Tweet by Lyn Alden -> "Egypt is currently dealing with a sovereign debt crisis. Multiple ratings downgrades, currency devaluation, working with the IMF, etc.
So, people buy stocks. The stocks are not doing well in dollar terms, but they're doing fine nominally.
Quantitative tightening (QT) may have taken a backseat in recent months, but is still very much in vogue
Source: BofA, TME
Bitcoin hit $34k on short squeeze
BTC
Shares of US firms that miss profit estimates are falling by the most in four years:
Bloomberg Intelligence
The Kobeissi Letter >>> In fiscal year 2023, the US ran a deficit of $1.7 trillion
If you add back the student loan forgiveness program adjustment, the deficit was actually $2 trillion. To put this in perspective, the annual US deficit is roughly equal to total individual income tax collected. It also means that the 2023 deficit is nearly 5 TIMES as large as corporate income taxes. The 2023 deficit as reported is ~25% larger than total Social Security outlays. Net interest was $659 billion and should soon pass the national defense budget. What's the long-term plan here?
Ben Graham's 10 Points that summarize 60 years of Investing experience
Source: MnkeDaniel
Magnificent Seven? How about Magnificent Mondays?
While the S&P 500 is up over 10% YTD, without Mondays it would be fractionally lower. Source: Bespoke
Amazing chart by CrossBorderCapital
Treasuries out, gold in?
