Weekly Memorandum 11/8/2021

Equities across the board scored new all-time highs last week, as they closed at their highest weekly and daily levels in history. This is nothing short of bullish, and further serves to solidify the market's uptrend. We've also seen growth, tech, and consumer discretionary stocks start to pull away in terms of outperformance compared to the rest of the market. This is likely stemming from the rally in bond prices ever since the Fed announced their plans to begin tapering QE immediately last week.


The last time the Fed underwent a tapering cycle, it led to a bond and multi-month rally in bond prices. This is something on our radar again, and the price action last week suggests this is a very real possibility. Precious metals also saw nice bids come through, as they continue to trade in a positively correlated manner with metals.


Crude Oil pulled back a bit last week, but finished well off the week's lows. The dollar continues to trade in a bullish manner overall. Grain markets continue to display weakness, while livestock markets showed some strength. Cryptocurrencies were also strong, with Ethereum hitting a new all-time high, and Bitcoin testing its all-time high this morning.

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