The DC Today - Wednesday, September 27, 2023
The Dividend Cafe
The Dividend Cafe - The Bahnsen Group
4.9 • 572 Ratings
🗓️ 27 September 2023
⏱️ 11 minutes
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Summary
Today's Post - https://bahnsen.co/3rtSIve
The market opened up a bit and got up nearly -150 points before dropping nearly -300 points (an intra-day swing of over -400 points) before rallying back a few hundred points and closing down just -68 points.
Who knows what the next two trading days hold but right now the only asset class on my screen up on the month is the DOLLAR. Bonds, Gold, Europe, Emerging, TIPS, Small Cap, Tech. Utilities – you name it, all down. The dollar, up nicely (DXY).
At this time we expect the government shutdown will kick in on October 1 (this Sunday).
Jamie Dimon, CEO of JP Morgan, said yesterday that if rates were to get to 7% you would see a deflationary asset unwind and a lot of asset bubbles burst. The media ran with the comment as if he were predicting that rates would go to 7%, which of course, he was not.
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. |
| 0:14.4 | Hello and welcome to the Wednesday, D.C. today. We just now have two days left in the third quarter, two days left in the month of |
| 0:23.4 | September. And today we got a little whipsaw within the day. Let me just quickly go through |
| 0:30.0 | the market highlights and low lights of the day and then talk about a few things. The Dow opened up this morning and got up as much as |
| 0:40.9 | about 150 points. It fell 300, almost 300 points from there and then went up almost 300 points. |
| 0:49.2 | And it closed down 68. But you had over 400 points of intraday up and down movement. |
| 0:58.3 | And so there was a bit of volatility up and down within the day. |
| 1:02.8 | The S&P closed dead flat, I mean flat, flat, flat, and the NASDAQ closed up 22 basis points. |
| 1:11.5 | So all of the indices remain down on the month. |
| 1:16.3 | And the only thing on my screen, now again, I'll give a quarter end more holistic summary |
| 1:23.1 | of this next week because who knows where things go in the next two days. |
| 1:27.1 | But right now on the month, |
| 1:29.3 | you have gold down, you have bonds down, you have global bonds down, and tips, inflation |
| 1:35.6 | protected bonds are down, tech down, utilities down. And yet the dollar, the U.S. dollar is what is up on the month. And I don't |
| 1:49.0 | really see any other asset class of note that is up. So not a lot of people would have predicted |
| 1:56.5 | the U.S. dollar being the big performer here. I think it's now up a little over 6% since it had kind of |
| 2:04.3 | hit this little cyclical low back in July. And there's some currencies that it's up almost 10% |
| 2:11.2 | against in that time period. So on the day, though, when I talk about s mb being kind of flat and the dow barely being down |
| 2:20.2 | after being up and down hundreds of points you had energy up two and a half percent on the day |
| 2:26.7 | and maybe that's not a big surprise when oil was up a massive 3.65 percent w t i crude closed |
| 2:33.4 | well over ninety three dollars a barrel getting close to $94 a barrel. |
| 2:37.9 | So this is another major story and needs to be understood. |
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