Euclid Investment Advisory Blog

Review & Analysis at Close July 11, 2022

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Equities

US Equities: Weekly change as of July 11: S&P 500 +0.78%, NASDAQ 100 +2.45%, NASDAQ
Comp. 2.27%; VIX fell 1.99% to 26.7.

China had gains up through Friday, had loss today, down 4.98% for week. Europe fell 2.69%.
Weekly change as of July 11: Tech +2.85%, Consumer Discretionary +1.68, Health Care +0.56%, Communication Services +0.31%, Financials -0.19%, Consumer Staples -0.57%, Real Estate -0.87%, Industrials -0.89%, Materials -1.75%, Utilities -2.21%, Energy -3.18%.

Second-quarter earnings reports begin this week. Of greatest concern is forward guidance.

Sector Strategic Trend Score: Ten Bearish, one Bull Alert (Health Care). The 2-10 year Yield Curve is inverted: spread -0.08.

 

Bonds

The 10-year US Treasury yield fell to 2.991%, down from recent peak of 3.483%. The 2-year US Treasury yield fell to 3.07% down from recent peak 3.45%. Yields momentum has turned down.

 

Currencies
Currencies vs. US Dollar: The Australian Dollar, the Euro, the British Pound, and the Japanese Yen remain in long-term Bearish trends vs. the US Dollar. The Euro reached parity with US $.

The US Dollar surged, closing at 107.83. Gold is in a Bearish downtrend, closing at 1,143, down from its 1,930 peak on May 9.

Commodities: Base metals fund (Cu, Al, Zn) and Copper are in sharp Bearish downtrends,
both are oversold. Oil settled at 104.09 just above slightly rising 26-week support line.

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