Stocks Advance For 7th Straight Month As Yield Curve Crashes To 10 Year Lows
Well that was easy...
Video length: 00:02:44
When does this mouth snap shut?
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Japan wins October... with only two down days all month (the first -0.4% and the 2nd last night -0.003%!)...NKY's best month since Oct 2015
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S&P, Dow, and Nasdaq's best month since February, Trannies were the only major index red with Small Caps bouncing back green today...
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This is the 7th straight monthly advance for the S&P 500 (and Dow) (Last 7 mth, May 2013. Last 8 mth, Jan 2007. Last 9, Mar 1983).. and 11th of the last 12 months up...
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h/t @JohnKicklighter
Tech, Utes, and Financials outperformed in October... Retailers lagged...
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FANG Stocks surged almost 8% in October - 2nd best month ever...
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TSLA ended the month -3%... AMZN up 15%
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Another ugly day for Under Armour... to the lowest since April 2013...
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It was a big month for other assets too...
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- Dollar Index rose 1.7% in October - best month since Nov 2016
- Bitcoin surged 52% in October to a new record high
- 2Y Treasury yield rose 11bps in Oct, 2nd monthly rise in a row to highest monthly close since Sept 2008
- TSY 5s30s curve flattened for 3rd month in a row to flattest monthly close since Oct 2007
- WTI Crude's highest monthly close since June 2015 (up 2 months in a row)
- Gold's first consecutive monthly drop since Dec 2016
Stocks bounced back from yesterday's dip with Small Caps outperforming today and Nasdaq since Friday
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VIX hit a 9 handle early on... bounced... then was pushed back down a 9 handle in the last hour...before rising once again...
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Treasury yields were mixed today (long-end outperforming), echoing the month of October (2Y +11bps, 30Y +1bps)
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With the yield curve starting to re-accelerate flatter...
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The Dollar Index surge in October but has fallen the last 3 days...
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Driven by slump in CAD (offset by strength in CNY)...
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Bitcoin hit a new record high today after news of a Bitcoin Futures contract broke...
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Copper and Crude ended October up 5.3% - oddly the same - with silver and gold stuck at the flatline...
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Just one last thing... While US equity markets had a big October run... all the major US equity indices implied vols rose on the month... led by Small Caps...
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And remember - October was all about China...
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