Meb Faber >>> Investing quote of the day via Jason Zweig
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The US dollar index $DXY and the 10-year yield $TNX are both breaking down.
Source: Steven Strazza, All Star Charts
Over the last few months, week-ends have been full of surprise
Can we get a new one this week? Obama says President Biden "needs to seriously consider the viability of his candidacy." Top Democrats have said Biden may drop out of the 2024 election AS SOON AS THIS WEEK-END. Odds of Biden winning election are plummeting again (note that the fact he is COVID-positive doesn't help either) Source: The Kobeissi Letter
We just saw the largest selloff in the semi-conductors SOX index since the pandemic crash
It is taking place at the time valuations are at record high (see below price-to-sales in the chart underneath) Source: Bloomberg, Tavi Costa
Here are the details for the Ethereum ETFs that could be launched as early next week.
The only missing details are for Proshares's ETF. 7 of the 10 funds have fee waivers. Source: James Seyffart, Bloomberg
ECB leaves all rates unchanged as expected.
Main Refi at 4.25%, deposit rate at 3.75%. Guidance on interest rates also stays unchanged: Not pre-committing to particular path. ECB to follow data-dependent, meeting-by-meeting approach. Source: Bloomberg, HolgerZ
There are 2 ways to look at this chart:
1/ Mag7 outperformance is justified by positive earnings revision (vs. negative revision for the rest); 2/ The bar has been raised quite high for the Mag7 (so beware if they disappoint) while the bar is low for the other 493 stocks (there is room for positive surprise) Source: Bloomberg, RBC
Will this time be different?
Source: BofA
