It has been a very quiet year so far for US equity markets...
No down day > 2% for the SP500 despite Middle East conflict, China doing military exercises around Taiwan, Fed interest rates cuts expectations moving from 6 to less than 2, etc. Source chart: Ritholtz
EU Parliamentary elections in France.
In brown where Far-right Le Pen party has won yesterday. Source: Xavier Ruiz
Notes from Bill Ackman 's fireside chat in Omaha - thru David Park on X:
People Underestimate the Power of Checklists - Pershing Square had the best 6 years of its history since they inscribed their checklist into a piece of "stone" - "If I ever veer [off this checklist] just hit me over the head with this thing" The checklist:
Euro sinks on EU vote and French snap poll.
Common currency falls to lowest in a month. Hedge funds had recently turned net bullish on the Euro. Source: Bloomberg, HolgerZ
France’s bond yield hit the highest level this year on snap election.
10 year French bond yield climbs 11bps to 3.21%. Risk spread over Germany rose to 54bps, highest since January. Source: Bloomberg, HolgerZ
Robinhood $HOOD has acquired cryptocurrency exchange Bitstamp for $200 million
Source: Barchart
Dot Com Bubble vs. Now - Things don't look similar - at least from an earnings angle
Source: Barchart, BofA
The great supply / demand imbalance ->
ETFs now hold more than 1 millon bitcoin and there is less than 20 million left...
