Unintended consequences …
Nice relief rally early in the week on account of oil pulling back, respectively heightened hopes for a cease-fire in the Ukraine …
Meanwhile, Russia keeps shelling Kjiv… while we are otherwise told Ukrainian troops are pushing Russia’s army back from the area
10 year yield up to 2.53 … remember when it was a case of some stating that past 2% it was going to be a problem?
Vix below 20 – who would have thought? in the midst of a brutal war …
Oil down SPR release – ending the week just a tad under USD100 / barrel. the US of course now promising to release some SPR barrels, to the tune of as much as one million barrels a day for the next 6 months. Course the administration is also blaming the industry for not cranking up production. How about not vilifying the industry and stopping begging Saudis for Oil … (a request they duly ignored) …
$TSLA stock split – with the announcement pushing the stock up as much as 8% higher the past Monday …
Canada and emissions … Gov wants 40% drop by 2030 at the same time as they seem to finally be getting the message that Canada needs to produce more oil
Yield curve flattens … inversion has ALWAYS preceded recessions … and we apparently inverted this past week …
Europe will (?) escape recession … so says one of the policy makers there, pointing to the fact that the economy had good momentum exiting 2021.
TD ETFs – announces unit consolidation => click HERE!
Weekly performance – Thematic; Sectors; Factors:
- Rare week when growth fared better on a relative basis …
- strong materials performance this past week. Gold also worth nothing – with stocks (XGD) outperforming the metal … which some will interpret as being bullish 🙂
- Decent performance this past week for both ARK as well as Travel …
YTD performance – Thematic/Sectors/Factors:
- Leadership unchanged: Energy; Materials; and Financials – though for the latter the question could be: what of that flattening yield curve?
- Thematics still on sale versus Dec 31, 2022
- Growth and ESG lagging market and all other factors on this chart …