The Semiconductor Index, $SOX, relative to the S&P 500 has once again exceeded Dot-com bubble levels.
The Semis vs S&P 500 ratio has roughly doubled in just 2 years. This comes after a massive semiconductor sector rally of 85% compared to a 35% gain in the S&P 500. The rally has been led by NVIDIA, $NVDA, which has seen a 560% surge during this time. Meanwhile, the top 10% of stocks in the US now reflect ~75% of the entire market, the most since The Great Depression of 1929-1939. Source: The Kobeissi Letter, Bloomberg
Inflows to equities accelerated to +$12.88bn (largest in 2 months) this week.
via BofA
S&P 500 $SPX hasn't declined by 2% or more for 317 consecutive trading days, the longest streak since a 351-day stretch that lasted from Sep 2016 through Feb 2018.
Source: Barchart
Did you know that the S&P 500 has been basically flat vs gold over the last six years? 🤔
Source: Markets & Mayhem, BofA
Deckers Outdoor acquired the Hoka brand roughly a decade ago.
At the time, Hoka’s annual sales were around $3 million. In the past year, sales topped $1.8 billion. And since the acquisition, Decker’s stock has risen by more than 2,000%... (btw I love these shoes !!!) Source: Jon Erlichman
$RSP (S&P Equal-weight) vs. $SPX (S&P 500) just broke key support level
Source: Ian McMillan
2024 Global Equity Returns...
Source: Charlie Bilello
Divergence between DJ Transports and S&P500 is something to watch.
The former is seen as a reliable indicator of domestic activity Source: Lawrence McDonald, Bloomberg
