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31 May 2024

Software stocks got hammered yesterday.

iShares Tech Software Sector ETF finished -5.8% (biggest daily drop since the pandemic w/Salesforce DOWN 20% (worst session in ~20 years), UiPath -35%, Okta -6%, Mongo DB -24%. Source: Bloomberg, HolgerZ

30 May 2024

Bullish sentiment on US equities is through the roof:

In May, 48.2% of Americans anticipated stock prices to increase over the next 12 months, according to the Conference Board Consumer Confidence Survey. This is the 3rd highest reading in history, only below the January 2018 and March 2024 surveys. Over just 2 years, this share has nearly doubled as stocks recovered from the 2022 bear market. Meanwhile, the S&P 500 has rallied a massive 48% since the October 2022 low. Stock market sentiment is incredibly strong. Source: Bloomberg, The Kobeissi Letter

30 May 2024

Nvidia has added the size of LVMH in market cap since last week...

Source: Quartr

30 May 2024

1 of the craziest stats in the market right now 👇

$AAPL announced a $110B stock buyback program in Q1. If you strip out the Mag 7 from the index, the average market cap for the S&P 493 is just $65B. $AAPL buyback program is 169% larger than the average S&P 493 company. Source: David Marlin

29 May 2024

Hedge Funds dumped stocks at the fastest rate since January and, in particular, sold Industrials at the fastest pace in a decade.

Source: Goldman Sachs thru Barchart

29 May 2024

Warren Buffett’s Current Portfolio

Source: Barchart

29 May 2024

The Semiconductor Index, $SOX, relative to the S&P 500 has once again exceeded Dot-com bubble levels.

The Semis vs S&P 500 ratio has roughly doubled in just 2 years. This comes after a massive semiconductor sector rally of 85% compared to a 35% gain in the S&P 500. The rally has been led by NVIDIA, $NVDA, which has seen a 560% surge during this time. Meanwhile, the top 10% of stocks in the US now reflect ~75% of the entire market, the most since The Great Depression of 1929-1939. Source: The Kobeissi Letter, Bloomberg

29 May 2024

Inflows to equities accelerated to +$12.88bn (largest in 2 months) this week.

via BofA

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