On March 30, the S&P 500 was down 7% in 2026, the 12th worst start to a year in history.
After one of the biggest 4-week rallies ever, it's now up +5% YTD and above the average year at this point in time (+3%). There is no impossible in markets. Source: Charlie Bilello
Meet the first clear casualty of AI disruption: Chegg.
Once a go-to platform for homework help and textbook rentals, it’s now in steep decline—its stock has collapsed nearly 99%, trading under $1 with a market cap around $100 million. Revenue has fallen dramatically from its 2022 peak, signaling a rapid unraveling of its core business. The shift is simple: tools like ChatGPT didn’t just compete with Chegg—they made it obsolete. When students can get instant, high-quality answers for free (or far less), the old model struggles to survive. This isn’t just one company’s story—it’s a turning point where AI disruption became real, fast, and unforgiving. So the real question is: who’s next?
S&P500 $SPX has surged right into the upper trend line in place since last autumn.
The perceived bull has been stronger than the actual bull in recent sessions. We’ve gone from undershooting to aggressively overshooting the 200-day MA, in a very one-directional move. Source: TME
If you invested $10,000 in $CAR on Wednesday, Thursday night you would have $2,900 left...
Source: Brew markets
TESLA $TSLA JUST REPORTED EARNINGS
EPS of $0.41 beating expectations of $0.34 Revenue of $22.4B missing expectations of $22.64 Tesla says Cybercab, Tesla Semi and Megapack 3 are on schedule for volume production starting in 2026 Once in production, expect Cybercab to begin to replace existing Model Y fleet and will be largest volume vehicle in fleet over time Preparations for first large-scale Optimus factory will begin in Q2 Are expanding scope of manufacturing to include semiconductor fabrication in AI inference compute Source: Evan on X
In case you missed it... Avis Budget Group $CAR crashed 50% in just 6 hours.
After rallying 750% in the last 35 days, the stock has now erased roughly 57% of that entire run in a single selloff. $CAR went from one of the biggest squeezes of 2026 to one of the fastest reversals, showing how quickly crowded trades can unwind once momentum breaks. Source: Bull Theory
Markets don't seem to care that much about all these prices going to the roof...
Source: Charlie Bilello
S&P 500 12 month forward earnings are going to the roof...
Below, an interesting Bloomberg chart showing the difference between forward 12 months EPS estimates and trailing 12 month EPS Source: Bloomberg
