Homebuyer conditions for US consumers plummeted to their lowest level in history this month.
The index of buying conditions for houses fell to ~30 points which is below the previous low of ~40 points in the early 1980s. In just 4 years, conditions for buying a house have dropped by 110 points, a massive 73% decline. Meanwhile, buying conditions for vehicles and large household durables are down for 3 straight months. Source: The Kobeissi Letter
Thursday's US stock market heat map. $NVDA is literally holding up the entire market.
Source: The Kobeissi Letter
Jamie Dimon does not rule out a hard landing for the US economy
Source: CNBC
Bears are capitulating...
Mike Wilson chief equity strategist of Morgan Stanley has revised his price target of the S&P 500 from 4,500 to 5,400 Notoriously a market bear, he had previously predicted a 15% drop by December for the index. Source: Radar, The Macro Guy, Bloomberg
Want to buy a home?
1980: save for a couple years 2024: forget about it Source: Michael Burry Stock Tracker
The cost of servicing US government debt is on course to surpass defense spending
Source: Bloomberg, Michael McDonough
US Demographics
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We've seen a pretty big move in Presidential betting odds over the last week
Trump now holds a 6.3 point lead on Biden and Republicans are now on top in the generic head to head. From @maximlott at https://lnkd.in/dT6EHQvp thru bespoke
