Quick Hits for the Week of 10/2/22
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Comparison is the thief of joy, yet we do it to ourselves every day.
Weekly Market Report
The Fed's closely monitored Personal Consumption Expenditures price index rose 0.6% showing a continued rise in inflation.
SPY lost -3.62%, trading under the 200 SMA.
The S&P 500 volatility index as represented by the VIX was up over 14%.
The 10 year and 2 year rates declined slightly, while the 30 year rate went up a few bps.
Bitcoin spent most of the week in the 19K range, losing -0.31%, but outperformed the S&P 500.
Gold was up 0.5%, while gold miners GDX, and GDXJ were up between 4% and 5%.
The Dollar began to show some weakness.
Energy started to show strength, up over 2% for the week while Utilities were down over 8%.
Broke below the 200 day SMA on the weekly.
Having some trouble getting out of the 19,000 range.
Energy and LLY were the winners for the week.
Yields & Rates
The 10 vs 2 spread retreated ever so slightly but we still remain inverted.
Massive 14% uptick in volatility, touching almost 35 this week.
The US Dollar
The dollar is finally starting to show some weakness.
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