THE FED WILL END QT ON DECEMBER 1ST
Moving from restrictive → supportive balance sheet policy. This is not QE, but it is definitely a positive development that provides a mild liquidity tailwind for markets. Source: Joe Consorti @JoeConsorti
Very important read-through of yesterday's mega cap tech earnings ➡️
Hyperscaler CapEx remains sky-high: • $GOOGL: FY $91–93B (vs $85B est) • $MSFT: Q1 $34.9B (vs $30B est) • $META: Expects higher CapEx in 2026 Note that Google raises 2025 Capex for the second time this year: “With the growth across our business and demand from Cloud customers, we now expect 2025 capital expenditures to be in a range of $91 billion to $93 billion." BULLISH 🚀 Source: Investing visuals @InvestingVisual Michael Horner @michaelbhorner
BREAKING 🚨 Trump–Xi Meeting: Big Moves, Bigger Signals
Fresh headlines from the Trump–Xi summit 👇 🇺🇸🤝🇨🇳 Key outcomes: - US & China will collaborate on Ukraine. - Trump to visit China (April 2026) — Xi to visit the US soon. - China to restart soybean purchases and resume rare earth exports. - Ongoing talks on Nvidia chip restrictions. - Tariffs cut: overall from 57% → 47%. - Fentanyl tariffs slashed to 10%, with a joint pledge to curb its spread. 💬 Takeaway: this marks a real thaw in U.S.–China relations — trade, tech, and geopolitics could all shift from confrontation → cautious cooperation.
I would prefer to see better participation on the upside for the Nasdaq 100 $QQQ to extend its bull market.
Things have been improving lately but the negative divergence between price action and market breadth (% of Nasdaq 100 stocks above their 50-day MA) is not the best set-up. We remain long Tech though. Source: Trend Spider
S&P Global Ratings has issued a credit rating to Michael Saylor’s Strategy, the first time for any Bitcoin treasury company 👀
Source: Bitcoin Magazine
The Bitcoin / Gold pair rebounded perfectly off resistance (the election and liberation day marked the other lows)...
Source: zerohedge
S&P Global: "we are likely to continue to view capital as a weakness, because Strategy's bitcoin holdings are likely to grow materially"
So basically "the more Bitcoin they buy, the weaker their capital becomes.” If Strategy held U.S. Treasuries, S&P would call it “high-quality capital.” But if Strategy holds bitcoin, they mark it as negative equity. Incredible Source: @AdamBLiv
69% of S&P 500 index members that have reported their Q3 numbers so far have beat sales expectations,
It is the highest beat ratio in 4 years Source: Bloomberg
