Soggy SOX, Super Saylor and Small Stress
That SOX gap
Ex hottie SOX continues trading well offered and the gap vs SPX remains very wide. Let's see what NVDA brings...
Source: Refinitiv
Must hold again
SPX is approaching must hold levels again. The lower part of the trend channel comes in around 5900 (futures) and the 50 day around 5850. Despite the bullish "feeling", the SPX is at mid October levels, not showing much of that year end melt up mojo so many are waiting for...
Source: Refinitiv
Russell post Trump stress
Russell "VIX", RVX, closed at 27.26 on November 5. It closed at 20.98 on November 6...and is trading around 26 as of writing. Not really that "bullish"...
Source: Refinitiv
The great rotation
It sure doesn't "feel" this way, but as Barclays points out: "The brutal equity market rotation that accompanied the summer sell-off has only partially reversed, despite equities being back near all-time highs".
Source: Barclays
Europe - the constant sucker
Tariffs a big deal for European companies...
Source: Barclays
European generals
Feels like the Mag 7 in the 2022 Tech draw down….the Granolas are being impacted by Tariffs, China and European malaise. Chart shows US Megacap Tech outperforming EU GRANOLAS YTD.
Source: GS
Mr Parabolic
MSTR's stock going beyond parabolic. RSI hitting new "modern days" highs, currently at 86. This stock has been overbought since late September...and still MSTR has gone from $180 to almost $500. Stuff can really stay overbought for longer than most think possible.
Source: Refinitiv
Beyond bitcoin
Saylor, the Alchemist, has created a monster...and everybody seems desperate to buy it. Chart shows MSTR and BTC 1 year chart (%).
Source: Refinitiv
10x
MSTU, 2x MSTR, is up 10 times since it was launched in late September. This is leverage mania at its best...and it works both ways.
Source: Refinitiv
Have fun staying "poor"
BTC up 154%, ETH up 54% over the past year.
