Positive market breadth ALERT
77% of S&P 500 stocks are now trading above their 200-day moving average, one of the highest levels in the last 2 years Source: Barchart
Simply the best...
Emirates Group posted record profits of Dh18.7 billion ($4.7B) for its financial year that ended March 31, boosted by unprecedented travel demand and strong capacity operations across its network. The Dubai aviation giant’s revenues for the period also broke records at Dh137.3 billion. Source: Gulf News
Positive market breadth ALERT >>>
77% of S&P 500 stocks are now trading above their 200-day moving average, one of the highest levels in the last 2 years Source: Barchart
Meme Stocks' Performance on Monday:
1. Gamestop, $GME: +110% 2. AMC Entertainment, $AMC: +25% 3. Reddit, $RDDT: +15% 4. Spirit Airlines, $SAVE: +15% 5. Lucid Motors, $LCID: +13% 6. Rivian, $RIVN: +10% 7. Nio, $NIO: +10% 8. ContextLogic, $WISH: +9% Monday alone, meme stocks have officially added over $10 BILLION in market cap. Over the last 3 weeks, these stocks have added nearly $25 billion in market cap. Most meme stocks all hit multi-year highs on the return of "Roaring Kitty" on Monday... How high can this go? Source: The Kobeissi Letter
BREAKING 🚨: GameStop Short Sellers
Short Sellers in $GME have reportedly lost more than $1 billion from Monday's huge move according to S3 partners Gamestop, $GME, is now a $10 BILLION company for the first time since October 2022. The stock was up 91% on Monday and has been halted FOUR times. Since April 23rd, $GME has now added $6 BILLION in market cap. The return of "Roaring Kitty" to X has sparked a return of the 2021 meme stock rally. As a result, $GME is now one of the 600 largest public companies in the US.,, Source: Barchart, The Kobeissi Letter
Buybacks are Back
Sources: The Wall Street Journal, Bloomberg
S&P 500 companies continue to outpace earnings expectations, but not quite as much on the sales side.
But now we are seeing these expectations rise, so the quarters ahead may become a bit more challenging as we may see earnings growth slowing at the same time. Source: Bloomberg, Markets & Mayhem
In most cases, market breadth leads price. NYSE, S&P 500, and Midcap advance/decline lines all made new all-time highs last week.
Small caps are on the verge of new 52-wk highs. Some support for a potential summer rally? Source: Ryan Detrick
