US equity futures traders have never, ever been 'longer' than they are now...
Source: GS
Trump Media shares $DJT surge 50% in premarket trading after assassination attempt
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As we get into the heat of EPS season...
DB notes that more companies have been beating and by a larger amount in recent quarters. If this continues, it is tough to bet against this market... Source: Deutsche Bank, RBC
The current equity bull market explained in 4 charts...
Source: TME, BofA
The "ChatGPT era"...
The Nasdaq 100 post-ChatGPT at just over 400 days is now up more than it was following any of the other major technological releases of the last half-century. But if we are to follow the Netscape blueprint we have a lot of more bull left... Source: Bespoke, TME
Romanian stock market index BET has outperformed the Nasdaq 100 over the past 5 years.
Source: Holgerz, Bloomberg
Yesterday was a big ROTATION day on US equities market with small-caps hugely outperforming large-caps
Indeed, small-cap Russell 2,000 gained 3%+ while the S&P 500 fell on the day. The only other day that happened was back on 10/10/2008... Investors probaby have these 2 charts in mind: 1) The HUGE underperformance of small caps vs large aps over the recent years; 2) History showing that Small caps outperform AFTER the first rate cut. The lower than expected US CPI iunflation number for June acted as a trigger for the rotation with hedge funds being forced to cover their long large / short small par trades. Source: Bloomberg, DB, RBC
It has now been over 220 days without a 5% pullback in the S&P 500, the 3rd longest streak in the last 10 years.
The last time a 5% correction occurred was in the second half of 2023. Overall, over the last 34 years, the longest stretch lasted for ~550 days in 2016-2018. Meanwhile, the S&P 500 has skyrocketed by 33% since October and 15% year-to-date in one of its best rallies in years. Source: The Kobeissi Letter, Goldman Sachs
