📢 MICHAEL BURRY HAS SOLD EVERY SINGLE STOCK HE OWNED.
HE DID START A NEW POSITION IN ESTEE LAUDER THATS HIS ONLY CURRENT POSITION 😨 Michael Burry didn’t just trim his longs. He loaded up on PUTS. 🔴 He’s betting against: • $NVDA (900k shares) • $BABA, $PDD, $JD, $BIDU (China) • $TCOM ‼️ Nearly 50% of his portfolio is a short on $NVDA alone. The Big Bear is back🐻 Source: GURGAVIN on X, Michael Burry Stock Tracker
In case you missed it
US Core PPI fell to 2.4%, lower than expectations 👀It is the lowest MoM print since April 2020 lockdowns Here are the PPI details 🥶🥶🥶 PPI MoM: -0.5% vs 0.2% exp. PPI YoY: 2.4% vs 2.5% exp. PPI Core YoY: 3.1% vs 3.1% exp. Source: Mike Zaccardi, CFA, CMT 🍖
During a huge risk-on advance, US High yield spreads have tightened 152 bps since April 7.
With spreads now at 309 bps above Treasuries, credit market investors are back to pricing in a very optimistic outlook with no recession and few defaults. Source: Charlie Bilello, Y Charts
A clean multi decade breakout?
Source: The Long View, @HayekAndKeynes
The ratio of the US Health Care sector to the S&P 500 is at its lowest level since January 2001.
The Health Care Sector is down 9% over the past year while the S&P 500 is up 14%. $XLV $SPY Source: Charlie Bilello
In case you missed it...
Tesla $TSLA now up more than 50% over the last 3 weeks Source: Barchart
Gold extends slide, selling off for 5 of the past 7 days, and dropping below the 50DMA amid lull in Chinese retail/ETF buying,
as the tariff truce eases fears of sharp currency devaluations for now. Source: zerohedge
🔴 The US 10-year Treasury bond yield is on the rise.
espite the fact that the economy is slowing down. Despite the fact that inflation surprised on the downside recently. So what's going on? 😨 The US Treasury market is trying to absorb a flood of issuance without its historical buyers. 👉 Foreign official demand is weak. Domestic institutional & retail demand as well. And with the Fed still engaged in Quantitative Tightening. 📢 If this continues, consequences are well known: •Wider mortgage spreads (housing stress), •Lower bond market liquidity (bid-ask gaps widen), •Pressure on long-duration tech and utility stocks (+ the end of risk assets rebound) Note that the rise of US bond yields will not necessarily translate into dollar strength - we might see a similar correlation (stocks + bonds + dollar coming down at the same time) as observed a few weeks ago. Stay tuned Source: EndGame Macro on X
