I just discovered a new index. I often look at the CNN Fear/Greed index as a gauge of sentiment in equities. It swung to fear territory Friday but has since bounced back to neutral. I’ve now discovered that there is a Fear/Greed Index for Bitcoin. And wouldn’t you know that after its worst weekly plunge all year, the index is at a fear reading of 37. The last time it was this low was in March during the Silicon Valley Bank Collapse. Bitcoin is up nearly 20 per cent since then.
The bond market has notched five consecutive weekly declines, with the U.S. 10-year is hitting the highest level since late 2007. The S&P 500 is trading around a one month low and is down three weeks in a row. The TSX is at a two-month low with nearly 75 per cent of the index down 10 per cent or more from their 52-week high. Today we got another debt downgrade on a bunch of U.S. banks. S&P Global ratings downgraded five banks and warned about the outlook on several others. The reasons are familiar to us by now: waning deposits, increasing funding costs, declining value of securities.
Microsoft is gaining as it makes concessions in its deal with Activision Blizzard to get approval in the U.K. – the final regulatory holdout.When it comes to the retail sector a clear message is being sent by investors. Sales can be poor, but you must show discipline when it comes to the bottom line. Lowe’s delivered on that front. The home improvement retailer is up after profit beat expectations even as same-store sales declined.
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