Very nice heat map on microsoft
Source: QualityStocks
Alibaba $BABA Institutional ownership jumped 100% in the month of December '23. As the price fell to its 52 Week Low, Institutions bailed in
Source: The long investor
bitcoin annual returns 2010-2023
Source: Charlie Bilello
Tencent's stock crashes 16% in minutes after Beijing released draft guidelines aimed at curbing incentives that could lead to excessive gaming and spending
Tencent is China's largest public company and the drop erased ~$55 billion of market cap. This also marks the biggest one-day drop for the company since 2008. Note that NetEase sank by as much as 28% to HK$117.30, breaking briefly below a key technical support offered by a February low at around HK$120.70. In mid-afternoon trade, NetEase shares pared losses to trade down about 20% at HK$129. Source: The Kobeissi Letter, CNBC
Tavi Costa -> Brazilian equity markets have experienced near-record foreign investments in the last month
Despite all the skepticism about $EWZ is outperforming the S&P 500 by 23 percentage points in the last 2 years. The aggregate market cap of Brazilian stocks relative to its overall money supply remains near historical lows. Source: Crescat Capital, Bloomberg
Between 2:00 and 4:00 PM ET today, the S&P 500 erased ~$600 billion of market cap
To put this in perspective, the S&P 500 added ~$600 billion of market cap over the last week. The index was up for 10 straight days but erased 5 of those daily gains in 2 hours. The volatility index, $VIX, spiked ~10% in a matter of minutes. Source: The Kobeissi Letter
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
