That was an enormous miss in durable goods, coming in at -6.6% vs a forecast of +0.3%.
We need to transport things in a growing economy, right? "Transportation equipment, down two of the last three months, drove the decrease, $19.6 billion or 20.5 percent to $75.8 billion. Source: Markets & Mayhem
The current US small caps rally seems to be mainly driven near-record exuberance in Russell 2000 ETF $IWM call options activity
(chart on the right) rather than inflows into small caps funds (chart on the left). Source: BofA, UBS
Selling scarcity as illustrated by Quartr.
Visualizing the insane retail vs. resale price contrast of Patek Philippe's limited Tiffany (a part of LVMH) blue-colored timepiece. "You never actually own a Patek Philippe. You merely look after it for the next generation."
Uber long road to profitability...
In 2019, The Economist wondered aloud whether Uber would ever be profitable. The classic refrain from the company and its investors was that at a certain scale, it would be. It first had to get big enough and outlast enough of its competition. As it turns out, they were pretty much right. Last year, Uber had its first annual profit, and recent quarters have also been solidly in the black, with investors expecting another profitable quarter to be announced on August 6th. The company’s main rival still hasn't quite reached that scale. Lyft has narrowed its losses significantly, but is still in the red. Source; Chartr
The semi-conductor foundry landscape
Source: Statista
That was the highest weekly close in over 30 months for both Small-cap Growth and Small-cap Value
Source: J-C Parets
US small cap funds see 2nd largest weekly inflow ever
Source: EPFR, BofA, Mike Z.
BREAKING 🚨: Hedge Funds
Long/Short Hedge Funds suffered their worst day yesterday since the 4th quarter of 2022. Source: Barchart
