The cheapest bubble ever? Nasdaq trades at 22x next 12M earnings, which below 5Y and 10Y average.
Bill Ackman believes "some of the best businesses in the world have become available at some of the lowest valuations in their history." Some examples: 1. $META – Meta Platforms - FWD P/E: 22x - Revenue: +30% YoY 2. $AMZN - Amazon Inc. - EV/EBITDA: 16x - Revenue: +14% YoY 3. $V - Visa Inc. - FWD P/E: 23x - Revenue: +15% YoY 4. $MSFT - Microsoft Inc. - FWD P/E: 22x - Revenue: +17% YoY 5. $UBER - Uber Technologies - P/FCF: 16x - Revenue: +20% YoY (These are NOT investment recommendations) Source: Bloomberg, Citadel,
Monster squeeze won't stop: most shorted stocks up 24% since March 30
Source: zerohedge
Over $6.6 TRILLION was added to the US stock market in just 12 trading days.
The S&P 500 is up 11%, adding $6.4 trillion to its market cap. The Nasdaq is up 15%, adding $5 trillion. The Russell 2000 is up 13%, adding $389 billion. The S&P 500 hit a new all-time high today, in the middle of an active war. Source: Bull Theory
S&P 500 $SPX is back at highs, but the character of the move is shifting.
What began as forced buying is now turning into chasing, with vols firming and positioning getting crowded again. This is where things get more complicated. Source: LSEG Workspace, TME
The underperformance in "secular growth stocks" according to Goldman "has reflected a sharp contraction in valuation multiples.
Since the peak in broad US equity market valuation multiples in October 2025, valuations for companies with high expected sales growth have de-rated sharply. The forward P/E for median Rule of 10 secular growth stock has declined from 36x in October 2025 to 27x, which ranks in just the 35th percentile since 2010." Source: Goldman Sachs, Neil Sethi
CTAs are projected to buy stocks in EVERY SINGLE SCENARIO over the next week, up to a total of $44 Billion 🥳🤯👀📈
Source: Barchart
It's not surprising to see the S&P 500 back within 1% of all-time highs.
The Iran conflict turned so many investors bearish but the rebound was inevitable. The S&P 500 is up 14.2% on average after a geopolitical shock dating back to the Korean War. Source: Phil Rosen
Inverse Panic !
S&P500 $SPX is not far from range highs post the epic squeeze. SPX futures are nearing the 7k level, with range highs just above. Downside panic has flipped into upside chasing, while vols have reset to pre-war levels. Chart 2 (SPX vs. VIX, inverted) shows the gap has narrowed materially from peak panic. Source: TME
