Global Economic Overview - 04/10/2023
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Closing Commentary
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Quote of the Day: Know thy self, know thy enemy. A thousand battles, a thousand victories. – Sun Tzu
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Equities: The stocks are under pressure again. The 10 year is above 4.8%. The concerns regarding the cost of capital are real. In addition the national debt is starting to be a real issue. Why it took $33 trillion in debt to cause concern is a mystery. There are structural issues within the economy. The markets are slowing. The demand should slow into the fourth quarter and the Holiday season. The cost of goods will make up for a part of the volume. However, the markets are in a bearish trend. TECHNICAL OUTLOOK - the Dow and the S&P are below the 14, 21, 140-day moving average.
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Fixed Income: The 10 year at 4.8% and climbing. The Bonds remain entrenched in a down move. The interest rates continue to climb. The job openings fuels further concerns over inflation. In addition the cost of energy has the market thinking the fed may have more work to do. TECHNICAL OUTLOOK - The Bonds are well below the 14, 21, 140-day moving average.
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Energy: The Crude is higher today in anticipation of the OPEC meeting tomorrow. The market has had a significant rally. It may take a new development to move through $90 per barrel. In addition the current concerns over the global economy is hanging over the market. The market may break back a bit more unless the meeting tomorrow is bullish. The macro trend remains up. TECHNICAL OUTLOOK - The market dipped below the 14, 21-day moving average.
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