Market Update - Thursday 2 March 2023

REMEMBER THIS DAY! Cloud Software Propels The Dow Upwards Despite The 10Yr Mooning!

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.

Even Grandpa Needs The Future Sometimes

In a move that will amuse growth folks no end, but irritate the dividend growth orthodoxy in equal measure, Dow futures are up right now.  The other indices are down.  And the reason?  Blowout single-stock earnings from none other than Salesforce ( CRM 0.00%↑ ) which is in fact a Dow name.  That said, founder Benioff leans more Boomer than Zoomer so perhaps this is in fact appropriate.

One last thing before we get to our usual charts.  We're hosting a webinar tonight at 5pm Eastern which you may wish to join - this isn't an Inner Circle service webinar but you're most welcome to attend.  The topic is 'How To Understand The Fed' and it will be presented by Yimin Xu, a former pro rates trader who writes our macro analysis.  You can register at this link if you'd like to join.  If you miss it, we'll share the recording with you after the fact.

OK.  Onto the charts - as usual for our paying members only. Want to step up to a pay membership? You can do so right here.