How much of the bonds outperforming stocks market action we've seen in the last couple weeks is a function of strong rebalancing flows given bond underperformance this year?
As highlighted by Bob Elliott, even part of this years 1.5tln pension fund stock/bond imbalance happening now could have quite an impact.
Regarding the stock market, the sp500 is exactly at the same level it was two years ago today, December 6, 2021. As the black line shows, the change in the index is up just 0.17%
Meanwhile, the 3-month T-Bill (orange line) is up 6.3% over the same period. Source: Bianco Research
Jamie Dimon said that Bitcoin is primarily being used for criminal activity
Below are some facts about Bictoin and its use for illicit activities. Source: The Bitcoin Therapist
A golden cross on gold (50d MA is trading above 200d MA and both are trending higher)
Source. Bloomberg, Tavi Costa
JUST IN: SpaceX has initiated discussions about selling insider shares at a valuation of $175 billion or more
The shares are expected to be sold at $95 each. The $175 billion valuation is a premium to the $150 billion valuation obtained this summer. If SpaceX went public, it would be one of the largest IPOs of all time. Source: The Kobeissi Letter
The Federal Reserve lent out roughly $200B in overnight cash on Wednesday through its standing repo facility
This is the highest amount since the onset of covid. What's going on? Is another repo crisis looming? Source: Win Smart, CFA
Ether $ETH is at the lowest relative level versus Bitcoin $BTC since June 2022
ETH/BTC
Maybe oil is not that irrational... As shown on the chart below, Oil (purple line) keeps following the Citigroup US Macro Surprises index (yellow line)
The weaker the data, the lower the prices. Sounds logical. Source: TME
