DoubleLine’s Jeffrey Mayberry and Samuel Lau run down the reversals during the short market week of June 21-24. Jeff and Sam note the seasonal effect of summer doldrums across the week in which the bulk of market activity occurs right after opening and is then followed by mostly flat lines the rest of the day. In a thematic reversal (1:59), the S&P 500 and Agg were up for the week – as was Bitcoin – while commodities were down, a sector that could have its first negative month since November 2021. It was a relatively sparse week for Macro Land data, with PMI manufacturing and services numbers missing estimates but still in expansionary territory (10:28). While Jeff and Sam are not big on surveys they do take a look at the new University of Michigan Consumer Sentiment Survey, as Fed Chair Jerome H. Powell mentioned the metric at last week’s FOMC press conference (12:11). Next week will bring in some lagging measures (16:10), including durable goods in May and April home prices, as well as Jeff and Sam’s review of the first half of the year. This episode was recorded after market close June 24, 2022.
Mr. Mayberry joined DoubleLine in 2009. He is a Portfolio Manager on DoubleLine’s strategic commodity strategy while working in portfolio management and trading for derivatives‐based and multi‐asset strategies. Mr. Mayberry is a Strategist on the Fixed Income Asset Allocation (FIAA) committee and a contributing member on our Global Asset Allocation and Macro committees. He also co-hosts DoubleLine’s weekly Monday Morning Minutes (Twitter @DLineMinutes, Minutes@Doubleline.com) podcast. Prior to DoubleLine, Mr. Mayberry was a Senior Vice President at TCW for nine years within the Mortgage Group, where he specialized in portfolio and fund monitoring and analytics. He holds a B.S. in Engineering from Harvey Mudd College and an M.S. in Financial Engineering from the Peter F. Drucker Graduate School of Management at Claremont Graduate University.
Mr. Lau joined DoubleLine in 2009. He is a Strategist on the Fixed Income Asset Allocation (FIAA) Committee and a contributing member on the Global Asset Allocation and Macro committees. Mr. Lau is a Portfolio Manager on DoubleLine’s strategic commodity strategy while working in portfolio management and trading for derivatives-based and multi-asset strategies, including DoubleLine's Shiller Enhanced CAPE®, Shiller Enhanced International CAPE®, Real Estate and Income, and Multi-Asset Trend strategies. He also co-hosts the Sherman Show (Twitter @ShermanShowPod, ShermanShow@Doubleline.com) and Monday Morning Minutes (Twitter @DLineMinutes, Minutes@Doubleline.com) podcasts. Prior to DoubleLine, Mr. Lau was a Vice President at TCW where he worked under Jeffrey Gundlach as a Research Analyst in the Mortgage Group. He holds a B.S. from the University of Wisconsin, Madison and an MBA from the Marshall School of Business at the University of Southern California.