The metal bull market is broadening as Gold, Silver, Nickel and Copper are all exploding higher.
What is the message from Mr Market here? Source: www.zerohedge.com, Bloomberg
Not all new highs are the same.
Awesome chart from @sonusvarghese thru Ryan Detrick here. End of March, SPX up 10.2% YTD. Only 3.1% from EPS growth and the rest (7.1%) was from multiple expansion. On 5/15, SPX up 11.1% YTD. Now 5.3% from EPS growth and 6.0% from multiple expansion.
The Global X Uranium ETF $URA is already up 13.5% in May.
It's on track for its highest monthly close since March 2014... after spending the past several months consolidating. Source: Justin Spittler
Could headline inflation start following the rebound in commodities prices?
Source: Tavi Costa, Bloomberg
Emerson Electric CEO:
"AI data center racks consume significantly more power than traditional data centers with a search on ChatGPT consuming 6 to 10 times the power of a traditional search on Google" $EMR $GOOG $GOOGL $MSFT Source: The Transcript
Interesting article by Financial Times:
Three in four audit reports failed to warn that companies risked going bankrupt in the year before their collapse. Here's how each of the Big Four performed: https://on.ft.com/3UFVHLG
Rumors about Ethereum Spot ETF being approved some time this week and traders have aggressively open long positions in futures markets.
ETH price is up 11% today while open interest increases by almost $1B in an hour.
Bears are capitulating...
Mike Wilson chief equity strategist of Morgan Stanley has revised his price target of the S&P 500 from 4,500 to 5,400 Notoriously a market bear, he had previously predicted a 15% drop by December for the index. Source: Radar, The Macro Guy, Bloomberg
