Eli Lilly exceptionalism... $LLY vs. rest of Pharma and S&P 500 Healthcare stocks
Source: Goldman Sachs, TME
Goldman's Derivatives desk:
Demand for TLT calls and call spreads exploded this week. That's because "this is a cheap way to play for a snapback in bonds." As shown below, average TLT call volume this was over 350k contracts per day, an all-time highs...
Getting cheaper...
Global stocks have lost another $1.5tn in mkt cap this week on still-elevated US 10y yields and on not good enough earnings results. All stocks now worth $98.2tn, less than global GDP. This means that the Buffett Indicator is once again below the critical level of 100. Source: HolgerZ, Bloomberg
Here’s a look at the four 10%+ corrections we’ve had in the last two years
Just registered 4 last week. How deep will this one end up being? Source: Bespoke
''But the stock market is doing great!'' Well: are you sure? It all depends which index you are looking at
Source: Alfonso Peccatiello - The Macro Compass
Uranium narrative has made headlines again...Prices are now back above the levels seen before the Fukushima incident in March 2011...
Source: Game of trades
The S&P 500 is now down over 10% from its high in late July, the largest drawdown thus far in 2023
Is such a decline unusual? Not at all according to Charlie Bilello. A 10% intra-year drawdown has happened every 1.6 years on average.
4 of Wall Street's biggest banks have recently plummeted to levels not seen since the devastating March Banking Crisis
YTD losses are staggering, with 📉 ranging from -15% to -24% causing significant concerns for investors & overall market Source: The Coastal Journal
