80% of stocks in the SP500 are now above their 50-DMAs
80% of stocks in the SP500 are now above their 50-DMAs. Looking at this breadth reading across sectors, it's cyclicals surging and defensives lagging behind. Source: bespoke
Skin in the game matters
Source: Compounding Quality
The probability of a July 26 rate of 25 basis points to 5.25% to 5.50% barely moved
Despite the better-than-expected CPI report today, the probability of a July 26 rate of 25 basis points to 5.25% to 5.50% barely moved. The market is strongly expecting a hike in two weeks. Source: Jim Bianco
The swissfranc rises to strongest against the dollar since 2015
The swissfranc rises to strongest against the dollar since 2015 after weaker than expected US inflation data. Source: HolgerZ, Bloomberg
Fidelity's new research about bitcoin
"The monetary policy is set in code and unlikely to ever change. Simply put, Bitcoin's monetary policy is not dependent on or impacted by politics or external economic factors." Source: Documenting bitcoin
More bullish signs on bitcoin.
Bitcoin HODLers remain in a regime of accumulation, continuing to absorb coins at a rate of +27.1K BTC / Month. Only 11.5% of Bitcoin supply left on exchanges, lowest in over 5 years. Source: Glassnode
US inflation eased further in June w/core & headline coming in each at 0.2% MoM (v.s 0.3% expected).
Headline CPI slowed to 3% YoY vs 3.1% expected (and lowest since March 2021), core dropped to 4.8% YoY vs 5% expected. This is the 12th straight month of YoY declines in headline CPI - equaling the longest streak of declines in history (since 1921)... Source chart: Bloomberg
Chinese money trends are improving
M1 and M2 growth 3% and almost 2% on the month. Japan & China are the only places with positive money growth... Source: Andreas Steno Larsen