Apr 29, 2019
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Looking for deeper insight on markets? In tonight’s Closer sent to Bespoke Institutional clients, after what was a quiet day of trading, we recap some of today’s economic data points including Personal Spending which rose by the largest amount on an MoM basis since 2009. We also take a look at the miss in today’s release of Personal Income and PCE. Next, with each having seen a golden cross recently, we review how AMZN, AAPL, and the Financial Sector (XLF) perform after golden crosses. We finish by going over four secondary indices; all of which have failed to make new highs. We also look at the ratios of Consumer Discretionary to Consumer Staples and Technology to Utilities.
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Apr 26, 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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Apr 25, 2019
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Looking for deeper insight on markets? In tonight’s Closer sent to Bespoke Institutional clients, we discuss the distribution of EPS growth rates and forward multiples for S&P 500 stocks. We then delve deep into Argentina, which has seen asset prices decline including its Peso falling to new lows today while CDS spreads price in a high chance of long-term debt default; we provide some context to these declines. Moving onto economic data, monthly global trade volumes and industrial production released today once again showing weakness. In US data, we show quarterly homeownership and rental vacancy numbers and durable goods.
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Apr 24, 2019
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Looking for deeper insight on markets? In tonight’s Closer sent to Bespoke Institutional clients, after a busy day of earnings, we provide an update on beat rates so far this earnings season. We also look at small caps beginning to pick up relative to small caps as the dollar gained strength. Next, we provide our weekly update to fund flows, including a look at flows for mutual funds versus ETFs. We finish tonight’s Closer a recap of this week’s EIA petroleum data.
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Apr 23, 2019
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Looking for deeper insight on markets? In tonight’s Closer sent to Bespoke Institutional clients, as the S&P 500 reached an all-time high rising over 80 bps today, we begin tonight’s Closer by evaluating the forward returns for the past ten times the index rose to all-time highs in a similar fashion. We also make note of improved correlation while the dollar has also improved. Pivoting to economic data, we look at Multifactor Productivity for 2017 which was released today. We also update out Five Fed Manufacturing Composite with the addition of the Richmond Fed’s input. We finish with a recap of New Home Sales.
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Apr 22, 2019
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Looking for deeper insight on markets? In tonight’s Closer sent to Bespoke Institutional clients, while it may have been a quiet day in equities before a massive amount of earnings in the days to come, credit was a different story. High Yield credit fell from open to close for its fifth straight day and the yield curve has steepened, we explain what this could mean going forward. Next, we cover risk sentiment as seen through the VIX. Turning to macroeconomic data, we look at today’s Chicago Fed National Activity Index release which came in weaker than forecast with a revision lower. We finish with a look at our Beige Book Index, updated with last Thursday’s release.
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