Chart of the Day: Banks Playing Catchup
The Bespoke Report 2021 — Sectors
Our 2021 Bespoke Report market outlook is the most important piece of research that Bespoke publishes each year. We’ve been publishing our annual outlook piece since the formation of Bespoke in 2007, and it gets better every year! In this year’s edition, we’ll be covering every important topic you can think of that will impact financial markets in 2021.
The 2021 Bespoke Report contains sections like Valuation, The Fed, Sector Technicals and Weightings, COVID, Dollar & Stocks, Yield Curve & Fed, Commodities, and more. We’ll also be publishing a list of our favorite stocks and asset classes for 2021 and beyond.
We’ll be releasing individual sections of the report to subscribers until the full publication is completed by year-end. Today we have published the “Sector Weightings and Technicals” section of the 2021 Bespoke Report, which looks at historical trends in weightings for S&P 500 sectors, long-term sector chart patterns, and 2020 correlations across sectors and asset classes.
To view this section immediately and all other sections, become a member with our 2021 Annual Outlook Special!
2021 Outlook – Commodities
Our 2021 Bespoke Report market outlook is the most important piece of research that Bespoke publishes each year. We’ve been publishing our annual outlook piece since the formation of Bespoke in 2007, and it gets better every year! In this year’s edition, we’ll be covering every important topic you can think of that will impact financial markets in 2021.
The 2021 Bespoke Report contains sections like Valuation, The Fed, Sector Technicals and Weightings, COVID, Dollar & Stocks, Yield Curve & Fed, Commodities, and more. We’ll also be publishing a list of our favorite stocks and asset classes for 2021 and beyond.
We’ll be releasing individual sections of the report to subscribers until the full publication is completed by year-end. Today we have published the “Commodities” section of the 2021 Bespoke Report, which discusses the performance of the broad commodities markets in 2021. We review the performance of specific commodities this year, as well as very long-term price trends and charts. We finish up with looks at the energy trade balance as well as the surging share of renewable energy production in the US.
To view this section immediately and all other sections, become a member with our 2021 Annual Outlook Special!
2021 Outlook – COVID
Our 2021 Bespoke Report market outlook is the most important piece of research that Bespoke publishes each year. We’ve been publishing our annual outlook piece since the formation of Bespoke in 2007, and it gets better every year! In this year’s edition, we’ll be covering every important topic you can think of that will impact financial markets in 2021.
The 2021 Bespoke Report contains sections like Valuation, The Fed, Sector Technicals and Weightings, Stock Market Sentiment, Dollar & Stocks, Yield Curve & Fed, Commodities, and more. We’ll also be publishing a list of our favorite stocks and asset classes for 2021 and beyond.
We’ll be releasing individual sections of the report to subscribers until the full publication is completed by year-end. Today we have published the “COVID” section of the 2021 Bespoke Report, which discusses the pandemic’s impact on 2020, the outlook for vaccines, current status of the disease in the US and around the world, and which changes wrought by COVID are likely to stick around longer than the virus.
To view this section immediately and all other sections, become a member with our 2021 Annual Outlook Special!
Bespoke’s Morning Lineup – 12/21/20 – Selling the News
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 free trial to Bespoke Premium. CLICK HERE to learn more and start your free trial.
“The path to innovation begins with curiosity” – Robert Iger, The Ride of a Lifetime
After opening right around the flat-line Sunday evening, futures plummetted overnight right in unison with the European open as fears over the spread of a ‘mutant’ more contagious strain of COVID in the UK have prompted travel restrictions into and out of the country. While the COVID news in the UK seems like a reasonable catalyst, we have a hard time squaring that with the fact that the UK news was out early Sunday and futures opened last night flat to slightly higher. A more likely explanation may be the fact that investors are taking profits into what will be an illiquid close to the year.
Be sure to check out today’s Morning Lineup for updates on the latest market news and events, a recap of the fiscal deal in Washington, an update on the latest national and international COVID trends, and much more.
The charts below show the S&P 500’s daily performance over the last six months and on an intraday basis for the last 15 trading days. After taking today’s declines into account, the S&P 500 will open the week for trading right about where it was ten days ago. Based on just the opening levels at least, today’s weakness will do little to break any significant support levels.
