When you see this chart, do you really want to go short Tesla ?
Source: J-C Parets, TrendLabs
Gold's long-term correlation with the S&P 500 has just reached an extremely high level, only seen in...August 2007.
Source: Guilherme Tavares i3 invest
Wall Street just dropped its 2026 stock market forecast... and they're expecting another year of double-digit gains for US equities! 🚀
The consensus among major investment banks surveyed by the FT sees the S&P 500 soaring past 7,500 by the end of 2026—a roughly 10% increase from current levels. What's fueling the bull market? 📌 The Triumvirate: Analysts at Morgan Stanley point to "easy fiscal, monetary and regulatory policy," including the estimated $129bn in corporate tax cuts from the Trump administration. 📌AI Tailwinds: The market believes it has shrugged off recent jitters over Big Tech valuations. Companies like Nvidia, the world's first $5T company, continue to power the index. 📌Rate Cuts: Investors are pricing in 3-4 quarter-point Fed rate cuts by the end of next year, boosting sentiment. The Great Debate: 🐂 Most Bullish (Deutsche Bank): Sees the S&P hitting a massive 8,000, betting on corporate earnings broadening out beyond tech. 🐻 Most Cautious (Bank of America): Forecasts just 7,100, warning that AI spending and data center build-out have yet to appear in better earnings. "For now investors are buying the dream." Note however that while such gains would mark the seventh year of double-digit gains in the past eight, they would represent a slowdown from the 16.6 per cent rise so far in 2025 and the average over the past decade - see chart below https://lnkd.in/eKYt6PK7 Source: FT
In case you missed it... The Russell 2000 index is well ahead of the Nasdaq100 $NDX over the past 6 months.
Source: The Market Ear, LSEG Workspace
The Market Ear: "When you trade BTC, you're basically trading unprofitable tech, not a store of value, not dollar debasement".
As shown below, bitcoin has a high correlation with unprofitable tech stocks and the Nasdaq.
Great chart by Tavi Costa showing Mega-caps hardware stocks Entreprise Value as a % of GDP - 2000 vs. today...
We think Nvidia has a different profile. Still, this is a scary one...
🔥 Three Years Since The Launch Of ChatGPT, Here Are The Biggest Winners And Losers 🔥
To celebrate ChatGPT’s 3-year anniversary, Deutsche Bank kicked off “AI Week” — using AI to build every Chart of the Day. And the first set of charts tells an incredible story: 🚀 Winners: The Magnificent 7 didn’t just outperform… they rewrote market history. Nvidia: +1,020% Broadcom: +712% Western Digital: +500% Meta: +499% The Mag-7 as a group? ~+300% since late 2022. Stunning. 💥 Losers: Market darlings turned disasters: First Republic – gone SVB – collapsed Moderna – -85% from 2022, -95% from peak Pfizer? Now trading back at 1998 levels and -60% from its highs, despite 3× the earnings it had in 2000. 💡 The Lesson: In just three years, AI exploded, market leadership flipped, and the biggest winners and losers were almost impossible to predict in real time. Nothing in markets is permanent — not hype, not dominance, not even “blue-chip safety.” A perfect way to kick off AI Week. Source: DB, zerohedge
Foreign investors are buying US equities at a record pace:
Private investors outside the US purchased a record +$646.8 billion of US equities in the 12 months ending in September 2025. Purchases have doubled since the start of the year. This is now 66% ABOVE the+$390.0 billion high seen in 2021. Meanwhile, foreign private-investor purchases of US Treasuries were +$492.7 billion during the same period. Rolling 12-month non-US buying of Treasuries has remained above +$400 billion for 4 straight years. Source: The Kobeissi Letter
