Jun 17, 2019
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Looking for deeper insight on markets? In tonight’s Closer sent to Bespoke Institutional clients, we highlight an uncommon occurrence of volatility slamming on the brakes and what has happened in the one other instance we found. As gold runs up near multi-year resistance, we then show how the metal has underperformed over the past decades. Turning to macroeconomic data, we give a reason to doubt today’s weak Empire Manufacturing number. Before finishing with a look at today’s release of Treasury flows, we review corporate credit and the ongoing rally in spreads.
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Jun 14, 2019
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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Jun 13, 2019
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Looking for deeper insight on markets? In tonight’s Closer sent to Bespoke Institutional clients, we review real estate’s outperformance relative to equities and underperformance relative to rates. We also show the dominance of software versus traditional industrial companies. Further on the topic of industrials, we take a look at the collapse in rail volumes and performance of rail stocks. We finish with an update on import prices.
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Jun 12, 2019
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Looking for deeper insight on markets? In tonight’s Closer sent to Bespoke Institutional clients, we show equity market returns broken up by the states that companies are headquartered in. With a busy day in macroeconomic data, we then look at today’s release of CPI data in addition to what the New York Fed’s Underlying Inflation Guage is showing. We also use monthly budget statement data released today to get a read on the impact of tariffs and government deficits. We finish with EIA Petroleum data which showed a build in inventories which sent oil prices lower today.
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Jun 11, 2019
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Looking for deeper insight on markets? In tonight’s Closer sent to Bespoke Institutional clients, the S&P 500 had a bearish technical pattern today with an outside day reversal, but we show why this may not be that negative of a signal. We also review credit markets and the VIX curve holding firm. Turning to macroeconomic data, we review the PPI report released by the BLS today showing weaker goods inflation and more solid services inflation. We finish tonight with a look at Federal Reserve data on the distribution of wealth in the US. We use this data to show how these different wealth segments allocate their assets.
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Jun 10, 2019
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Looking for deeper insight on markets? In tonight’s Closer sent to Bespoke Institutional clients, we show what the two year Treasury note is pricing in terms of the policy rate over the next two years and how this plays into multiple scenarios. We also look at how equities performed the last time markets were pricing in cuts this aggressively. We then look at this morning’s JOLTS report which still showed strong demand for labor.
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