Stocks keep wining streak alive, reaching 7 days. I'm sure hoping stocks keep winning, I'd certainly hate to see bonds or commodities make it to the super bowl this year. All the talk of the stock winning streak just feels like such a sports headline, but I guess that makes sense given gambling on the stock market is up there as one of America's pastimes.
Yields higher by 3-4bps to start the day, the 2Y is 4.95% and the 10Y is 4.59%. Across the pond, Eurozone inflation expectations rose to 4%, up from 3.5% in August, perhaps inflation is a tricky puzzle. Oil continues to confuse investors, as crude trades around $76 down ~15% over the last couple weeks as markets seemingly discount risk to oil from the war in the middle east.
On the day we get Powell at 915 (he's just opening speaker at a Fed conference), tons of Fedspeak including Vice Chair Jefferson and the 10Y Note auction.
XTOD: There have been two times in the past 40 years when the S&P 500 rose for 7 straight days following a 100-day low. The first was on March 20, 2003. It marked the end of that bear market. The other was today.
XTOD: Nintendo shares jump in Tokyo, rising the most since December 2020 after the firm announced it's making a live-action Zelda movie
XTOD: Syphilis cases in US newborns rise 10-fold over a decade http://reut.rs/3SwJWYv
XTOD: More people are failing to make on-time auto loan and credit card payments. “Despite sub-4% unemployment, delinquencies on auto loans and credit cards continue to rise sharply:”
@Lavorgnanomics writes, citing Q3 data just released by the NY Fed
XTOD: 'Net interest costs have surpassed 14% of revenues, historically the inflection point for a shift from fiscal accommodation to fiscal austerity. Essentially, tension is building up over how the federal gov. will pay for all the things that it's doing.'
XTOD: The significant November move down in both yields and oil prices, which is continuing today, is helpful for both the economy and most financial asset classes …with an important cause/effect qualification: that their impact is not overwhelmed by them ending up as an accurate forecast for significant economic softness.
XTOD: NY Mets owner Steve Cohen unveils $8 billion, 50-acre investment around CitiField.
Will include a Hard Rock Hotel & Casino + sportsbook, restaurants, bars and a live music venue. Also 20 acres of public park space.
XTOD: Come on, Charles Schwab! 😡 You jammed 20 different ETFs in a $50k taxable robo account?! That is just irresponsible. This is perfect example of complexity for job security. In Schwab’s case, high fees on the 10% in cash at Schwab Bank, and 11 of 20 investments are Schwab ETFs.
XTOD: Oil prices dying by death of a thousand cuts. Goldman's latest Oil tracker also supports the view that the "cuts haven't been cuts of late" as oil supply increases collides with lower oil demand (refinery turnaround season).
XTOD: This is going to be an interesting story once all of the details come out. The gossip is that a couple offices got raided, but who knows. I also imagine if you're getting blacklisted by Freddie, then you're probably also not doing deals with Fannie anymore.
Link in the comments. Here's a link to the article:
https://therealdeal.com/new-york/2023/11/07/meridian-capital-under-investigation-by-freddie-mac/
XTOD: They’re blaming Mr. Beast for giving 500,000 people clean drinking water because it correctly showed how easy it could be done and how useless, wasteful and corrupt government can be.
XTOD: Morgan Housel: "I’m not interested in anything that’s not sustainable. Friendships, investing, careers, podcasts, reading habits, exercise habits. If I can’t keep it going, I’m not interested in it.
I think the only way to do that is if you are going out of your way to live life at 80-90% potential. If you’re always trying to squeeze out 100%, almost certainly it’s going to lead to burnout, whether it’s a friendship or a relationship or an investing strategy. If you’re a type A person, it’s almost impossible to do. But going out of your way to live life at 80% has always been a strategy that I want to do just because I want to keep it going for a long time." ....
"It’s super dangerous to attach your identity to something that’s unsustainable, whether it’s being a model or having a certain career, having an investing strategy. If you attach your identity to something that you cannot sustain when it ends, you’re going to be morally crushed. It’s just going to destroy you.
Back to investing, the variable that I want to maximize for is how long can I do this for? It’s not, can I earn the highest returns? It’s, can I maintain this investing strategy for another 50 years? And I know that I could earn a higher return this year and over the next five years if I did something different, but I’m way less confident that I could keep it going and sustain it. And I think it’s the same for relationships."
@morganhousel via @tferriss
https://x.com/jasongoepfert/status/1722001456813727857?s=20
https://x.com/GearoidReidy/status/1722050646260826378?s=20
https://x.com/Reuters/status/1721989381345476991?s=20
https://x.com/jessefelder/status/1721890620409786496?s=20
https://x.com/lisaabramowicz1/status/1721960985445969991?s=20
https://x.com/elerianm/status/1721947719550300631?s=20
https://x.com/darrenrovell/status/1721926074244694445?s=20
https://x.com/Rick_Ferri/status/1721946828390715463?s=20
https://x.com/OpenSquareCap/status/1721952380932243670?s=20
https://x.com/RothCRE/status/1721881762018791636?s=20
https://x.com/Geiger_Capital/status/1721996257009225956?s=20
https://x.com/NeckarValue/status/1721998885097250854?s=20
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