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The Nations SkewDex, which is a proxy of long put demand, reached the lowest level since data are recorded.
The Nations SkewDex compares the cost of out-of-the-money SPY put options to the cost of precisely at-the-money SPY options. Source: Bloomberg, C.Barraud
The S&P 500 is up 17.5% year-to-date. In the last 20 years only 2019 had a better start. $SPX
Source: Charlie Bilello
The S&P 500's 25% gain since last year's low has been driven by valuation expansion rather than rising earnings
The S&P 500's 25% gain since last year's low has been driven by valuation expansion rather than rising earnings. There is hope that earnings will start recovering in Q3 and through 2024. Source: Edward Jones
Since 1941 strong first half S&P 500 performance has been associated with further gains in the second half of the year, though with more volatility
Since 1941 strong first half S&P 500 performance has been associated with further gains in the second half of the year, though with more volatility. Past performance does not guarantee future results... Source: Edward Jones
The S&P 500 is currently trading ~12.5% above its 200-day Moving Average
The S&P 500 is currently trading ~12.5% above its 200-day Moving Average. We haven't seen $SPY this far above its 200-day since August of 2021, nearly two years ago. While it looks over-extended, it is not unsustainable. For instance, study the left side of the chart from Nov '20 - Aug '21 Source: Grayson Roze
The sp500 has been anticipating the improvement in earnings (ex-Energy) expectations so far. Can these expectations be met?
Source: Bloomberg (Gina Martin Adams for the #chart)
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