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This week’s Bespoke Report newsletter is now available for members.
In this week’s newsletter, we’ve updated our Equity Market Risk Gauge for the month of December, and we also take a look at market technicals, improving internals, international equity market outperformance, interest rate movements, and the dollar’s recent weakness.
To see our updated Equity Risk Gauge and access everything else Bespoke’s research platform has to offer, join Bespoke Institutional and get half off for the first three months!
This week’s Bespoke Report newsletter is now available for members.
US equity markets pulled back and made a lower high despite cooing doves this week from the Federal Reserve and a plunging dollar. US yield curves inverted further as markets tempered their optimism on China. Earnings season has finally wound up with better-than-expected results, despite a sudden slowdown in guidance which has flipped decisively negative after two years of remarkable optimism from corporate America. Economic data this week was high volume and covered housing, consumer spending, manufacturing, and more. We discuss in detail as well as taking a look at what tech layoffs say about the broader labor market, how consumer discretionary stocks have traded into Thanksgiving, the signals being sent by the US yield curve and fixed income markets more broadly, and runoff in liquidity as the Fed removes reserves from the system as well as raising rates. We cover all that and much more in this week’s Bespoke Report.
To read this week’s full Bespoke Report newsletter and access everything else Bespoke’s research platform has to offer, start a two-week trial to one of our three membership levels.
This week’s Bespoke Report newsletter is now available for members.
If you thought things were going to calm down after the midterms, think again. No later than two days after Americans voted, financial assets of all types had what were some of the most extreme moves in years. On Thursday, the 10-year US Treasury yield had the 17th most extreme downside move (normalized to the last 200 trading days) since 1980. The S&P 500 had the 15th largest one day rally since 1980, and the US Dollar Index had its 9th largest daily decline over that same span. Investors have been through a lot over the last several years, but Thursday ranked right up there with all of them, and we’re not even including the ‘you-know-what’ show that’s been going on at Twitter! All we can say is that thankfully the moves in stocks and bonds were up rather than down.
There wasn’t a lot of data this week, but it was still full of fireworks rivaling any grand finale. To read this week’s full Bespoke Report newsletter and access everything else Bespoke’s research platform has to offer, start a two-week trial to one of our three membership levels.
This week’s Bespoke Report newsletter is now available for members.
In this week’s newsletter, we’ve updated our Equity Market Risk Gauge for the month of November, and we also provide a summary of earnings season thus far, highlight downtrends for the mega-caps, check up on market internals, and take a final look at GOP and Democrat odds for the upcoming Mid-Term Elections.
To see our updated Equity Risk Gauge and access everything else Bespoke’s research platform has to offer, join Bespoke Institutional and get half off for the first three months!
This week’s Bespoke Report newsletter is now available for members.
We’re on pace for the best October on record for the Dow and the strongest month period for that index since the 1970s. But that masks two facts which should give bulls little comfort: rallies are more violent during bear markets and there is no sign the Federal Reserve is ready to call it quits on its tightening cycle. We take a look at earnings, which are deteriorating versus recent earnings seasons including both lower beat rates and more guidance cuts, and the global backdrop including soaring policy rates that have yet to be felt fully by economies around the world. We also review a very busy US economic data week in detail, covering everything from wage growth to manufacturing activity to savings rates. We cover all that and much more in this week’s Bespoke Report.
To read this week’s full Bespoke Report newsletter and access everything else Bespoke’s research platform has to offer, start a two-week trial to one of our three membership levels.
