FedEx is not the market, but...
...has moved in perfect tandem with thee SPX for some time. Source: The Market Ear, Refinitiv
Steno Research -> Big miss from FedEx leading to a >10% nosedive in the stock price
FedEx is the economy and air freight was particularly disappointing here Given the strong correlation between FedEx and the cyclical economy, this speaks against expecting a strong comeback in 2024 Source: Steno Research, Macrobond, Bloomberg
BREAKING : Short Sellers
U.S. Stock Short Sellers have lost a reported $145 billion this year. Complete wipeout Source: Barchart
In just 5 days, $SPY has taken in $50B+, more than any other ETF YTD! This is the biggest 5-day take for $SPY since January 2018
This is the biggest 5-day take for $SPY since January 2018. FYI - the following week Jan 30, 2018, was vol-maggeon, (the $VIX went from 12 to 50 in 3 days and the $SPX plunged 10+% in 9 days) Source: Jim Bianco
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
