"A Rotational Week" Week in Review

What This Video Is About

This video is a market review for October 23rd, covering the rotation effects in stocks, credit default swaps, and Treasury bond yields. The speaker, John Muso, discusses the strange week in the market, with the Russell index up almost 2% and the Dow up about half a percent, while the NASDAQ and S&P were down.

Major Ideas Discussed

• The market is concerned about big tech companies and their ROI, which got overshadowed by good earning results earlier in the week.
• Credit default swaps indicate more risk in the market, with a big uptick in swaps for Oracle and SpaceX bonds.
• Treasury yields have declined, with the 10-year yield now below 5%, and the municipal yield curve has seen significant drops, particularly in the short end.
• The long end of the MUN market with 5% yields is still attractive.
• The market shifted this week, with Treasury bonds having their best day in over a year and yields declining, while oil prices increased but were ignored by the market.

What to Watch Next

The upcoming Fed meeting will be closely watched, with the market not expecting a rate hike and Chairman Walsh taking a wait-and-see attitude. Key things to watch include how the voting went at the Fed meeting, whether there were any dissents, and the tone of the Fed's statement and what it means for future rate hikes.