58% of US households own stocks, the highest percentage on record
Source: Charlie Bilello
The gap between the Magnificent 7 and the S&P 493 (remaining 493 companies) is now 63%
This year, the Magnificent7 is up a massive 75% while the remaining 493 companies are up just 12%. Combined, the S&P 500 is up ~25%, more than doubling the S&P 493's total return. In other words, the Magnificent 7 is up 3 TIMES as much as the S&P 500 and ~6 TIMES as much as the S&P 493. Just 7 weeks ago, the S&P 493 was DOWN 2% this year. Source: The Kobeissi Letter
The stock market spent 2022 steadily declining and 2023 steadily gaining, to generally wind up about where it started
Source: Peter Mallouk
Chinese stocks made up 24.7% of the MSCI Emerging Markets index by capitalization, down from 40% three years ago
Meanwhile, India's weight has doubled... Source: Gavekal
BREAKING: Chinese Equities
Chinese Stocks continue to nosedive and have fallen to their lowest prices in 5 years. Source: Barchart
Total return indexes - the long view
Source. Compounding Quality
Markets are full risk-on since November 9th
The Nasdaq 100 and the S&P 500 have underperformed the equal weighted indices. They got beat up pretty badly by the Russell 2000 and have been left in the dust by Regional Banks and $ARKK (Ark Invest Innovation ETF). Source: Peter Tchir of Academy Securities
There is significant dry powder on the side line...
In 2023, we saw very limited US equity inflows vs. $1.4 trillion in money market inflows. If the gap starts to close for real now and gains momentum in 2024 it is needless to say a very good support for equities. Source: Goldman
