Monday, August 7, 2023

Morning Note: Weekly Sector, Region, Asset Class Results Update

Asian stocks were mixed overnight, with 8 of the 16 markets we track closing higher.

Europe's leaning green so far this morning, with 11 of the 19 bourses we follow trading up as I type.

US equity averages (save for the small caps) are up to start the session: Dow by 246 points (0.70%), SP500 up 0.54%, SP500 Equal Weight down 0.03%, Nasdaq 100 up 0.46%, Nasdaq Comp up 0.22%, Russell 2000 down 0.31%.

As for Friday’s session, US equity averages traded lower: Dow down 0.4%, SP500 down 0.5%, SP500 Equal Weight down 0.5%, Nasdaq 100 down 0.5%, Nasdaq Comp down 0.4%, Russell 2000 down 0.2%.

This morning the VIX sits at 16.81, down 1.70%.

Oil futures are down 1.22%, nat gas futures are up 4.35%, gold's down 0.56%, silver's down 1.72%, copper futures are down 0.69% and the ag complex (DBA) is up 0.18%.

The 10-year treasury is down (yield up) and the dollar is up 0.16%.

Among our 34 core positions (excluding options hedges, cash and money market funds), 17 -- led by URNM (uranium miners), JNJ, VNM (Vietnam equities), Range Resources and XLI (industrial stocks) -- are in the green so far this morning... The losers are being led lower by MP Materials, Dutch Bros, SLV (silver), Albemarle and ICLN (clean energy stocks).

"...observation tells the story about what is being observed."

"...if you come to it with a conclusion, if you come to it with some purpose, like making money or whatever it is, then you don't see the movement of the cell itself changing."

" a scientists looking through a microscope, if he projects what it should be, or what it might be, it remains as is, because he's dictating what it should be... Whereas if he's not dictating, he's just looking, that very thing at which he's looking at through a microscope begins to change, begins to move."

--J. Krishnamurti

With regard to investing, I think one of the most difficult tasks is to view the data, the trends, the signals for what they actually are, or how they actually lean, versus how we want or fear them to be... If we can't transcend our personal biases we run the serious/dangerous risk of misunderstanding the true risk/reward setup.

Have a great day!

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