The DC Today - Monday, November 27, 2023
The Dividend Cafe
The Dividend Cafe - The Bahnsen Group
4.9 • 572 Ratings
🗓️ 27 November 2023
⏱️ 17 minutes
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Summary
Today's Post - https://bahnsen.co/3sYDwqz
Futures opened last night down -40 points or so, worsened a bit throughout the evening, and this morning pointed again to a down -40 point open pre-market. The market opened pretty flat this morning and just stayed in a tight range to the downside throughout the day. The Dow closed down -57 points (-0.16%) with the S&P 500 down -0.20% and the Nasdaq down -0.07%.
*CNBC, DJIA, Nov. 27, 2023
As a contrarian, I do not like seeing the put/call ratio and bull/bear sentiment be so tilted towards complacency. Even the VIX at $12.69 is pretty surreal. The ten-year bond yield closed today at 4.39%, down almost -10 basis points on the day as the November bond rally continues Top-performing sector for the day: Real Estate (+0.38%) Bottom-performing sector for the day: Health Care (-0.64%)
Links mentioned in this episode: TheDCToday.com DividendCafe.com TheBahnsenGroup.com
Transcript
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| 0:00.0 | Welcome to the DC Today, your daily market synopsis of the Dividing Cafe, brought to you every Monday through Thursday to bring you up-to-date information and perspective on financial markets. |
| 0:13.3 | Well, hello and welcome back to the Monday edition of DC Today. Thanksgiving week is behind us. We are here into the final week of November, |
| 0:23.8 | and we're in our kind of normal Monday edition of DC today. It's actually, as far as these |
| 0:30.7 | Monday editions go, a little shorter than normal. There's a handful of things to be covered. But honestly, in market activity |
| 0:40.8 | right now, things are a tad boring. We had a weird day-to-day in that equity, volatility was quite |
| 0:46.5 | low. The Dow closed down, 57 points. It had opened down around the same. And it didn't move a whole |
| 0:53.6 | lot out of its range on the day. |
| 0:57.3 | So he had a tight range, barely down after a good week, after a good month. |
| 1:02.1 | And yet, the bond market continued to rally. |
| 1:05.3 | I mean, the 10-year was down, the yield was down another almost 10 basis points today. |
| 1:10.6 | So when you have the 10- now at 4.39%, this is actually one of the rare days in the last |
| 1:20.0 | month where stocks did not go up with the bond market as yields fell. |
| 1:25.8 | But again, the market didn't exactly drop much either. The |
| 1:29.3 | S&P was down 20 basis points. The NASDAQ practically flated down just seven basis points. |
| 1:37.0 | So not a lot of action in the market today. One of the things I kind of want to point out for you |
| 1:41.9 | who are listening or watching is the complacency in the |
| 1:46.6 | market right now. I'm not totally loving. And I don't mean, oh, just because markets have done well. |
| 1:51.4 | That part I understand completely based on how yields have gone. Earning season ended. It was a pretty |
| 2:00.6 | benign earning season as these things go. And, you know, |
| 2:04.7 | I can understand the market's beginning to sort of look ahead to the Fed beginning to cut rates next |
| 2:10.7 | year or whatever point that may be. But the put call ratio, which is a way we, one of our sentiment indicators where you're looking at the ratio of people buying puts, which is playing defense versus buying calls, which is playing offense. |
| 2:26.8 | And you get a kind of historical relationship in that ratio. And you do see both 10 day and 20 day put call ratio at very, very low levels. |
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