[Tweet by Bob Eliott] china faces the most classic dilemma in macro with an economy that is too weak and in need of additional easing and at the same time a desire for exchange rate stability
After months of keeping money too tight to stabilize the FX, at the first sign of FX strength they eased... Source chart: The Daily Shot
![[Tweet by Bob Eliott] china faces the most classic dilemma in macro with an economy that is too weak and in need of additional easing and at the same time a desire for exchange rate stability](https://blog.syzgroup.com/hubfs/1700087239074.jpg)
Since the end of 2012, the S&P 500 has more than tripled, rising by 216.2%
Of that increase, eight megacap stocks have accounted for just under half of the total gain. Source: Bespoke
NEW: Cathie Wood says $600,000 Bitcoin is the base case but could go higher because of scarcity, institutional adoption and a spot bitcoin ETF
Source: Bitcoin archive
Microsoft announces custom AI chip that could compete with Nvidia
- Microsoft is introducing its first chip for AI, along with an Arm-based chip for general-purpose computing jobs. - Both will come to Microsoft’s Azure cloud, Microsoft said at its Ignite conference in Seattle. -mThe Graviton Arm chip that cloud leader Amazon Web Services introduced five years ago has gained broad adoption. Source: CNBC, Stocktwits
Pershing Square (Bill Ackman) discloses updated portfolio positions in 13F filing
Increased positions $GOOGL (to ~4.35 mln shares from ~2.19 mln shares), $HLT (to ~10.31 mln from ~9.33 mln), $HHH (~16.8 mln shares, from ~16.6 mln) Maintained positions in: $QSR (~23.35 mln shares), $CP (~15.1 mln shares), $GOOG (~9.38 mln shares), $CMG (~0.95 mln shares) Decreased positions in: $LOW (to ~7.07 mln shares from ~7.47 mln shares) Source: Ripster
No buyers left? hedge fund net exposure to magnificent 7 was 12% at the start of the year. It is now 99%...
Source: Goldman Sachs, www.zerohedge.com
There are few assets that can provide meaningful diversification benefit in a portfolio, particularly from a real return / purchasing power standpoint
In an environment where stocks and bonds are so highly correlated, notable to see the low correlation across commodities - Source: Bob Elliott.
Property foreclosure filings have been increasing recently
This is the result of high interest rates resulting in rising mortgage defaults. Source: Game of Trades
