The DC Today - Monday October 10, 2022
The Dividend Cafe
The Dividend Cafe - The Bahnsen Group
4.9 • 572 Ratings
🗓️ 10 October 2022
⏱️ 19 minutes
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Summary
I am not sure I have complained enough about the absurdity of having a day when the stock market is open and the bond market is not. Columbus Day is this odd anomaly where they honored the great explorer in financial markets in the most convoluted way possible – by taking away banking transactions and bond activity but by having stock exchanges open (for those who have not read my prior writings on such a thing, it is highly distortive to markets, as many financial actors function in both spaces at once, so lose use of the left hand while they continue to use their right hand). That said, today was such an absurd day.
I did write a Dividend Cafe Friday with more information about the bear market in which we find ourselves, and the historical lessons that may be useful as we proceed through this. The video is here with the same comments on podcast here.
I was on CNBC this morning giving my feedback to comments the media was running with from Jamie Dimon (the CEO of JP Morgan). My first comment was spot on. My second comment was spot on. And my third comment was about to hit the ball out of the park, when all of a sudden …. (you’ll have to see).
Off we go …
Links mentioned in this episode: TheDCToday.com TheBahnsenGroup.com
Transcript
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| 0:00.0 | Welcome to the Dividing Cafe weekly market commentary focused on dividends in your portfolio and dividends |
| 0:07.6 | in your understanding of economic life. |
| 0:12.6 | Hello and welcome to the Monday edition of the DC today. There's a little more to go through today |
| 0:20.4 | than normal coming out of a weekend and with |
| 0:23.5 | just sort of a variety of topics I chose to address in the Monday written DC today, which, |
| 0:29.5 | as is the case, every Monday, stays with the legacy format that had a lot more topics and items to address. I want to make the point for podcast |
| 0:41.6 | listeners that I made in the written DC today. Today is Columbus Day and it is one of these |
| 0:48.7 | extraordinarily rare moments in which, for whatever reason, they choose to have the bond market closed and the stock |
| 0:55.6 | market open. It's combined with banks being closed. So it just makes for a very odd day, |
| 1:03.7 | you have a lot of financial actors, not at their desks. You have a lot of capital markets, |
| 1:14.6 | actors that are kind of able to use one hand and not the other which causes them to use neither and you get a lot of arbitrage trading that tries to take |
| 1:22.1 | place around these inefficiencies so I wouldn't read much in anything you don't really need to do |
| 1:27.4 | when you |
| 1:28.2 | already have so much excitement of markets anyways. But just to give you kind of a quick |
| 1:33.4 | update of these last 24 hours, futures opened as they always do Sunday night at 6 o'clock |
| 1:39.4 | p.m. Eastern. And they were down about 200 points and finding an equilibrium with futures and fair value |
| 1:47.9 | took a couple hours. And I don't really know why. But futures went up from there, but stayed |
| 1:55.9 | down net net. By the time I went to bed, they were pointing down a hundred and then they were close |
| 2:02.7 | to even in a very early in the morning and then open the market itself opened up over a hundred |
| 2:09.1 | points okay so you had some weird pre-market action sunday night monday morning nothing |
| 2:14.4 | strange there um and then you had a market that was up 100. Zign and |
| 2:20.0 | Zagdenzagged a bit throughout the morning. And it was somewhere around 9.45 or so Pacific time, |
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