Friendly reminder that markets are always wrong about future Fed funds rate.
Source: Michel A.Arouet
As highlighted by Tavi Costa, this is one of the reasons China is enhancing teh quality of its international reserves and accumulating gold:
China’s macro imbalances are increasing pressure on its monetary system to devalue. Source: Bloomberg, Tavi Costa, Crescat Capital
One step at a time.
Source: Psyche Wizzard
Homebuyer conditions for US consumers plummeted to their lowest level in history this month.
The index of buying conditions for houses fell to ~30 points which is below the previous low of ~40 points in the early 1980s. In just 4 years, conditions for buying a house have dropped by 110 points, a massive 73% decline. Meanwhile, buying conditions for vehicles and large household durables are down for 3 straight months. Source: The Kobeissi Letter
S&P 500 $SPX hasn't declined by 2% or more for 317 consecutive trading days, the longest streak since a 351-day stretch that lasted from Sep 2016 through Feb 2018.
Source: Barchart
The breadth in commodity price spikes is the highest in two years
Source: Bloomberg
The higher a stock's price goes, the more expensive it gets. Right? Well, not always.
A year ago, when NVDA was selling at $277, its earnings per share was $0.82 and its P/E ratio was 147x Today, NVDA's share price is up +284% to $1,064.... BUT... Its earnings per share is up +629% to $5.98. Its P/E has fallen to 62x... forward P/E is now at 30x So, NVDA is CHEAPER today than it was a year ago. Source: Adam Khoo Trader, Piranha Profits
Did you know that the S&P 500 has been basically flat vs gold over the last six years? 🤔
Source: Markets & Mayhem, BofA
