Tweet by Lyn Alden -> "Egypt is currently dealing with a sovereign debt crisis. Multiple ratings downgrades, currency devaluation, working with the IMF, etc.
So, people buy stocks. The stocks are not doing well in dollar terms, but they're doing fine nominally.
Bitcoin hit $34k on short squeeze
BTC
Shares of US firms that miss profit estimates are falling by the most in four years:
Bloomberg Intelligence
Magnificent Seven? How about Magnificent Mondays?
While the S&P 500 is up over 10% YTD, without Mondays it would be fractionally lower. Source: Bespoke
The SP500 has now lost $3.5 trillion in value since the Fed removed a recession from their forecast
The Fed marked the exact high in July 2023 with their "no recession" call. Since then, the S&P 500 is down 9% and just hit its lowest level since May 31st. We are also 1% away from entering correction territory just as earnings season begins. Source: The Kobeissi Letter
China’s Nasdaq-Style Index falls to record low:
Star 50 index, which tracks manufacturers, chipmakers & biggest comps on Star Board, falls to lowest since its inception >3yrs ago as investors’ confidence wanes. Set for 6 straight mths of decline. Source: HolgerZ, Bloomberg
MARKET BREADTH NEGATIVE ALERT >>>
SP500 Market Breadth drops to lowest level of the year as only 35.38% of Index Stocks are trading above their 200 Day Moving Averages Source: Barchart
As stocks tumbled, the VIX soared
And after 105 consecutive days of closing below 20, the longest streak since 2019, the VIX index finally closed above 20 - in fact above 21 - breaking the streak on day 106. Source: www.zerohedge.com, Bloomberg
