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
BREAKING: The S&P 500 has just hit its 23rd all time high this year and is now up 29% since October 2023
This means that the S&P 500 has officially added $10 TRILLION in market cap since its October 2023 low. The index is now up 11.5% in 2024 even as a total of four interest rate cuts have been priced-out since January. We are on track to see the most all time highs in a year since 2021. Over the last 12 years, the S&P 500 has hit 370 all-time highs, which is more than any 12-year period in history. $SPX Source: Charlie Bilello, The Kobeissi Letter
S&P 500 $SPX hits all-time high
Source: Barchart
Do you remember March 2000 ???
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The P/E ratio of Gamestop, $GME, has spiked to a WHOPPING 1,210x
In other words, it costs $1,210 to purchase just $1 of earnings generated by $GME. By comparison, the P/E ratio of Nvidia, $NVDA, is 34x. Meanwhile, $GME is up nearly 400% this month hitting its highest levels in over 2 years. Over 175 million $GME shares were traded on Monday, 30 TIMES the 1-year average, according to Bloomberg. Source: The Kobeissi Letter
Non major macro weeks have been better...
Source: BofA
Alibaba revenue vs. stock price over the last 10 years
Revenue: +2,047% Stock Price: -16% $BABA
Radar🚨
BREAKING: Short sellers of GameStop $GME and $AMC have lost $5 billion in 2 days. Who are the short sellers by the way hedge funds ?
