The KBW Bank Index is underperforming the S&P 500 by 37% year-to-date, on pace for the widest annual gap on record
(note: data via Dow Jones going back to 1993). Source: Charlie Bilello
Another week, another IPO
$BIRK Birkenstock could reach a $10B valuation in its US IPO. Here's a look at how they make money. Source: App Economy Insight
Over half of bond ETFs are now trading at a discount
Spikes in this number have been a pretty reliable bottom signal in the past. That said we not quite near the last two spikes but close.. Source: psarofagis thru Eric Balchunas, Bloomberg
The US has already issued $1.76 trillion in net Treasury securities through September
It will be well over $2 trillion by year-end, trailing only 2020 for the largest net debt issuance of any year in history. Source: Charlie Bilello
New record bitcoin hashrate!
420,000,000,000,000,000,000x per second Source: Documenting bitcoin
Since the VIX has so far failed to break above 20, we are now just shy of 100 sessions in which the VIX has closed below 20
The longest such stretch since October 2018 when, ironically, the market tumbled after the Fed realized it will need to be far more hawkish. Source: www.zerohedge.com
Have you ever played Microsoft's games?
Microsoft is the world's largest gaming company, with an astonishing market capitalization of $2,441 billion. Some of Microsoft's popular games include Call of Duty and World of Warcraft. Genuine Impact
A big short squeeze in the making?
GS data shows US CTA are now SHORT -$40B of SPX, the largest short in Goldman models history.
