The Closer – Media Outperforms, International Data, Beige Book, Housing Starts – 7/17/19

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Looking for deeper insight on markets?  In tonight’s Closer sent to Bespoke Institutional clients, we kick things off with a look at media stocks which have been outperforming in both the US and across the pond in Europe.  We also show the top 20 stocks in the S&P 500 so far this year.  Next, show economic data out of Canada and France including the strength in the two countries’ manufacturing sectors. We then recap today’s release of the Fed’s Beige Book before finishing with looks at this morning’s housing starts and EIA data.

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The Closer – Energy Technicals, Cyclical Silver, Strong Data – 7/16/19

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Looking for deeper insight on markets?  In tonight’s Closer sent to Bespoke Institutional clients, we review the technical setup of the Energy Sector ETF (XLE) given the news of tensions easing between the US and Iran, which sent oil prices and the energy sector sliding today.  We also note the breakout of silver over the past couple of sessions and Consumer Discretionary’s outperformance versus the rest of the market. Next, we turn to the dovish turn in Fedspeak with Kaplan and Powell’s statements today.  We finish with a look at today’s data releases including Retail Sales, NAHB Homebuilder Sentiment, and Industrial Production, all of which showed strength and further muddle the reasoning of rate cuts.

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The Closer – VIX Low Into Earnings, Empire Not OK, Cass, Brazil – 7/15/19

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Looking for deeper insight on markets?  In tonight’s Closer sent to Bespoke Institutional clients, with this week marking the start of earnings season, we show S&P 500 performance given the levels on the VIX. We also take a look at the rally in EM credit and OEM auto stocks. We then go over some of the details in today’s Empire Manufacturing report that were weaker than the headline number would lead on. After reviewing Cass Transportation Indices, which showed some alleviation to their weakening trend, we finish with a rundown on the economic conditions in Brazil.

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The Closer: End of Week Charts — 7/12/19

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.

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The Closer – Sloppy Auction, Strong Spending, CPI Surge, Receipts Rock – 7/11/19

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Looking for deeper insight on markets?  In tonight’s Closer sent to Bespoke Institutional clients, we go over several factors that played into a brutal day for the bond market leading to a huge bear steepening at the long end of the curve.  Namely, one of these factors was a very bad 30-year bond reopening which we look at the internals of. Next, we take a look at the strength of the consumer including the divergence between Bloomberg and other consumer sentiment indicators. After recapping today’s inflation data, we then give an updated look at the federal budget deficit.

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The Closer – Earnings Trends, Cyclical Bounce, Banks Weak, Fedspeak, ICI, EIA – 7/10/19

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Looking for deeper insight on markets?  In tonight’s Closer sent to Bespoke Institutional clients, we take a look at earnings estimates given the S&P 500’s 200-DMA, cyclicals rally, and bank’s underperformance. With Fed Chair Powell’s testimony on Capitol Hill acting as the day’s major catalyst, we then give an updated look at our Fedspeak monitor and some analysis on Fed policy. We finish with our weekly looks at ICI Fund Flows and EIA data.

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