data from AAII showed 22.6% of survey respondents reported as bullish versus 20.4% the week before.
Bearish sentiment also rose slightly to 56.2% for the highest reading since the end of September when there were back to back weeks of readings above 60%.
There is little precedent in the history of the AAII survey for over half of respondents to report as bearish for this many weeks in a row. As shown below, this week marked the fifth in a row that bearish sentiment came in above 50%. That is now the second longest such streak on record behind the seven week long streak in the fall of 1990.
Given more than half of responses to the survey have reported bearish sentiment, the bull bear spread continues to show negative readings (meaning bears outnumber bulls). The reading remains at the low end of the past decade’s range at -33.6.
Similar to five straight weeks of 50%+ bearish sentiment, the streak of weeks with a negative bull-bear spread has grown to become the second longest on record at 29 weeks.
Turning to another reading on sentiment—the NAAIM Exposure Index—another notable streak has continued to press on this week. This index measures investment manager exposure to equities with readings ranging from -200 (leveraged short) to +200 (leveraged long) and readings of +/-100 representing responding managers are full long or short. The index has remained below 50 for eight weeks in a row now. That has tied the streak of sub-50 readings in the spring of 2020. Going back through the history of the index dating back to 2006, there have only been seven other periods in which equity exposure by active managers has been as muted for as long of a span as now. In other words, the AAII survey is not alone in showing persistent pessimism. Click here to learn more about Bespoke’s premium stock market research service.
