Quick Hits: for the Week of 10/9/22

Weekly Market Report

  • We started this month and quarter with a bang up over 5% Monday and Tuesday, then gave most of it back by the end of the week, ending +0.27%.
  • Jobless Claims hit a 5 month low of 219,000. While this is good for those seeking jobs, it goes counter to the Fed’s desire to curb inflation. As a result of this, the current thinking is that the Fed will stay on course to raise rates aggressively. This seems to have spooked the market.
  • SPY is hanging on by a thread trading above the 200 SMA and June lows.
  • The VIX retreated slightly, but we’re still over 30. High volatility is the new normal.
  • BTC continued to trade around 19K.
  • Also beating the S&P were commodities such as precious metals and crude: silver was up over 5%, gold was up about 2%, and crude was up a whopping 15% — driving the Energy sector (XLE).

SPY

SPY
SPY had a wild ride this week. It gained more than 5% early in the week, then gave almost all of it back, ending the week up +0.27%. Closing on Friday at 362.79, it closed above the 200 SMA (358.66) and a hair above the June lows of 362.17.

Bitcoin

BTC
Still stuck in the 19,000 range, and trading below the 200 day SMA.

 

 

Yields

Yields

Volatility

VIX
While it may not feel like it, the VIX actually retreated -0.79% this week.

 

Fear and Greed
CNN Fear and Greed Index retreated 15 points from last week, which in the dashboard below represents more fear, not less.

Dollar

DXY
After a giving back a little last week, the dollar managed to claw itself back up .10% this week. It remains strong. Why do we care? A strong U.S. dollar could be bad for large-cap multinationals like 3M & PG because it makes American goods more expensive overseas.

Leave a Comment

%d bloggers like this: