“Smalls, Oil & Expansion” Vista Partners Daily Market Recap 9/9/19

By John Heerdink LinkedIn

It was a day that saw the “smalls” or Russell 2000, the small-cap stock market index representing the bottom 2,000 stocks in the Russell 3000 Index,  lead the way and look very strong closing up 1.3% at 1,524.23 up 19.06 points. However, the balance of the markets, the “bigs”, sort of limped along today after the recent swing higher. The S&P 500 lost .28 points or .01% to end the session at 2,978.43. The Dow gained 38.05 points closing at 26,835.51 up .14% and a smidge closer to the 27k level.  The tech-heavy Nasdaq closed at 8,087.44 down .19% or 15.64 points. 

Oil jumped as well closing at $57.87/bbl up 2.5%. The move came about post-OPEC long with allies would proceed in cutting production levels to assist in balancing global oil markets. Chevron (CVX) moved higher by .96% closing at $119.39/share & Exxon (XOM) closed higher by .79% closing at $71.49/share.  Occidental Petroleum (OXY) closed at $44.97/share up .67% after its recent sale of $13 billion of debt to fund their Anadarko Purchase.

Treasury yields moved lower today. The 2-yr Treasury yield closed at 1.57% up .05 & the 10-yr yield finished higher at 1.62% up .07. The U.S. Dollar Index closed at 98.42 flat today.

Economy

The US Consumer credit report exhibited a rise of $23.3B in July which is the largest expansive move since July 2018. Will the consumer be able to repay? Will they not? Know one really knows but one thing is certain if that credit is flowing which means buying in the near term.

The U.K. economy helped growth views today as the Office of National Statistics (ONS) confirmed an expansion occurred in the June to July at a rate of 0.3%

Germany kicked its two-cents of postive feelings as it exceeded expections of July exports as it rose .7% m/m in July, on a seasonally adjusted basis,

Volatility 

Volatility bets were mixed today.   The CBOE Volatility Index (VIX) closed at $15.27share up 1.80% or $.27/share. The 2x leveraged ETF TVIX  closed at $14.78/share down 1.66% or $..25/share and traded tightly between $14.50 and $15.57 today.

Metals & Mining

Gold prices closed sharply down today at $1502.9/oz. Silver closed down as well at $18.18/oz. Hecla Mining Company (HL) closed at $1.75/share down 2.78%. First Majestic Silver closed lower at $9.73/share down 1.43%.

Vista Partners LLC (”Vista”) is a California Registered Investment Advisor based in San Francisco. Vista delivers timely and relevant insights via the website: www.vistapglobal.com with daily stories, weekly market updates, monthly macroeconomic newsletters, podcasts, & Vista’s proprietary equity and market research to help you stay informed and stay competitive. Vista’s mission is to invest partner capital while arming investors with a comprehensive global financial perspective across all market sectors. Vista also seeks to provide select issuers with actionable advice regarding fundamental development, corporate governance, and capital market directives.

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