November was truly a month of "bad news" being "good news" for stocks...
'Hard' data (red line) hits a 14-month low as S&P 500 surge back near record highs. Source: Bloomberg, www.zerohedge.com
So the FED is expected to pivot next year, maybe as soon as March
Is a pivot good for equity markets? Well, history shows that the months that follow the pivot are not the best ones for stocks... maybe this time will be different... Source: Phoenix Capital
Consensus expects Net margins for the Magnificent 7 to stay significantly higher than the rest of the S&P 500
Source: Goldman Sachs, TME
The Nasdaq 100 and S&P 500 ETFs are now less than 2% below their all-time high while the Russell 2000 ETF (small caps) is 24% below its high and the ARK Innovation ETF is 71% below its high
Source: Charlie Bilello
YTD performance
Mag 7: +105% S&P 500: +19% Source: TME
Thanksgiving to Santa Claus Rally trade starts on Tuesday
S&P 500 up 79.45% of the time since 1950. Avg performance: +2.57%. Trade combines the best consecutive 3-month span, Santa Claus Rally and January Effect. Source: StockTradersAlmanac.com, Jeffrey A. Hirsch
Since the end of 2012, the S&P 500 has more than tripled, rising by 216.2%
Of that increase, eight megacap stocks have accounted for just under half of the total gain. Source: Bespoke
There are few assets that can provide meaningful diversification benefit in a portfolio, particularly from a real return / purchasing power standpoint
In an environment where stocks and bonds are so highly correlated, notable to see the low correlation across commodities - Source: Bob Elliott.
