Euclid Investment Advisory Blog

Review & Analysis at Close March 28, 2022

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Equities

For the week, all US equity indices rose: Russell 2000 +0.56%, S&P 500 +2.59%, NASDAQ Comp +3.67%, NASDAQ 100 +4.24%.

Foreign markets: Europe rose 0.31%, Emerging Markets rose 1.0% and China 1.34%.

  • Equity Style: US large cap Growth indices continue leading Value versions. Small caps are lagging.

  • Sectors- One week price changes: Utilities 3.6%, Real Estate 3.3%, Consumer Discretionary 2.7%, Technology 2.6%, Materials 2.2%, Communication Services 1.8%, Consumer Staples 1.6%, Health Care 1.06%, Industrial 0.94%, Financial 0.30%, Energy 0.15%.

Fixed Income
The 30-year US Treasury Yield rose slightly to 2.573 from 2.534. The 10-year US Treasury Yield jumped to 2.444 from 2.315. The 10yr US Treasury Note is short-term oversold. Bond prices fall as yields rise. The volatile 2-year US Treasury Yield again rose sharply to 2.35 from 1.87 last week.

The 2 year-10 year Yield Curve's flattening continued its free-fall. The spread decreased to 0.11 from 0.23.

Currencies
Currencies vs. US Dollar: The Australian Dollar is now strengthening. The Euro, its downtrend appears slowing, fell slightly to 1.099 from 1.102.

US Dollar vs. basket of major currencies: The US dollar, in an uptrend, rose slightly to 99.06 from 98.50. Its advance may encounter resistance at the100 to 100.50 zone.

Gold, after spiking up sharply to 1930 and very overbought, continued pulling back to 1790.6. Its Q1 2020 (Covid era) high was 1944.5.

The US markets, and particularly large cap growth, have improved significantly since their lows of February 24th.

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