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
The Magnificent 7 have a higher weighting in the MSCI World Index than all of the stocks in the UK, China, France and Japan combined
Source: MSCI AllSpring Global Investments
The average market strategist's 2024E S&P 500 target is 4837 with EPS of $237 for a return of 2.5% (excluding dividends) and a P/E of 20.4
Source: Julian Klymochko
