The Bespoke Report — Equity Market Pros and Cons (and everything in between)

This week’s Bespoke Report is an updated version of our “Pros and Cons” edition for Q4 2021.

With this report, you’re able to get a complete picture of the bull and bear case for US stocks right now.  It’s heavy on graphics and light on text, but we let the charts and tables do the talking!

On page two of the report, you’ll see a full list of the pros and cons that we lay out.  We then provide slides for each “pro” or “con” that we’ve highlighted.

To read this report and access everything else Bespoke’s research platform has to offer, start a two-week trial to Bespoke Premium.

Bespoke’s Morning Lineup – 10/22/21 – Stairs Down, Elevator Up

See what’s driving market performance around the world in today’s Morning Lineup.  Bespoke’s Morning Lineup is the best way to start your trading day.  Read it now by starting a two-week trial to Bespoke Premium.  CLICK HERE to learn more and start your trial.

“If you wish to increase your success rate, double your failure rate.” – Thomas Watson

Futures are mixed this morning following some weak earnings in the technology space.  Both the S&P 500 and Dow futures are in the green, while the Nasdaq is indicated to open lower following disappointing earnings from Intel (INTC) and Snap (SNAP) after the close yesterday.  If the S&P 500 manages to close out the day in positive territory it will mark the eighth straight day of gains for that index.  The only economic data on the calendar this morning are preliminary Markit Manufacturing and Services PMI readings for October.

Read today’s Morning Lineup for a recap of all the major market news and events from around the world, including the latest US and international COVID trends.

You read the title of this post correctly.  Traditionally, investors are used to seeing steady moves higher in the market followed by sharp and swift pullbacks.  Since the S&P 500’s peak in early September, though, we have seen the opposite pattern play out.  In the most recent 5% pullback, the period from the peak to trough on 10/4 covered 21 trading days.  Since the recent low on 10/4, though, it only took 13 trading days to erase all of the prior losses from the 9/2 peak.  Talk about a quick rebound!

Start a two-week trial to Bespoke Premium to read today’s full Morning Lineup.

The Closer – Flashy Misses, Brazilian Collapse, 5 Fed, TIPS On The Bid – 10/21/21

Log-in here if you’re a member with access to the Closer.

Looking for deeper insight into markets?  In tonight’s Closer sent to Bespoke Institutional clients, after a recap of notable earnings reports released after the bell—including those of Intel (INTC), Snap (SNAP), Whirlpool (WHR), and Chipotle (CMG)—we take a look at the big drop in Brazilian equities and some of the other macro and political happenings in the country.  We then update our Five Fed Manufacturing Composite before finishing with a review of today’s 5 year TIPS auction.

See today’s post-market Closer and everything else Bespoke publishes by starting a 14-day free trial to Bespoke Institutional today!

Bespoke’s Morning Lineup – 10/21/21 – Claims on Deck

See what’s driving market performance around the world in today’s Morning Lineup.  Bespoke’s Morning Lineup is the best way to start your trading day.  Read it now by starting a two-week trial to Bespoke Premium.  CLICK HERE to learn more and start your trial.

“The problem is that a lot of big companies, process becomes a substitute for thinking. You’re encouraged to behave like a little gear in a complex machine. Frankly, it allows you to keep people who aren’t that smart, who aren’t that creative.” – Elon Musk

After a six-day rally of over 4%, the S&P 500 is indicated to open lower this morning along with the other major averages.  The big drag on sentiment this morning is the 10-year yield which has spiked by about 4 bps in the last two hours taking yields to the highest level since May.  Along with a busy slate of earnings, there are a number of economic indicators on the calendar that have the potential to swing things in the hours ahead.  Jobless claims and the Philly Fed will be released at 8:30 AM while Leading Indicators and Existing Home Sales will hit the tape at 10 AM.

Read today’s Morning Lineup for a recap of all the major market news and events from around the world, including the latest US and international COVID trends.

With bitcoin hitting a new high this week, we wanted to update the comparison between ‘digital gold’ (bitcoin) and physical gold over the last year. Like bitcoin’s actual price, the ratio of bitcoin to gold also hit a new high this week topping the prior record high of 36.2 from April and finishing off yesterday at 37 ounces of gold to one bitcoin.  That represents more than a six-fold increase in just the last year!

While bitcoin has been on a tear relative to gold, priced in terms of ether, it has underperformed over the last year.  Last October, one bitcoin was worth more than 30 ether, but over the next six months that ratio rapidly compressed falling to as low as 12.3 this May.  Ever since then, bitcoin and ether have been moving closer in tandem with each other as the ratio has been contained to a range between 12 and 18.

Start a two-week trial to Bespoke Premium to read today’s full Morning Lineup.

The Closer – Consumer Credit Peaking, Flow Show, Canada vs US, EIA, 20y Tail – 10/20/21

Log-in here if you’re a member with access to the Closer.

Looking for deeper insight into markets?  In tonight’s Closer sent to Bespoke Institutional clients, we begin with recaps of tonight’s notable earnings reports including those of Tesla (TSLA), IBM (IBM), CSX (CSX), and more.  We also provide an update of weekly data from ICI on fund flows and EIA on petroleum stockpiles later on. Next, we show a quantified look at today’s Beige Book before comparing US and Canadian inflation. We also take a look at the record tail in today’s 20-year Treasury bond reopening.

See today’s post-market Closer and everything else Bespoke publishes by starting a 14-day free trial to Bespoke Institutional today!

Fixed Income Weekly: 10/20/21

Searching for ways to better understand the fixed income space or looking for actionable ideas in this asset class?  Bespoke’s Fixed Income Weekly provides an update on rates and credit every Wednesday.  We start off with a fresh piece of analysis driven by what’s in the headlines or driving the market in a given week.  We then provide charts of how US Treasury futures and rates are trading, before moving on to a summary of recent fixed income ETF performance, short-term interest rates including money market funds, and a trade idea.  We summarize changes and recent developments for a variety of yield curves (UST, bund, Eurodollar, US breakeven inflation and Bespoke’s Global Yield Curve) before finishing with a review of recent UST yield curve changes, spread changes for major credit products and international bonds, and 1 year return profiles for a cross section of the fixed income world.

In this week’s report we take a look at China’s government bond market.

Our Fixed Income Weekly helps investors stay on top of fixed income markets and gain new perspective on the developments in interest rates.  You can sign up for a Bespoke research trial below to see this week’s report and everything else Bespoke publishes free for the next two weeks!

Click here and start a 14-day free trial to Bespoke Institutional to see our newest Fixed Income Weekly now!