Quantum stocks surged yesterday after @JPMorgan’s $10B strategic tech investment sparked institutional inflows.
Major movers like $RGTI, $QBTS, $IONQ & $QUBT are up today. Source: Vest @VestExchange
Goldman Sachs basket YTD performances:
1/ GS US Drones + 128.7% 2/ GS US Quantum Computing +124.7% 3/ GS Meme stocks +73.4% Source: RBC, GS
In case you missed it... A UBS fund has 30 per cent of its portfolio tied to the failed First Brands Group
UBS O’Connor, a private credit and commodities specialist owned by the Swiss bank, revealed that 30 per cent of the exposure in one of its funds is tied to the auto parts group. O’Connor recently told investors in its “Opportunistic” working capital finance strategy that the fund has 9.1 per cent of “direct” exposure and 21.4 per cent of “indirect” exposure. Overall, UBS has more than $500mn of exposure to First Brands’ debt and invoice-linked financing, according to bankruptcy filings. Source: FT
Same same... Below is a 30 min chart of the Nasdaq index and gold since September....
Stocks and gold have moved in close tandem over the past weeks when the last squeeze started. Slightly illogical given the fact gold is, at least partly, a fear hedge. It could be that the same short term money is just chasing momentum, irrespective of "logic". Source: The Market Ear
The S&P500 is now up 71% and has hit 88 all-time highs since Michael Burry said ‘Sell.’
Source: Peter Mallouk
A correlation breakdown:
Private equity stocks (Blackstone, KKR, Apollo, Carlyle) dropped 14.5% in just 3 weeks, while at the same time the S&P 500 just hit another high. What does it mean? Source: Jeff Weniger, Refinitiv
Gold vs stocks
Source: Bloomberg, Tracy Shuchart (𝒞𝒽𝒾 )
The Ratio of the Defensive Consumer Staples ETF to the S&P 500 has moved down to the lowest level since the dot-com bubble peak in March 2000.
$XLP $SPY Source: Charlie Bilello
