Bears are capitulating...
Mike Wilson chief equity strategist of Morgan Stanley has revised his price target of the S&P 500 from 4,500 to 5,400 Notoriously a market bear, he had previously predicted a 15% drop by December for the index. Source: Radar, The Macro Guy, Bloomberg
Do you remember March 2000 ???
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The P/E ratio of Gamestop, $GME, has spiked to a WHOPPING 1,210x
In other words, it costs $1,210 to purchase just $1 of earnings generated by $GME. By comparison, the P/E ratio of Nvidia, $NVDA, is 34x. Meanwhile, $GME is up nearly 400% this month hitting its highest levels in over 2 years. Over 175 million $GME shares were traded on Monday, 30 TIMES the 1-year average, according to Bloomberg. Source: The Kobeissi Letter
Non major macro weeks have been better...
Source: BofA
Alibaba revenue vs. stock price over the last 10 years
Revenue: +2,047% Stock Price: -16% $BABA
Radar🚨
BREAKING: Short sellers of GameStop $GME and $AMC have lost $5 billion in 2 days. Who are the short sellers by the way hedge funds ?
Positive market breadth ALERT
77% of S&P 500 stocks are now trading above their 200-day moving average, one of the highest levels in the last 2 years Source: Barchart
Simply the best...
Emirates Group posted record profits of Dh18.7 billion ($4.7B) for its financial year that ended March 31, boosted by unprecedented travel demand and strong capacity operations across its network. The Dubai aviation giant’s revenues for the period also broke records at Dh137.3 billion. Source: Gulf News
