Turkish Lira falls to an all-time low against the U.S. Dollar
Now down 98% since 2010 Source: Barchart
SOX cracks...
The semiconductors index SOX is printing its biggest downside candle since the melt-up began. The index is now breaking below the steep trend line while slipping under the 8 day moving average. The 21 day sits lower (next meaningful support), while the 50 day remains far below current levels. Source: TME, LSEG
Cross asset returns as of 15/5/2026
Source: Charlie Bilello
$4400 on gold: this support MUST hold
Gold has continued its huge consolidation phase following the violent pukes we saw earlier this year. The shorter-term trend line has survived several tests, but we are now approaching the major $4400 level, with the 200 day moving average coming in just below. That is the must hold area. Source: TME, LSEG Workspace
Trump's stock portfolio:
Source: Stocks World
The momentum trade is VERY extended.
See below great chart from Alpine Macro showing that Momentum stocks (dominated by semis) have basically had a vertical rally relative to minimum volatility stocks (think defensives like staples, utilities). Markets don’t like big straight-line moves like that. It’s not something that persists. Source: TME
Why is the Fed expanding its balance sheet again (QE)?
The stock market is at an all-time high. Credit spreads are near all-time lows. And inflation has been above the Fed's target level for 62 consecutive months, averaging over 4% per year since 2019. So why is the Fed expanding its balance sheet again (QE)? Source: Charlie Bilello
Which company will ultimately benefit the most from Trump's trip to China?
Source: TrendSpider
