Syz the moment

The Dow Jones rose to its highest level ever following latest Fed meeting—which left rates unchanged & predicted 3 possible cuts in the coming year—as cheer continues to flood equities markets at year’s end. Breaking its prior ATH of nearly 37,000 set in January 2022 Dow rose >37k. Source: Bloomberg

Markets also see a growing 9% chance of rate cuts beginning as soon as next month. Futures are projecting a total of FIVE rate cuts in 2024. There's a 28% chance of 6 cuts and an 11% chance of 7 cuts in 2024. Meanwhile, the Fed just said they see just 3 rate cuts in 2024. So markets are still "fighting" the Fed. But the Fed is starting to adjust... Source: The Kobeissi Letter

All major regions are on track for earnings declines in 2023, creating easy comparisons for 2024. Source: Gina Martin Adams, Bloomberg

Source: Charlie Bilello

Average daily stock options volume this year is 44 million contracts, on track to be the highest in history and more than double what it was 5 years ago. Source: barchart

As the carbon offset market gets a new lease on life from the COP28 climate summit in Dubai, bankers from Wall Street and the City of London are positioning themselves to get a chunk of the dealmaking they say is coming.
Banks that have been building up carbon trading and finance desks include Goldman Sachs Group, Citigroup, JPMorgan Chase and Barclays.
Source: Bloomberg

After its eight straight green week, Bitcoin is finally taking a breather. The decline comes at a time of low volume and liquidity. Source: Kobeissi Letter

To see how massive they are, this comparison of their market caps vs. the private tech sector (unicorn valuations) makes it quite clear. Source: CB Insight