Bespoke Brunch Reads: 12/20/20
Welcome to Bespoke Brunch Reads — a linkfest of the favorite things we read over the past week. The links are mostly market related, but there are some other interesting subjects covered as well. We hope you enjoy the food for thought as a supplement to the research we provide you during the week.
While you’re here, join Bespoke Premium with a 30-day free trial!
Data
I Was the Homeland Security Adviser to Trump. We’re Being Hacked. by Thomas P. Bossert (NYT)
A hack disclosed this week impacting FireEye, SolarWinds, and eventually clients that include large swathes of the US government has exposed critical data to hackers, likely from Russia. [Link; soft paywall]
Magnetic tape has a surprisingly promising future (The Economist)
Data storage technology that brought recorded music to cars via 8-tracks and cassettes has a promising future as a way to cheaply store very large volumes of information. [Link; soft paywall]
Disputes
An Agent’s Mistake Cost an N.B.A. Player $3 Million. He Paid Him Back. by Sopan Deb (NYT)
Twenty years ago, Anthony Carter’s agent forgot to formally exercise the player’s option to remain with the Miami Heat. Two decades later, his agent has finally made him whole. [Link; soft paywall]
Sorting Out Tony Hsieh’s Estate, From LLCs to Thousands of Sticky Notes by Kirsten Grind and Katherine Sayre (WSJ)
The co-founder of Zappos.com had a complicated web of commitments: real estate, angel fund commitments, and businesses of all kinds that were part of his orbit. The estate is now struggling to digest all of the various dealings of the late entrepreneur. [Link; paywall]
Remote Work
Fleeing New Yorkers resulted in an estimated $34 billion in lost income -study by Jonnelle Marte (Reuters)
With tens of thousands of New Yorkers moving from the city due to the pandemic – or other factors which were around before COVID – the city is losing out on billions in economic activity. [Link]
The Work-From-Home Boom Is Here to Stay. Get Ready for Pay Cuts by Noah Buhayar (Bloomberg)
With many employees leaving large, expensive metros in order to weather the pandemic, employers are starting to push back with salary cuts. [Link; soft paywall]
Where Tech Workers Are Moving: New LinkedIn Data vs. the Narrative by Alex Kantrowitz (Substack)
While Texas and Florida are cited as hot destinations for tech workers, smaller and less-discussed metros are bigger beneficiaries of movement of employees in the industry. [Link]
Hot Stocks
Taking Psychedelics (Seriously) by Birb Bernanke (Substack)
Like pot stocks before them, companies focused on novel uses for psychedelic drugs are starting to get attention. This primer is useful background on the drugs some are working on and the stocks that might benefit. [Link]
Elon Musk Has Made Millionaires Out of His Most Loyal Fans by Dana Hull (Bloomberg)
Tesla (TSLA) is up over 700% this year, making millionaires out of ordinary people who put pretty modest amounts of cash into the volatile and dramatic shares. [Link; soft paywall]
How Moderna’s Vaccine Works by Jonathan Corum and Carl Zimmer (NYT)
A helpful rundown of the science of mRNA vaccines, which are being used by Pfizer/BioNTech and Moderna to roll out their inoculations for COVID. [Link; soft paywall]
Wealthy countries block COVID-19 drugs rights waiver at WTO – sources by Emma Farge (Reuters)
The EU, US, UK, and others are blocking developing nations’ efforts to use COVID vaccine intellectual property to speed inoculations of their populations. [Link]
Prognostications
Clueless About 2020, Wall Street Forecasters Are at It Again for 2021 by Jeff Sommer (NYT)
Best efforts are not enough for strategists that try and figure out where the market is headed. 2020 was the perfect example, but investors are once again getting estimates for 2021 that have to rely on a truly heroic amount of guesswork. [Link; soft paywall]
Retail
U.K.’s Largest Rolex Retailer Lifts Forecast as Demand Improves by Corinne Gretler (Bloomberg)
Swiss watch retailer Watches of Switzerland raised its guidance for revenue after an impressive first half that points to strengthening momentum in the high-end watch market. [Link; soft paywall, auto-playing video]
Sustainability
Valeo is revolutionizing e-bike drivetrains (Valeo)
Auto parts company Valeo has developed a 48 volt combined motor and gearbox for bikes that automatically detects the amount of electrical assistance needed by a given rides. [Link]
Policy Design
Use It or Lose It: Tenant Aid Effort Nears a Federal Cutoff by Conor Dougherty (NYT)
Tenant relief programs run at the local level have struggled to push aid granted by the federal government out the door thanks to the combination of state and federal requirements on means testing. [Link; soft paywall]
Long Reads
Murder In Malta by Ben Taub (NYer)
A refusal to let sleeping dogs lie led the family of a murdered journalist to uncover the killers, in the process bringing down the entire Maltese government. [Link]
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Have a great weekend!
