25 Jan 2024
European natural gas prices have fallen massively from 2022 levels, so why is German manufacturing doing so badly?
Because - even with all the declines since 2022 - naturalgas prices are over 60% ABOVE their historical averages. That's a huge adverse energy shock hitting Europe. Source: Robin Brooks
25 Jan 2024
The Nasdaq 100:
- if you bought at the December 2022 low, you are up 64% - if you bought at the 2021 high. you are up 5%. - if you bought at March 2020 lows, you are up 150% Source: Bespoke, TME
25 Jan 2024
Smart money is extremely bearish
Source: Game of Trades
25 Jan 2024
Average 3-month ATM implied volatility (max/min range since 2008)
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25 Jan 2024
'The Nasdaq 100 valuation has disconnected from real rates.'
Source: The Daily Shot, Win Smart
25 Jan 2024
Depressed China
China as % of global net exposure is at the lowest levels in "modern times". Source: Goldman Sachs, TME
25 Jan 2024
Mega Cap Tech stocks are approaching an all-time valuation relative to commodities that was last seen during the Dot Com Bubble
Source: Bloomberg, Barchart
25 Jan 2024
There are now 7 comps in the Trillion Dollar Club again. Meta has passed the $1tn mark, and Microsoft is now worth $3tn for the 1st time ever
Note that saudi aramco is the only non-US one Source: Holger Z, Bloomberg
