The S&P 500 officially posted its best day since November 2022.
Source: Bloomberg, The Kobeissi Letter
Berkshire Hathaway is now holding 25% of their Assets in Cash, the highest % since 2004.
Historical average cash position: 14%. $BRK.B Source: Charlie Bilello
Interesting to see how the psychology of the market has been changing lately.
A few weeks ago, strong job reports had a negative effect on stocks. Now it is the other way round. Initial jobless claims reversed their uptrend and stocks seem quite happy with this. Why? Because there is actually a "growth" fear (instead of an "inflation" fear) which means that any decent economic report will be welcome by the market (and any bad one could push stocks lower).
JPMorgan: 75% Of Global Carry Trades Have Been Unwound
(yesterday they said that the unwinding was only half completed...) Source: www.zerohedge.com
The last 10 minutes of trading on Wall Street today...
Source. Markets & Mayhem
In case you missed it...
Crude Oil has fallen to its lowest price since early February. Source: Barchart
Yesterday evening after the close, Super Micro $SMCI has swung nearly $170 in 40 minutes in after hours trading, dropping from $725 to $558.
Super Micro Computer beats on revenues + announced 10:1 stock split (why?) but missed on EPS. CEO: "Supermicro continues to experience record demand of new AI infrastructure..." Source: Ycharts, Beth Kindig
China’s imports grew faster-than-expected in July, while export growth came in below forecasts, according to customs data released Wednesday.
U.S. dollar-denominated imports rose in July by 7.2%, far more than the forecast of 3.5%, according to the poll. China’s imports from the U.S. surged by 24% year-on-year in July, according to CNBC calculations of official data. Source: CNBC
