November 2022

The Week Behind The major indices slept Monday through Wednesday only to fall out of bed midday Thursday and continue falling into Friday. About halfway through Thursday’s session, the selling started as investors decided the risk-reward was skewed against them. Friday’s 8.6% Headline vindicated Thursday’s action and begot more selling, which petered out around noon.…

The Week Behind Courtesy of Friday’s sell-off on the backs of MU and AAPL, all the major indices closed the week in the red. DOW down 0.9%; NASDAQ down 1.0%; S&P down ~1.2%. Highlights: Although Friday’s session was poor, overall, the market continued its recent trend of ending up despite bad news. On Wednesday, we…

The Week Behind Markets showed signs of life last week.  Why The Reversal? Around 12 PM on Tuesday, it appeared as though the market may collapse on itself, digesting the implications of SNAP’s “rapidly deteriorating macro”, which echoed WMT and TGT messaging surrounding the quarter’s undoing in April. The consumer was finally crumbling under inflationary…

The Week Behind In another tough week for stocks, all the major indices closed the week down ~3%. On Monday, the 10-year fell to ~2.7%. However, equities, even the IR-sensitive NASDAQ, failed to stage a convincing bounce. Turnaround Tuesday lived up to its name as Shanghai was awarded “0-COVID” status, fueling hopes that shutdowns in…

The Week Behind This was another week that index investors could have slept through and woke up to relatively unchanged investments: S&P down 94bps; DOW down 95bps; NASDAQ down 157bps. Admittedly, it did not feel that way.  Monday’s session featured recessionary positioning as everything aside from classic staples – ex) Campbells, Clorox, Kraft – found…

The Week Behind At the beginning of the week, all eyes were on the FED. Bears and bulls were placing their bets on one of two seemingly binary outcomes. The bears called for the next big leg lower. The bulls called for the start of a sharp, May-contained rally. Neither came to fruition. This provides…

The Week Behind Last week was painful. Depending on the index, it was either the worst week since COVID or the Great Financial Crisis of 2008. Unique dynamics were at play each session. A lot of information to digest, but let’s focus on the following: The Big-Tech Recap Overall, I think big tech earnings came…

The Week Behind Before diving into the broad market sell-off that dominated the Thursday and Friday sessions, let’s quickly recap the three earning prints I mentioned last week: BAC, TSLA, and CLF. Thursday and Friday both featured similar action. Indices opened higher on strong earnings from bellwether companies, only to gradually fall 1-2% into the…

The Week Behind In the shortened trading week, the NASDAQ underperformed the DOW and S&P 500. NASDAQ ended down ~2%, S&P down ~1%, and DOW was about even. The bear market continued in bonds as the 10 year treasury broke above 2.8%, recording a multi-year high. In my view, this was a continuation of positioning…

The Week Behind Last week, the markets were extremely FED-focused as they struggled to find a posture through a difficult wave of FED-messaging.  As per bonds, the bear market continued as rates rose across the curve. The 10-2 year spread uninverted.  The Week Ahead We are at the beginning of another earnings season. Banks will…