Monday, November 13, 2023

Morning Note: Sector, Region and Asset Class Results Update

Not much to add this morning to Friday and Saturday's video commentaries...  CPI tomorrow, retail sales Wednesday, earnings announcements, Fed speakers, and, alas, the government shutdown circus I suspect will give us plenty to comment on over the next few days. 

Here's your weekly sector, region and asset class results update (and a quote to ponder):


Asian stocks leaned green overnight, with 9 of the 16 markets we track closing higher.

Same for Europe so far this morning, with 13 of the 19 bourses we follow trading up as I type.

US equity averages are lower to start the session: Dow by 41 points (0.11%), SP500 down 0.36%, SP500 Equal Weight down 0.31%, Nasdaq 100 down 0.51%, Nasdaq Comp down 0.51%, Russell 2000 down 0.62%.

As for Friday’s session, US equities closed higher: Dow up 1.2%, SP500 up 1.6%, SP500 Equal Weight up 1.2%, Nasdaq 100 up 2.3%, Nasdaq Comp up 2.0%, Russell 2000 up 1.1%.

This morning the VIX sits at 14.88.

Oil futures are up 1.11%, nat gas futures are up 4.09%, gold's down 0.12%, silver's down 0.97%, copper futures are up 1.74% and the ag complex (DBA) is up 0.54%.

The 10-year treasury is down (yield up) and the dollar is down 0.09%.

Among our 32 core positions (excluding options hedges, cash and money market funds), 8 -- led by URNM (uranium miners), Range Resources, XLE (energy stocks), DBA (ag futures) and DEM (emerging mkt equities) -- are in the green so far this morning... The losers are being led lower by Dutch Bros, REMX (rare earth miners), XLRE (REITs), LTPZ (long-term TIPs) and VNM (Vietnam equities).

Of all the investment risks we think about, the most dangerous reside in the mind of the investor:
The power of an opinion lies in its indestructibility, once it has been lodged in the mind. --Gustave Le Bon

Have a great day!

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