Euclid Investment Advisory Blog

Review & Analysis at Close October 10, 2022

Comments

US markets, Europe and China again lost ground last week, despite Monday's rally. Their strategic long-term trends continue down. The markets have declined over 25% in the past three quarters. And the Fed shows no sign of blinking.

Equities
For the last five days, Energy rose 10.7%, Industrials +0.32% while Tech fell 2.66%; Gold Miners -3.59%     
Utilities --5.15%, Real Estate - 6.68%. The Volatility Index VIX rose to 32.56.


Bonds
The 10-year US Treasury Yield rose slightly today, but still down from September 27 high of 3.992%. The 2-year US Treasury Yield rose again today, echoing the Fed's uniform fighting inflation mantra. The 2-yr yield's rise remains parabolic.

The 10-2 year Yield curve remains inverted; spread decreased slightly to -0.41.

Currencies
Currencies vs. US Dollar: The Australian Dollar, British Pound, Japanese Yen and the Euro continue Bearish trends vs. the US Dollar.

The bullish US Dollar, which was very overbought, pulled back to just overbought. It remains in a long-term uptrend.

Gold remains in a Bearish trend as does Base Metals and Copper. West Texas Oil turned Bullish.

Market breadth indicators deteriorated and are at the bottoms of their respective ranges.

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