There was no support for the markets from the liquidity side this week
US liquidity shrank by $50bn as bank reserves saw the largest drop since April tax deadline. Source: Bloomberg, HolgerZ
Imagine two neighbours. A decade ago one invested $10k in Nvidia $NVDA and the other invested $10K in Intel $INTC
One would have $2.9 million today, while the other would have $13,420. It's likely they'd no longer be neighbours... 🤣 Source: Koyfin
BREAKING 🚨: Indian Rupee
India's currency has fallen to an all-time low against the U.S. Dollar
The count on this US yield curve inversion is up to 21 consecutive months, an all-time record. How long this goes, nobody knows
Source: Jeff Weniger
For nearly a decade, this group traded in a very narrow price-to-sales range, but it's different this time???
Source: Lawrence McDonald, Bloomberg
As per The Kobeisi Letter >>> The S&P 500 is now up 34% in under 8 MONTHS
Since the October 2023 low, the S&P 500 has added 1,370 points or $11.5 TRILLION in market cap. In other words, the S&P 500 has added ~$1.4 trillion in market cap PER MONTH for the last 8 months in a row. This means that the S&P 500's return since October 2023 is now 3 times the average annual return. Nvidia stock alone, $NVDA, has added $2.2 trillion in market cap over this time period. That's ~20% of the S&P 500's market cap gains coming from just one stock...
The market cap-weighted SP500 is outperforming equal weight index by over 10% this year, following 12% outperformance in 2023
Since 1971, we've never seen consecutive years with >10% outperformance. Source: Charlie Bilello
The US has captured one third of all global capital flows since 2020, compared to just 18% before the pandemic
Source: Barchart
