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DoubleLine Podcasts

MMM Episode 71: Summer Doldrums, Reversals and Keeping an Eye on What Powell Is Looking At

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.

The views and opinions expressed herein are as of the date recorded and should not be construed as an offer to buy or sell any securities. Such views/opinions may differ from those of DoubleLine Capital or other of its affiliates and are subject to change without notice. DoubleLine has no obligation to provide any updates or changes. The following audio presentations represent DoubleLine’s intellectual property. No portion of these presentations may be published, reproduced, transmitted or rebroadcast in any media in any form without the express written permission of DoubleLine. DoubleLine has no obligation to provide any updates or changes. To receive permission from DoubleLine please contact [email protected].

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