$SAP, a German software company, is down -50% from its all-time high.
Source: Hedgeye
The S&P 500 has closed green on the year for the first time in 27 trading days.
That looks to me like V-shape... $SPY Source: Trend Spider
Talking about a K-shape economy...
The gap between Wall Street and Main Street has never been bigger: ➡️ Main Street: US consumer sentiment is down to 47.6 points, the lowest level in history. ➡️Wall Street: the S&P 500 is trading just 3% from its all-time high. ⚠️ Since the 2020 pandemic, consumer sentiment has fallen -50%. During the same period, the S&P 500 has rallied +205%. This comes as inflation, rising housing costs, and a weakening job market are increasingly squeezing the average American household. Meanwhile, 87% of all equities are held by the wealthiest 10% of households. Asset owners are the biggest winners in this economy. Source: The Kobeissi Letter, zerohedge
In case you missed it... $INTC Intel has risen an absurd 53% over the past 9 trading days
It is now up over 200% since the Trump Administration purchase @ $20.47 Source: Trend Spider
This chart says it all: US tech valuations have compressed from 40x to 20x Forward P/E in weeks.
Tech valuations are now LOWER than they were when ChatGPT was announced. As the Iran War drives markets lower, AI is only getting bigger. A buying opportunity? Source: Apollo, The Kobeissi Letter
The S&P 500 was up for the seventh day in a row today - its longest win streak since Oct 2025...
Source: www.zerohedge.com, Bloomberg
S&P 500 YTD total return: +0.0%
After all that ... it’s like nothing ever happened. Source: Charlie Bilello
Meanwhile... Software has continued to lag semiconductors, w/the software-vs-semis trade down another 7.5%.
That brings the weekly decline to 18%, as both sides of the trade moved further apart, pushing the pair to a fresh all-time low. Source: HolgerZ. Bloomberg
