Topley’s Top 10 – September 1, 2022

1.Bonds See Some Record Outflows this Summer

Loan ETFs Suffer Record Outflows in June

Investors pulled more money than ever before from US-listed ETFs investing in bank loans in June.

With recessionary fears growing and traders seeking the highest quality debt, exchange-traded funds holding loans posted outflows of $2.3 billion in the month, according to data compiled by Bloomberg. That means the cohort has now erased all inflows for the year. At the same time, broad corporate bond ETFs also posted record exits in June with $8.1 billion withdrawn.

Elsewhere, aggregate debt funds saw the weakest inflows since Covid hit in 2020 as just $90 million was added. Cash-like, ultra-short duration products attracted $6.9 billion in an 18th straight month of inflows.

2. Follow Up from Yesterday’s Chart on Shipping Rates….LA Ports Clear for Xmas…8 Ships in Queue

Brendan Murray

3. Gold Miners Making New Lows Despite War, Inflation Above 6%, and Stock Bear Market

GDXJ Junior Miners New Low

GDX Large Cap Miners New Lows

4. Inflation Adjusted CapEx for Energy Stocks at Lows….

From Kailash Concepts

5. Short Interest in Stocks Remains Low….Hedge Funds Using Futures?

From Callum Thomas Weekly Chart Storm…Short Interest Short of Interest:  Did short selling die in 2020?

(or is it just resting, like in 2000?)

Source:  @MikeZaccardi

6. Strongest Earnings Sector 2022 by Far is Energy…

Earlier this week we showed Energy sector had highest dividends

LPL Research

7. China Still by Far Largest Manufacturer in the World and They are Moving up the Value Chain.

Capital Group

China has moved up the manufacturing value chain

Source: Capital Group, based on reports from Euromonitor, SNE Research and company filings. Data as of May 2021 and reflect approximate figures.

8. 30 Year Mortgage 5.5%

Today’s mortgage and refinance rates:

Molly Grace and Laura Grace Tarpley, CEPF 

Mortgage rates spiked last week and remain elevated this week.

Average 30-year mortgage rates had been relatively low for most of August, even dipping below 5% a few times. But as the Federal Reserve gears up for another large hike to the federal funds rate next month, rates have trended up.

9. Housing Sentiment Falls to Lowest Level Since 2011


10. To Flourish, Humans Are Motivated by Four Universal Needs

Psychology Today. Are you satisfying these needs at work? Could you?  Michael W. Wiederman 


  • Psychology research has revealed four universal human needs related to flourishing and living one’s best life.
  • Although these needs are not necessary for survival, they are necessary for job satisfaction.
  • Whether for yourself or those you lead, the set of universal human needs is a useful checklist for evaluating the likelihood of job satisfaction.

One area of psychological research focuses on people’s needs, which lead to motivations. Results indicate that there are universal needs that transcend cultures and history, motivating humans in general to do what it takes to satisfy them. Primary on the list are survival needs, such as food, water, shelter, and safety. Once these needs are met, however, what does it take for people to flourish, feeling most engaged and that they are living their best life?

The Big 4 Universal Needs Related to Flourishing

Different writers may use varied terminology to describe what has become known as the “Big 4” universal human needs or motivations. I’ve taken the liberty of using pairs of terms that each start with the letter C, with hopes that doing so makes them more memorable. (There is no particular order of importance on this list.)

·  The first we might refer to as Contribution or Calling. That is, we need to feel as though our life has meaning or purpose. That isn’t to say that it has to be a grandiose sense of importance, but rather that what we do means something to others or to the world generally; that what we do is productive and purposeful.

·  The second universal need we might call Choice or Control. Generally we prefer more rather than less choice and more control over what we do and how we do it. In fact, humans tend to actively resist encroachment on their autonomy.

·  The third universal need could be termed Competence or Capability. That is, it is important to feel as though we do a pretty good job at what is important to us, and perhaps at least as important is the perception that we are improving or have opportunities to grow more effective.

·  Last on our list is Connection or Community. It’s not that we need to be liked by everyone, but it is important to have a set of people who like and respect us; a group we consider our tribe.

These Big 4 universal needs or motivations apply to all of us, but there is probably variation in their relative importance to each person. If I asked you to rank order the four from most to least important, your rankings would probably not perfectly match mine.