The Dividend Cafe - The DC Today - Thursday, March 9, 2023

Episode Date: March 9, 2023

Today's Blogpost - https://bahnsen.co/3YGi43n A big market sell-off again now means the market has gone up 1,000 points and down 1,000 points in the last nine days. And Happy Anniversary (14 years ago today) to the generational market bottom in 2009 out of the Great Financial Crisis! Links mentioned in this episode: TheDCToday.com DividendCafe.com TheBahnsenGroup.com

Welcome to the DC Today, your daily market synopsis of the Dividend Cafe, brought to you every Monday through Thursday to bring you up-to-date information and perspective on financial markets. Well, hello and welcome to the Thursday edition of DC Today. I am going quickly now because I need to go jump on a plane tonight from JFK back to Southern California. And yet the market today got plenty of attention down 542 points in the Dow. Most of that in the last couple hours of the day. The market now went up a000 points since March the 1st and then has come down 1,000 points. So you're talking about kind of a round trip, but up 1,000, down 1,000 all in nine days. So interpret that how you want. Either be really happy that nothing has happened in nine days or be really sad how bad it's been for a few days

or be happy how good it was before that or just don't have any opinion about any of it, which, by the way, is the subject of tomorrow's Dividend Cafe. I will tease it up for you tomorrow, the logic of and sensibility of short-term market calls and where perhaps longer-term market call might make more sense in this current environment. But that to say, the jobs reports coming tomorrow, and I do think you get a lot of enhanced volatility these days in the days before and oftentimes the day of various announcements that may be perceived as catalytic to Fed activity, whether it be the CPI number, which comes Tuesday or the jobs number coming tomorrow. So we shall see what comes to the BLS jobs number. I stand in the corner of hoping people

didn't lose jobs and hoping new jobs get created. And other people do not stand in that corner. The S&P was down more than the Dow. It was almost 2%, 1.86%. The NASDAQ was down over 2%. The very best sector, and that's not a typo, the top performing sector today was utilities, down 0.84%. The worst performing sector was financials, down 4%. So just real big issues right now in the banks and some of the interest rate sensitive parts of financials. But then bonds rallied nicely today. You had the largest drop in a single day I can remember in both the six month and one year, the short term yields.

And the two year and fiveyear were down 17 basis points. So you just had a big move in, let me confirm I'm giving you even the right maturities here. I'm almost positive I didn't screw that up, but I want to be careful. Something gave me pause. Yeah, the two-year down 19 basis points. I said six-month and one-year. The two-year down 19 basis points, the said six months and one year, the two year down 19 basis points, the five year down 14, the three year down 19. So, you know, right there in the middle there, the two, three, five years, huge rally. Cause remember the yields coming down means the bond price is coming up. So the 10 year was down about six, seven basis points today, down to 3.9%. So really big rally in the bond market today, even as those other elements that I talked about with stocks got hit pretty hard.

What else is worth covering? I mean, I really do think that we wait for the jobs report tomorrow. We go from there. And I look forward to you guys getting dividend cafe tomorrow, talk about something much more sensible and important. And then I want to close up by saying happy anniversary. What anniversary is it? It's March the 9th. It's only 14 years, so it's kind of not a huge number like 5 and 10 and 20. But 14 years ago today, it was March 9th, 2009,

and that was, wait for it, the bottom of the market in the great financial crisis. March 6th, we had the generational bottom. And March 9th, we came in and closed at then what would become the first movement higher, starting the rally that took us out of the financial crisis. March the 9th, 2009, 14-year anniversary today. Thanks for listening to, watching, reading the DC Today. Look forward to Dividend Cafe tomorrow, and we shall take any questions you have and answer them as we always do. Take care. The Bonson Group is a group of investment professionals registered with Hightower

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