{"id":42965,"date":"2019-01-19T09:52:03","date_gmt":"2019-01-19T14:52:03","guid":{"rendered":"https:\/\/olduvai.ca\/?p=42965"},"modified":"2019-01-19T09:52:03","modified_gmt":"2019-01-19T14:52:03","slug":"weekly-commentary-monetary-disorder-2019","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=42965","title":{"rendered":"Weekly Commentary: Monetary Disorder 2019"},"content":{"rendered":"

Weekly Commentary: Monetary Disorder 2019<\/a><\/h3>\n
The S&P500 advanced 6.5% in 2019\u2019s first 13 trading sessions. The DJ Transports are up 9.2% y-t-d. The broader market has outperformed. The small cap Russell 2000 sports a 9.9% gain after 13 sessions, with the S&P400 Midcap Index rising 9.3%. The Nasdaq Composite has gained 7.9% y-t-d (Nasdaq100 up 7.2%). The average stock (Value Line Arithmetic) has risen 9.7% to start the year. The Goldman Sachs Most Short index has jumped 13.6%.<\/p>\n

Some of the sector gains have been nothing short of spectacular. This week\u2019s 7.7% surge pushed y-t-d gains for the Bank (BKX) index to 13.7%. The Broker\/Dealers (XBD) were up 5.3% this week \u2013 and 11.0% so far this year. The Nasdaq Bank index has a 2019 gain of 11.3% (up 4.9% this week). The Philadelphia Oil Services index surged 22.3% in 13 sessions. Biotechs (BTK) have jumped 16.1%.<\/p>\n

Taking a deeper dive into y-t-d S&P500 sector performance, Energy leads the pack up 11.2%. Financials have gained 9.0%, Industrials 8.9%, Consumer Discretionary 8.4%, and Communications Services 7.9%. Last year\u2019s leaders are badly lagging. The Utilities have gained only 0.4%, followed by Consumer Staples up 3.2% and Health Care gaining 4.2%.<\/p>\n

Canadian stocks have gained 6.9% (\u201cBest Start to Year Since 1980\u201d). Mexico\u2019s IPC Index has risen 6.3%. Major equities indices are up 6.1% in Germany, 7.6% in Italy, 6.2% in Spain, 3.6% in the UK and 3.1% in France. European Bank stocks have gained 5.3% (Italy\u2019s banks up 5.1%). Brazil\u2019s Ibovespa index has gained 9.3% and Argentina\u2019s Merval 15.9%. Russian stocks are up 4.9%, lagging the 7.9% gain in Turkey. The Shanghai Composite has recovered 4.1%. Hong Kong\u2019s Hang Seng index has rallied 4.8%, with the Hang Seng Financial Index up 5.1% to start the year. With WTI crude surging 19% y-t-d, the Goldman Sachs Commodities Index is up a quick 10.4% to begin 2019.<\/p><\/div>\n

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After trading as high as 3.25% on November 6th, 10-year Treasury yields ended 2018 at 2.69%. Yields traded quickly sank to as low of 2.54% on January 3rd and have since rallied to 2.79% – up 10 bps y-t-d.<\/div>\n
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\u00a0\u2026click on the above link to read the rest of the article\u2026<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Weekly Commentary: Monetary Disorder 2019 The S&P500 advanced 6.5% in 2019\u2019s first 13 trading sessions. The DJ Transports are up 9.2% y-t-d. The broader market has outperformed. The small cap Russell 2000 sports a 9.9% gain after 13 sessions, with the S&P400 Midcap Index rising 9.3%. The Nasdaq Composite has gained 7.9% y-t-d (Nasdaq100 up […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[7756,24041,1849,24040],"class_list":["post-42965","post","type-post","status-publish","format-standard","hentry","category-economics","tag-credit-bubble-bulletin","tag-financial-marekts","tag-financial-markets","tag-monetary-disorder"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/42965","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=42965"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/42965\/revisions"}],"predecessor-version":[{"id":42966,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/42965\/revisions\/42966"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=42965"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=42965"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=42965"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}