The DC Today - Monday, October 9, 2023
The Dividend Cafe
The Dividend Cafe - The Bahnsen Group
4.9 • 572 Ratings
🗓️ 9 October 2023
⏱️ 12 minutes
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Summary
Today's Post - https://bahnsen.co/3tpEJXU
All attention this weekend immediately moved Saturday morning to the unspeakable attacks on Israel by Hamas, the declaration of war to protect themselves by Israel, and speculation as to what the ramification would be. I assure you ample commentary is provided on those subjects in this edition of The DC Today,
An important thing to note today: the stock market was open, but bond markets (and banks) were not. There is obviously action in the bond futures world (indicating yields down and prices up), but with no cash market bond action it is simply a distorted and weird day. It only happens twice every year (Columbus Day being one of them), but it basically never happens following a weekend of such global turmoil. As an earnest believer in price discovery, I feel somewhat limited in terms of thoughts and deeds when all useful information is not actually available.
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. |
| 0:14.8 | Well, hello and welcome to the Monday edition of DC Today. It's a very odd Monday for a number of reasons. And I'm going to |
| 0:22.8 | just kind of get right into it. I probably will not hit all the bullet points on the podcast here |
| 0:28.9 | that are covered in the written DC Today. But I want to hit some of the major issues. The first |
| 0:36.0 | thing that I want to point out is that today is Monday, |
| 0:39.1 | October 9th, which is Columbus Day. And so banks were closed today and the bond market was closed |
| 0:46.4 | today. But the stock market was open. And this only happens twice in any given year. |
| 0:55.5 | Columbus Day being one of them. |
| 1:01.6 | I think it is a very frustrating set of circumstances, but this is the first time I can remember where it's happened right after a tremendous event like the unthinkable attack |
| 1:10.2 | on Israel from terrorist group Hamas over the weekend that has |
| 1:14.2 | resulted in a really significant warlike escalation in the Middle East. And yet we don't have a bond |
| 1:23.8 | market open today to process and price some of that. And I'm going to focus my comments |
| 1:31.4 | today on stock market ramifications. And yet I just want you to know that there would be more |
| 1:38.2 | to say if there was more price discovery. But when you have stocks open and bonds not, it is somewhat distortive. And I've |
| 1:46.0 | always said this. I've probably written this, you know, 20 years of this happening or maybe |
| 1:51.0 | less than that, but it's been a number of years. And yet, the significance of it in a daily |
| 1:59.0 | today, I think, is more enhanced. |
| 2:06.7 | Basically, just let me get some easy stuff out of the way. |
| 2:12.6 | Futures last night when they opened, and again, this vicious assault on Israel from a Mastu place Saturday, and there was a lot of speculation as to where oil markets would go and |
| 2:17.2 | where stock markets would go and where stock |
| 2:17.6 | markets would go. And obviously, we're already in the midst of very vulnerable period of time. |
| 2:22.9 | And yet you had futures last night open only down 200 points. And I think a lot of people |
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