{"id":112563,"date":"2021-11-24T00:57:38","date_gmt":"2021-11-24T05:57:38","guid":{"rendered":"https:\/\/ibkrcampus.com\/?p=112563"},"modified":"2023-02-16T15:02:27","modified_gmt":"2023-02-16T20:02:27","slug":"stock-market-volatility-picks-up-on-november-23-as-financial-conditions-tighten","status":"publish","type":"post","link":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/stocks\/stock-market-volatility-picks-up-on-november-23-as-financial-conditions-tighten\/","title":{"rendered":"Stock Market Volatility Picks Up On November 23 As Financial Conditions Tighten"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">Stocks \u2013 ROKU, PYPL, BABA<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Macro \u2013 SPY, HYG, LQD<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">If you were only watching the stock market today, then you missed the carnage that continues in the bond market and is now spilling into the corporate and high yield markets. The HYG and LQD ETFs fell again today, and both ETFs saw considerable damage.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The LQD today fell below $131 and may now be very well heading towards $130, a sign that rates on corporate bonds are now on the rise.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1100\" height=\"810\" data-src=\"\/campus\/wp-content\/uploads\/sites\/2\/2021\/11\/1-Corporate-Bond-ETF-2-1100x810.png\" alt=\"Corporate Bond ETF\" class=\"wp-image-112566 lazyload\" data-srcset=\"https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2021\/11\/1-Corporate-Bond-ETF-2-1100x810.png 1100w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2021\/11\/1-Corporate-Bond-ETF-2-700x515.png 700w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2021\/11\/1-Corporate-Bond-ETF-2-300x221.png 300w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2021\/11\/1-Corporate-Bond-ETF-2-768x566.png 768w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2021\/11\/1-Corporate-Bond-ETF-2.png 1320w\" data-sizes=\"(max-width: 1100px) 100vw, 1100px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 1100px; aspect-ratio: 1100\/810;\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">All of this tells us that financial conditions are now tightening in anticipation of a Fed that will be more hawkish in 2022. Tomorrow may prove to be the nail in the coffin for the doves, with the Fed minutes coming out at 2 PM. Fed governors Clarida and Bostic may have provided a message when they recently said a faster taper may be warranted or something to that effect.&nbsp;Tomorrow, I expect the Fed minutes to indicate that a faster taper will be discussed at the next FOMC meeting. Given the Fed left the optionality for a faster taper in the FOMC statement from the November meeting, it seems highly likely the language in the minutes will be decisive. That will give the market until December 15 at 2 PM to break Powell into submission and not taper faster. Especially when today\u2019s flash PMI data was weaker than expected and indicated the US economy slowed in November.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">It may not seem evident when looking at the broader averages, but in the bond ETFs, the dollar index, and the Treasury market, you see massive shifts taking place. All of this is pointing to tightening financial conditions, which are not favorable for stocks.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-s-p-500-spy\">S&amp;P 500 (SPY)<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">As I noted in today\u2019s midday write-up for readers of Reading The Markets, the S&amp;P 500 has now seen its RSI, MACD turn lower, a sign of declining momentum. Additionally, the advance\/decline line continues to plunge. Not exactly indicators that suggest the market is ready to race higher.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1100\" height=\"810\" data-src=\"\/campus\/wp-content\/uploads\/sites\/2\/2021\/11\/2-SP-500-8-1100x810.png\" alt=\"S&amp;P 500\" class=\"wp-image-112571 lazyload\" data-srcset=\"https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2021\/11\/2-SP-500-8-1100x810.png 1100w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2021\/11\/2-SP-500-8-700x515.png 700w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2021\/11\/2-SP-500-8-300x221.png 300w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2021\/11\/2-SP-500-8-768x566.png 768w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2021\/11\/2-SP-500-8.png 1320w\" data-sizes=\"(max-width: 1100px) 100vw, 1100px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 1100px; aspect-ratio: 1100\/810;\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">DJ Internet (FDN)<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">More importantly, look at the DJ Internet Index (FDN); today is closed on support at $233, and more importantly, right on an uptrend that dates back to September 2020.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1100\" height=\"810\" data-src=\"\/campus\/wp-content\/uploads\/sites\/2\/2021\/11\/3-First-Trust-DJ-Internet-Infex-Fund-2-1100x810.png\" alt=\"First Trust DJ Internet Index Fund\" class=\"wp-image-112574 lazyload\" data-srcset=\"https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2021\/11\/3-First-Trust-DJ-Internet-Infex-Fund-2-1100x810.png 1100w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2021\/11\/3-First-Trust-DJ-Internet-Infex-Fund-2-700x515.png 700w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2021\/11\/3-First-Trust-DJ-Internet-Infex-Fund-2-300x221.png 300w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2021\/11\/3-First-Trust-DJ-Internet-Infex-Fund-2-768x566.png 768w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2021\/11\/3-First-Trust-DJ-Internet-Infex-Fund-2.png 1320w\" data-sizes=\"(max-width: 1100px) 100vw, 1100px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 1100px; aspect-ratio: 1100\/810;\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">PayPal (PYPL)<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">PayPal is hanging for dear life around this $190 region. It needs to hold here, or this thing is toast. Last week, I noted some bullish option buying in this stock, but I don\u2019t know. I\u2019m getting concerned about it.