S&P 500 Q4 GAAP earnings were down 20% year-over-year
S&P 500 Q4 GAAP earnings were down 20% year-over-year, the 3rd consecutive quarter of negative YoY growth and the largest decline since Q2 2020 (note: combination of actual/estimates w/ 37% of companies reported thus far). Source: Charlie Bilello
Tesla has become one of hottest stock-option trades on Wall Street
Tesla has become one of hottest stock-option trades on Wall St attracting equal numbers of enthusiastic supporters & outspoken critics. Both sides have turned to derivatives: Bulls betting on extreme upside scenarios, bears bet share price will plunge. Source: HolgerZ, Cboe
Tech valuations are normalizing
Each generation has its own bubble. Pain after the burst is so severe that it requires new generation of inexperienced investors to become irrational again. Source: LeutholdGroup. Michel A.Arouet
China Stocks Rally in Hong Kong as Holiday Spending Recovers
Source: Bloomberg
Investors are flocking to Europe
Top European Stock ETF is Set for Largest Inflow Since ‘21 - Bloomberg. The Vanguard FTSE Europe ETF (#VGK) has lured almost $700 million in January so far. Source: Bloomberg, C.Barraud
Tough technical barrier for the Nasdaq
Nasdaq futures had started the year on a strong footing, but are losing steam near the 200-day moving average which has been a tough barrier to cleanly break in the past year.
Downward revision to S&P 500 next 12 month EPS estimates continues
Simple look at blended 12m estimate for S&P 500 earnings per share … +7.5% from start of 2022 into peak (June 2022); -4.5% since peak. Source: Bloomberg, Liz Ann Sonders
Bears beware! US share buybacks are coming back with a vengeance...
Starting by January 27, buybacks will be back into the market, higher than before. Source: Alessio Urban, Goldman Sachs
