The Fundrise Innovation Fund (ticker $VCX) is a closed-end fund invested into non-listed companies such as Anthropic, Space X, etc.
Investors paid at top tick $575 while the current NAV (bottom of the chart) is $18.25… Peak sentiment on private cos? Source. Bloomberg, RBC
What happened to luxury stocks ?
Current Drawdowns: EssilorLuxottica: -39% Hermès: -41% Ferrari: -43% LVMH: -49% $RACE $RMS $MC $EL Source: Fiscal.ai
Range or breakdown?
Markets are at a decision point. The big range is still holding, but short-term trends, bond stress, and positioning shifts are building pressure. These setups don’t linger, one side eventually wins. Source: TME
The S&P 500 $SPX is back inside the "eternal" range as the max frustration market continues.
Amazingly enough, the 6600/7000 (futures) range continues to hold. Note we are still below the 200 day MA. Source: TME
Will the equity market follow the historical script around geopolitical shocks
"The historical playbook is for a sharp selloff of about -6% to -8% but a bottom on average in 3 weeks, and a full recovery in another 3, usually long before the underlying escalation is resolved. The current selloff is in the vicinity of a typical bottom in size and timing." - Deutsche Bank Source: Sam Ro @SamRo DB
Today is the six-year anniversary of the COVID Crash low.
The S&P would need to fall 66% to get back to that level. Source: Bespoke
The S&P 500 Technology sector is now trading below last year’s tariff-selloff lows.
As a result, Tech trades at a 21% discount to its 5-year average P/E ratio and 10% below its 10-year average, making it the most discounted sector in the S&P 500. Source: Duality Research @DualityResearch
SPX is pressing the lower end of the “eternal” range that has held since September.
The move lower hasn’t been a panic, it’s been a grind, the type of price action that slowly bleeds positioning rather than flushing it. We’re now below the 200-day, but without any real urgency in the tape. 6600 (futures) remains the line in the sand. Below 6600 → downside accelerates. Hold it → range survives. Source: The Market Ear, LSEG
