Euclid Investment Advisory Blog

Review & Analysis at Close November 15, 2021

Comments

We don't see it yet in our analyses, but many are questioning the implications of the huge increase of options trading - much of it by folks who didn't have an account a year ago. We see many market commentaries, in addition to articles appearing in the financial press, e.g., Wall Street Journal, Barron's, etc. along these lines. Then there is the pure speculation and insane prices for non fungible tokens, crypto currencies, social media driven meme stocks, and an IPO launched for an EV truck startup valued more than Ford and GM combined. Speculation seems spreading into the broader society. The trend remains up though, and as market trend followers rather than predictors, we remain fully invested subject to changes in the market.

Equities

The S&P 500, the NASDAQ Composite continue strategic Bullish advance; Europe resumed in an uptrend; Emerging Markets on Bull alert; China remains Bearish.

Equity Styles: Large Cap Growth continues leading Large Cap Value and Mid and Small caps.

Ranked Sectors:

  • Leaders- Technology, Consumer Discretionary, Real Estate;
  • Laggards - Health Care, Consumer Staples, Communication Services, Utilities

Bonds

The 30-year US Treasury yield rose to its slightly negative Long Term trend; the 10-year US Treasury yield increased above its rising Long Term trend; the 2- year US Treasury yield rose again, and the trend is up.

The Yield Curve flattened further in the past week; however a bottoming pattern is emerging.

Currencies vs. the US Dollar

The Australian Dollar weakened slightly; the Euro, British
Pound and Yen all continued weakening. 

The US Dollar vs. basket of major currencies: the US Dollar continued its uptrend, and broke through the September '20 high of 94.68; next resistance zone: 96.34 - 97.64.

Gold rose sharply to short-term overbought but remains in long-term bottoming pattern. Watch for breakout. Gold mining are stocks rising.

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