BREAKING: The Nasdaq Composite index is officially up 30% from its October 2023 low.
That's a 30% gain in 5 months or an average of 6% per month since October. To put this in perspective, the median ANNUAL return for the S&P 500 is 10%. This means that the Nasdaq has TRIPLED the median sp500 return in just 5 months. The top 10% of stocks in the S&P 500 also now reflect 75% of the index. Tech stocks have never been more powerful. Source: The Kobeissi Letter
BREAKING: Federal Reserve
The Fed said on Tuesday that it officially saw a net negative income of $114.3 billion in 2023, a record loss tied to expenses related to managing the U.S. central bank's short-term interest rate target. The loss last year follows $58.8 billion in net income in 2022, the Fed said. Source: Barchart
Gold's role as a neutral asset with millennia of history as money is experiencing a resurgence relative to US Treasuries for global central bank reserve accumulations.
Source: Tavi Costa, Bloomberg
Cartoon of the Day by Hedgeye
$34.6 TRILLION and counting... Are we past the point of no return?
The 12 Worst Investment Funds Over the Past Decade
by Visual Capitalist
Analysts are forecasting Nvidia's annual revenue will jump to $131 billion by 2026, more than double the $61 billion recorded in the fiscal year that just ended.
$NVDA Source: Charlie Bilello
Current SP500 vs. election seasonality
by Win Smart, CFA
Do people appreciate how speculative "Small Cap Growth" has become?
The Russell 2000 Growth has 28% in negative earners. Prior to the GFC, negative earners were 15-18% of the index. Even in a depression (2009), it only went up to 26%. How many will "grow" into bankruptcy court? Source: Jeff Weniger
