Seleccionar página

Week of December 16th – 20th

  • There are just six trading days left in 2019, and the market doesn’t seem to be able to stop going higher. The Dow Jones Industrial Average rose 78.13 points on Friday, finishing the week up 319.71 points, or 1.1%, at a record high of 28,455.09. Meanwhile, the S&P 500 gained 1.7% on the week, to 3221.22, as the Nasdaq Composite leapt 2.2%, to 8924.96
  • Some 2020 preview, stay long but nimble. Run a barbell portfolio. Sell some US Eq and buy EU with a tilt towards UK. EM very laggard, add with a tilt to Brazil and Mexico. EM Debt OK.
  • Argentina 
  • Netflix breaks down the numbers. Stock was up 12% on the week
  • Year-end repo stress is more likely to be triggered by balance-sheet pressures than a lack of liquidity, as banks may have less capacity to intermediate, NatWest Markets said, after a record low takeup at yesterday’s term repo. Curvature said that if the term repos switch to undersubscribed, it either means most year-end funding is fulfilled or banks are close to balance-sheet limits. 
  • Curve steepening has been dramatic. This is very good for banks, and the market knows it.
  • Impeachment and the Markets. 
  • Energy is the big loser of the year. Oil was steady but the shares did not perform.
  • The deal with China is more about oil than soybeans it seems.