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8 Nov 2024

FLOWMAGEDDON: A Trump-inspired gusher of cash is flowing into risk-on ETFs, +$22b in one day is absurd, that is normally a good WEEK.

YTD net flows now +$856b, (55b away from annual record) and the rolling 1-year has passed $1T Source: Eric Balchunas, Bloomberg

8 Nov 2024

Following the election, the SP500 typically rallies through inauguration day before moderating.

Source: Bloomberg, Macrobond, Mike Zaccardi, CFA, CMT, MBA, The Daily Shot

7 Nov 2024

Another day, another record: The top 10 companies in the S&P 500 now account for a record 37% of the index.

This percentage officially exceeds peak levels seen during the 2000 Dot-Com bubble by 10 percentage points. Over the last decade, the market concentration has more than DOUBLED. Furthermore, the top 10 stocks alone now have a market cap of ~$18.7 TRILLION. This means that the top 10 stocks in the US now have a combined market cap that is $1 trillion higher than the entire European stock market. Source: The Kobeissi Letter

7 Nov 2024

Are you wondering why US smallcaps are surging?

As highlighted by GS: GOP House control could enable corporate tax reform, potentially reducing the tax rate from 21% to 15% and increasing EPS estimates by 4%. Source: Mike Zaccardi, CFA, CMT, MBA, GD

7 Nov 2024

Fun fact: This was only the 5th time since 1960 that $SPX returned more than 2.5% while simultaneously breaking into an all-time high.

The last time this happened was March 21st, 2000. Source: Tier1 Alpha

7 Nov 2024

JUST IN: MicroStrategy breaks $50 BILLION market cap and is now worth more than Ford Motor Company.

Ford has lost ~60% of its market cap since 2022 and holds $26 BILLION in cash, about 65% of its total market cap! The "melting ice cube" of cash holdings, eroded by inflation year after year. This is what Michael Saylor feared for his company when he decided to buy Bitcoin in 2020. MicroStrategy's market cap is UP ~45x since then. Source:

7 Nov 2024

Nvidia is once again the most valuable company in the world.

Surpassing Apple and underscoring just how dominant AI has become on Wall Street. Nvidia's largest customers reported last week and explicitly stated that supply, not demand, remains a constraining factor. Source: HolgerZ, Bloomberg

6 Nov 2024

A Split Congress Tends To Be The Best For Stocks

This year will be the 13th year in a row stocks didn't fall when there was a split Congress. Source: Carson, Ryan Detrick, CMT

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