2021 Outlook – Google Search Trends
Our 2021 Bespoke Report market outlook is the most important piece of research that Bespoke publishes each year. We’ve been publishing our annual outlook piece since the formation of Bespoke in 2007, and it gets better every year! In this year’s edition, we’ll be covering every important topic you can think of that will impact financial markets in 2021.
The 2021 Bespoke Report contains sections like Valuation, The Fed, Sector Technicals and Weightings, Market Cycles, Stock Market Seasonality, Housing, Commodities, and more. We’ll also be publishing a list of our favorite stocks and asset classes for 2021 and beyond.
We’ll be releasing individual sections of the report to subscribers until the full publication is completed by year-end. Today we have published the “Google Search Trends” section of the 2021 Bespoke Report, which shows Google Trends data on a variety of topics impacted by the COVID-19 pandemic.
To view this section immediately and all other sections, become a member with our 2021 Annual Outlook Special!
2021 Outlook – Dollar & Stocks
Our 2021 Bespoke Report market outlook is the most important piece of research that Bespoke publishes each year. We’ve been publishing our annual outlook piece since the formation of Bespoke in 2007, and it gets better every year! In this year’s edition, we’ll be covering every important topic you can think of that will impact financial markets in 2021.
The 2021 Bespoke Report contains sections like Valuation, The Fed, Sector Technicals and Weightings, Stock Market Sentiment, Stock Market Seasonality, Housing, Commodities, and more. We’ll also be publishing a list of our favorite stocks and asset classes for 2021 and beyond.
We’ll be releasing individual sections of the report to subscribers until the full publication is completed by year-end. Today we have published the “Dollar & Stocks” section of the 2021 Bespoke Report, which discusses the performance of the US dollar in 2020, the implications of its level and change in 2020 for the stock market, and the outlook for the greenback in the new year.
To view this section immediately and all other sections, become a member with our 2021 Annual Outlook Special!
2021 Outlook – Sentiment
Our 2021 Bespoke Report market outlook is the most important piece of research that Bespoke publishes each year. We’ve been publishing our annual outlook piece since the formation of Bespoke in 2007, and it gets better every year! In this year’s edition, we’ll be covering every important topic you can think of that will impact financial markets in 2021.
The 2021 Bespoke Report contains sections like Valuation, The Fed, Sector Technicals and Weightings, Market Cycles, Stock Market Seasonality, Housing, Commodities, and more. We’ll also be publishing a list of our favorite stocks and asset classes for 2021 and beyond.
We’ll be releasing individual sections of the report to subscribers until the full publication is completed by year-end. Today we have published the “Sentiment” section of the 2021 Bespoke Report, which recaps trends and levels of various gauges of sentiment and discusses what these levels mean for the market and economy going forward..
To view this section immediately and all other sections, become a member with our 2021 Annual Outlook Special!
2021 Outlook – Market Cycles
Our 2021 Bespoke Report market outlook is the most important piece of research that Bespoke publishes each year. We’ve been publishing our annual outlook piece since the formation of Bespoke in 2007, and it gets better every year! In this year’s edition, we’ll be covering every important topic you can think of that will impact financial markets in 2021.
The 2021 Bespoke Report contains sections like Valuation, The Fed, Sector Technicals and Weightings, Stock Market Sentiment, Stock Market Seasonality, Housing, Commodities, and more. We’ll also be publishing a list of our favorite stocks and asset classes for 2021 and beyond.
We’ll be releasing individual sections of the report to subscribers until the full publication is completed by year-end. Today we have published the “Market Cycles” section of the 2021 Bespoke Report, which recaps historical bull and bear markets and compares the current run off the March low to other significant rallies in the past.
To view this section immediately and all other sections, become a member with our 2021 Annual Outlook Special!