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1100\" height=\"810\" data-src=\"\/campus\/wp-content\/uploads\/sites\/2\/2021\/11\/4-PayPal-1100x810.png\" alt=\"PayPal\" class=\"wp-image-112575 lazyload\" data-srcset=\"https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2021\/11\/4-PayPal-1100x810.png 1100w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2021\/11\/4-PayPal-700x515.png 700w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2021\/11\/4-PayPal-300x221.png 300w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2021\/11\/4-PayPal-768x566.png 768w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2021\/11\/4-PayPal.png 1320w\" data-sizes=\"(max-width: 1100px) 100vw, 1100px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 1100px; aspect-ratio: 1100\/810;\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">Alibaba (BABA)<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Today, I noted that Alibaba looks like it wanted to fill the gap back in 2017. That\u2019s just brutal.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1100\" height=\"810\" data-src=\"\/campus\/wp-content\/uploads\/sites\/2\/2021\/11\/5-Alibaba-4-1100x810.png\" alt=\"Alibaba\" class=\"wp-image-112580 lazyload\" data-srcset=\"https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2021\/11\/5-Alibaba-4-1100x810.png 1100w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2021\/11\/5-Alibaba-4-700x515.png 700w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2021\/11\/5-Alibaba-4-300x221.png 300w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2021\/11\/5-Alibaba-4-768x566.png 768w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2021\/11\/5-Alibaba-4.png 1320w\" data-sizes=\"(max-width: 1100px) 100vw, 1100px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 1100px; aspect-ratio: 1100\/810;\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">Roku (ROKU)<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Well, Roku is now at the point where it is $228. It could be a do or die moment for the stock as it sinks into oblivion on its way to $193 and then $151. The RSI doesn\u2019t tell me this stock is close to a bottom yet. It may get a dead cat bounce, but not the bottom.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1100\" height=\"810\" data-src=\"\/campus\/wp-content\/uploads\/sites\/2\/2021\/11\/6-ROKU-1100x810.png\" alt=\"ROKU\" class=\"wp-image-112581 lazyload\" data-srcset=\"https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2021\/11\/6-ROKU-1100x810.png 1100w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2021\/11\/6-ROKU-700x515.png 700w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2021\/11\/6-ROKU-300x221.png 300w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2021\/11\/6-ROKU-768x566.png 768w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2021\/11\/6-ROKU.png 1320w\" data-sizes=\"(max-width: 1100px) 100vw, 1100px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 1100px; aspect-ratio: 1100\/810;\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Originally Posted on November 23, 2021&nbsp;\u2013 <a href=\"https:\/\/mottcapitalmanagement.com\/stock-market-volatility-picks-up-on-november-23-as-financial-conditions-tighten\/\">Stock Market Volatility Picks Up On November 23 As Financial Conditions Tighten<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>If you were only watching the stock market today, then you missed the carnage that continues in the bond market and is now spilling into the corporate and high yield markets.<\/p>\n","protected":false},"author":17,"featured_media":112570,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[15,18,6,8,9,22,26,3],"tags":[982,1321,6916,4047,1150,262],"contributors-categories":[13718],"class_list":["post-112563","post","type-post","status-publish","format-standard","has-post-thumbnail","category-fixed-income","category-macro","category-north-america","category-region","category-securities","category-stocks","category-text-articles","category-traders-insight","tag-baba","tag-hyg","tag-lqd","tag-pypl","tag-roku","tag-spy","contributors-categories-mott-capital-management"],"pp_statuses_selecting_workflow":false,"pp_workflow_action":"current","pp_status_selection":"publish","acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.9 (Yoast SEO v28.4) - 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is now spilling into the corporate and high yield markets.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/stocks\/stock-market-volatility-picks-up-on-november-23-as-financial-conditions-tighten\/\" \/>\n<meta property=\"og:site_name\" content=\"IBKR Campus US\" \/>\n<meta property=\"article:published_time\" content=\"2021-11-24T05:57:38+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-02-16T20:02:27+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2021\/11\/2-SP-500-7.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1320\" \/>\n\t<meta property=\"og:image:height\" content=\"972\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Michael Kramer\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written 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