Europe, Japan continue to beat the SPX ex-NVDA

𝐄𝐥𝐞𝐯𝐚𝐭𝐞𝐝 𝐜𝐨𝐫𝐩𝐨𝐫𝐚𝐭𝐞 𝐦𝐚𝐫𝐠𝐢𝐧𝐬 𝐚𝐫𝐞 𝐬𝐮𝐩𝐩𝐨𝐫𝐭𝐢𝐧𝐠 𝐫𝐞𝐜𝐨𝐫𝐝-𝐥𝐞𝐯𝐞𝐥 𝐛𝐮𝐲𝐛𝐚𝐜𝐤𝐬. 🇺🇸US companies are setting new records in 2025 buybacks—$983.6 billion repurchased so far and on pace for $1.1 trillion+ by year-end. This mega repurchase

S&P 500 announced buybacks.. marching toward $1 trillion in 2025 rather quickly. Record pace. JPM

Here comes the Chinese credit cycle again! Not discounted imho

Record trading volume for spot eth ETFs… Look at this chart. Good indication that institutional investors getting more involved. via Sidhartha Shukla (@s1dc01n.bsky.social)

Harnett BofA: S&P 500 forward P/E 22.5x…95th percentile since 1988 But this isn't your grandfather's S&P 500

You can almost see the "Ex Mag 7" on this chart when looking at the Bloomberg Mag 7's gain of 2,800% since inception in 2015. Almost... Bloomberg Mag 7 since March 2015: +2,800% Bloomberg 500 Ex Mag 7 since March 2015: +129%

‼️HOLY COW: US leveraged equity exchange-traded products' Assets Under Management hit ~$120 BILLION, an all-time high. In 2022, the asset size of these products was ~3 TIMES lower. Over the last 5 years, trading these risk products has skyrocketed. Incredible.

Although it is not as significant as the IEA's ~4mb/d surplus, global observable oil inventories are actually increasing. Of course if a surplus of ~4mb/d were expected, as in the IEA's balance, oil prices would have already collapsed. Therefore it is unlikely to be that

Risk appetite is skyrocketing: The Speculative Trading Indicator just posted one of its sharpest 3-month spikes on record, according to Goldman Sachs. This indicator tracks trading volumes in penny stocks, unprofitable companies, and stocks with EV/sales above 10x.

Key drivers include companies at the heart of the #AI ecosystem—hardware, #software, data #infrastructure - delivering above-market earnings growth and raising forward guidance, chart J.P. Morgan Asset Management

How #hedgefunds are positioned in futures. $TNX $TYX $SPX $RUT $NDX $VIX $GLD $EUR $USD $WTI hedgopia.com/cot-peek-into-…

I just keep coming back this chart. The #market is not as "healthy" as it seems on the surface when #earnings growth for the ENTIRE #index is only coming from a handful of #stocks.

Holy Moses do the A.I. Focused fund flows look parabolic... and like Moses parting the see, that wall of water eventually collapsed... and like the Egyptian legion they didn't know when the wall of water would collapse.

Forces for the steepening, or widening of the long-duration term premium, to its highest level in 4y, include concerns about US debt and #deficits and rising supply of long-duration #debt around the world, chart Morgan Stanley

10y UST term premium (0.4935%) is still historically low, chart Nordea Markets

CTA positioning in US equities officially sits in the 100th percentile and is now max long. $SPY $QQQ $IWM

Positioning update: Exposure to #equities, and in particular the #Mag7, is not at extremes. Such provides some support to the current #market if they are forced to start buying heading into quarter end. h/t ISABELNET

🇺🇸🌍 US equities are trading at a forward P/E that’s 53% higher than global equities (ex-US).

🇺🇸 MAG 7 The Magnificent 7 stocks are trading at the lowest premium compared to the rest of the S&P 500 in last 10 years. Lower premium doesn't necessarily mean cheap, but the risk/reward looks more balanced now 👉 isabelnet.com/blog/ h/t Daily Chartbook $spx #spx