DISCLAIMER: This note is intended for US recipients only and, in particular, is not directed at, nor intended to be relied upon by any UK recipients. Any information or analysis in this note is not an offer to sell or the solicitation of an offer to buy any securities. Nothing in this note is intended to be investment advice and nor should it be relied upon to make investment decisions. Cestrian Capital Research, Inc., its employees, agents or affiliates, including the author of this note, or related persons, may have a position in any stocks, security, or financial instrument referenced in this note. Any opinions, analyses, or probabilities expressed in this note are those of the author as of the note's date of publication and are subject to change without notice. Companies referenced in this note or their employees or affiliates may be customers of Cestrian Capital Research, Inc. Cestrian Capital Research, Inc. values both its independence and transparency and does not believe that this presents a material potential conflict of interest or impacts the content of its research or publications.
Market Update - Thursday 23 Feb
At the moment the major indices are engaged in a tug-of-war between bears who believe that the 10-year yield is going to keep rising and that this will necessarily hit equities hard - and bulls who believe that the yield may rise, inflation may not reach the declared-ideal resting state of 2% pa and thus the Fed funds rate nay not in fact fall back to 2% or anything close to that, but that equities will rise anyway.
As always the market will tell us which is correct. For now, what we saw yesterday was the digestion of FOMC minutes - a largely nothingburger day trending slightly down - then reversed by the earnings print from $NVDA, a key semiconductor stock whose movements are germane to the Nasdaq at large - which per the current earnings season in tech saw weak numbers rewarded by a +8% stock pop.
Onto our daily larger- and smaller-degree index and crypto charts. These are for our paying members only. You can upgrade from the free version of this newsletter right from the button below.