Bespoke’s Weekly Sector Snapshot — 4/18/24
B.I.G. Tips – Mega-Cap Earnings
Bespoke’s Morning Lineup – 4/18/24
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.
“Far more money has been lost by investors preparing for corrections, or trying to anticipate corrections, than has been lost in corrections themselves.” – Peter Lynch
Below is a snippet of commentary from today’s Morning Lineup. Start a two-week trial to Bespoke Premium to view the full report.
Futures are trading slightly higher this morning, but that’s nothing new as we’ve seen a number of days in the last week or two start higher only to roll over and sell-off into the close. We cover the recent intraday selling on page four of this morning’s report.
At the end of March, most US equity index ETFs were trading in overbought territory, but now it’s the opposite as shown in the snapshot from our Trend Analyzer below. Small-caps and the Dow are at the most extreme oversold levels.
The percentage of stocks in the S&P 500 that are overbought versus oversold has completely flipped as well, with 46% of the index now oversold compared to just 6% that remain overbought.
For much more analysis of global equities and economic readings released this morning, read today’s full Morning Lineup with a two-week Bespoke Premium trial.
The Closer – Whole Curve Oversold, Beige Book, Fund Flows – 4/17/24
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Looking for deeper insight into markets? In tonight’s Closer sent to Bespoke Institutional clients, we start with a look at how oversold Treasuries have become as well as the wide spread between the percentage of S&P 500 stocks trading above their 200- and 50-DMAs (page 1). We then provide a quantitative look at the Beige Book (page 2). Next, we give an update on ETF and mutual fund flows (pages 3 and 4) before closing out with rundowns of today’s 20 year bond reopening (page 5) and the latest petroleum inventory data (page 6).
See today’s full post-market Closer and everything else Bespoke publishes by starting a 14-day trial to Bespoke Institutional today!
Daily Sector Snapshot — 4/17/24
Bespoke Baskets Update — April 2024
Chart of the Day – Bonds Left Bleeding
Fixed Income Weekly — 4/17/24
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 each week. 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.
Our Fixed Income Weekly helps investors stay on top of fixed-income markets and gain new perspectives 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 for the next two weeks!
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Bespoke’s Morning Lineup – 4/17/24 – Quiet But Positive
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.
“Houston, we’ve had a problem here.” – Jack Swigert, Apollo 13 Astronaut
Below is a snippet of commentary from today’s Morning Lineup. Start a two-week trial to Bespoke Premium to view the full report.
There’s not a lot of news to speak of this morning, but that isn’t stopping futures from drifting higher. Treasury yields, crude oil, and gold are all little changed with a negative bias. Mortgage applications increased in the latest week even after yields surged, but other than that, the economic calendar is empty for the rest of the day.
54 years ago today, Americans were glued to their TVs anxiously watching as Apollo 13 splashed down in the Pacific Ocean after a troubled six-day mission in space. While the world breathed a sigh of relief as Apollo 13 returned safely from orbit and down to Earth, investors today are nervously watching the market as it comes back down to earth. After trading at overbought levels for months, major indices around the world are pulling back and falling from overbought levels and back below their 50-day moving averages. Yesterday, it was the STOXX 600’s turn as the index closed below its 50-DMM for the first time since November 14th.
Yesterday’s decline ended the longest streak of closes above the 50-DMA since June 2017 and just the 11th streak that lasted more than 100 days. The longest of those streaks ended in April 1997 at 160 trading days and also occurred within a year of the second longest streak on record (142 trading days ending on 6/7/1996).
So, when these streaks come to an end, is it a sign of a market calamity on the way? Not necessarily. For more details check out today’s Morning Lineup!
Read today’s entire Morning Lineup.
For more analysis of global equities and economic readings released this morning, read today’s full Morning Lineup with a two-week Bespoke Premium trial.
The Closer – AI’s Alright, Clean Energy Collapse, Canadian CPI – 4/16/24
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Looking for deeper insight into markets? In tonight’s Closer sent to Bespoke Institutional clients, we kick off with a checkup on AI stocks and the latest Fedspeak (page 1). We then take a look at how hard hit clean energy stocks have been (page 2) followed by a dive into Canadian CPI (page 3). We finish with a review of the latest residential construction figures (pages 4 and 5).
See today’s full post-market Closer and everything else Bespoke publishes by starting a 14-day trial to Bespoke Institutional today!