YTD performance
Mag 7: +105% S&P 500: +19% Source: TME
Microsoft is now clearly ahead of Alphabet again in the AI race on the stock market
Source: HolgerZ, Bloomberg
Today is the BIG DAY with Nvidia ($NVDA) earnings results after the bell
With the Nasdaq up more than 13% from the lows, $NVDA at all-time-high, 95% of sell-side analysts with a BUY rating on $NVDA (!) sentiment of AI probably at record optimistic level after Microsoft "aqui-hire" of openai and the $VIX historically low at 13.5, there is indeed room for a short-term pullback... Source: www.investing.com, kakashiii111
The biggest bull market post-COVID has not been in the Magnificent 7 or any other equity markets; it has been in these two commodities:
1) Orange Juice: 246% 2) Uranium: 568% Source: Macrobond, Sagar Singh Setia
US bank stocks never recovered from the regional banking crisis. Currently, US bank stocks are at record lows relative to the S&P 500
According to Moodys, major US banks are sitting on $650 billion in unrealized losses. Meanwhile, the looming commercial real estate (CRE) crisis has small banks in question. Small banks currently hold ~70% of all CRE loans in the US, $1.5 trillion of which need to be refinanced by 2025. Source: BofA, The Kobeissi Letter
Thanksgiving to Santa Claus Rally trade starts on Tuesday
S&P 500 up 79.45% of the time since 1950. Avg performance: +2.57%. Trade combines the best consecutive 3-month span, Santa Claus Rally and January Effect. Source: StockTradersAlmanac.com, Jeffrey A. Hirsch
US Leading Indicators Tumble For 19th Straight Month
Worst Streak 'Since Lehman' on a year-over-year basis, the LEI is down 7.6% (down YoY for 16 straight months) - close to its biggest YoY drop since 2008 (Lehman) outside of the COVID lockdown-enforced collapse... Source: Bloomberg, www.zerohedge.com
BREAKING: Binance >>>
Department of Justice is seeking a penalty of $4 billion from Binance in order to settle a criminal investigation Crypto exchange Binance is nearing a settlement with the U.S. Department of Justice to resolve a criminal investigation into alleged money laundering, bank fraud, and sanctions violations, unnamed sources told Bloomberg. If the settlement deal goes through, it would be one of the largest-ever penalties in a crypto case. Negotiations have included the possibility of criminal charges against Binance's founder and CEO Changpeng Zhao, also known as CZ. However, as it currently stands the deal would allow the crypto exchange—the world's largest by volume—to keep operating while holding its leadership accountable. If finalized, Binance would likely pay the fine as part of a deferred prosecution agreement. This would require Binance to meet prescribed conditions like overhauling compliance programs, according to the report. Source: Decrypt, Altcoin Daily
