The Closer — Cyclicals Smashed, Existing Home Sales, Eurozone Consumers, Corn — 5/21/19

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Looking for deeper insight on markets?  In tonight’s Closer sent to Bespoke Institutional clients, we begin with a look at the recent underperformance of cyclical stocks and explain what that means in regards to the global economy. Next we turn to today’s release of existing home sales which were weaker than expected. We also show stronger consumer confidence data in Europe. We finish by illustrating the very weak corn plantings so far this year.

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The Closer — Breadth, Spreads, Aerospace, and Fedspeak — 5/20/19

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Looking for deeper insight on markets?  In tonight’s Closer sent to Bespoke Institutional clients, we take a look at how the S&P 500’s breadth through the A/D line and performance versus the equal weight index.  We also show investment grade and high yield spreads reaching new highs.  Next, we compare Airbus and Boeing before finishing with an updated look at our Fedspeak monitor.

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The Closer: End of Week Charts — 5/17/19

Looking for deeper insight on global markets and economics?  In tonight’s Closer sent to Bespoke clients, we recap weekly price action in major asset classes, update economic surprise index data for major economies, chart the weekly Commitment of Traders report from the CFTC, and provide our normal nightly update on ETF performance, volume and price movers, and the Bespoke Market Timing Model.  We also take a look at the trend in various developed market FX markets.

Sample

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The Closer — Starts, Freights, Five Fed — 5/16/19

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Looking for deeper insight on markets?  In tonight’s Closer sent to Bespoke Institutional clients, we show equities ripping out of their short term downtrend as the S&P 500 also took out its 50-DMA. We also provide the performance of similar times this has happened. We also highlight concerns around commodities before turning to economic data, taking a look under the hood at housing starts and permits in addition to Cass Freight volumes. We finish tonight with an update of our Five Fed Manufacturing Composite.

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The Closer — Outside Up Day, Chinese Trade Exposure, Industrial Production, Flows — 5/15/19

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Looking for deeper insight on markets?  In tonight’s Closer sent to Bespoke Institutional clients, we begin with a technical update of today’s price action where the S&P 500 saw an outside day as well as back-to-back gains from open-to-close. We look at forward returns to these patterns before turning to macro data. First we put some perspective on some of the talking points around China and trade. We then look at today’s release of Industrial Production. We finish with our weekly looks at EIA petroleum data and ICI fund flows.

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The Closer — Eurozone Macro, Consumer Credit, Import and Export Prices — 5/14/19

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Looking for deeper insight on markets?  In tonight’s Closer sent to Bespoke Institutional clients, we review the Eurozone’s economic surprised over the past few months while real yields are setting up in a bear flag pattern.  We also highlight copper’s weakness. Then we turn to today’s release from the New York Fed to take an in-depth look at the debt of the American consumer.  We finish with a look at today’s release of Import and Export Price Indices.

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