Big improvement of global value chains disruption as delivery times have shortened in May: √ Delivery times are shortening in more than 80% of countries √ Biggest improvement in DM: Italy, Switzerland, Austria & Greece √ Biggest improvement in EM: South Africa & India

Sectors most hurt by social distancing make huge contributions to employment, but much smaller contributions to economic output BCA Research BLS-Labor Statistics BEA News

#TodayInEnergy - Lower crude #oilprices will mean less exploration and development go.usa.gov/xwWSd

In a recent article for Frankfurter Allgemeine, Guntram Wolff, Peter Bofinger, Michael Hüther , Monika Schnitzer🇺🇦🇪🇺, Moritz Schularick and Martin Hellwig argue that last month's BVerfG ruling puts European Central Bank independence at risk. bru.gl/3gOpyNh

Weekly Initial Unemployment Claims decrease to 1,877,000 calculatedriskblog.com/2020/06/weekly…

Persistent labor market damage at week 12 of GCR: US initial claims for #unemployment fell to still-elevated 1.9mn, from 2.1mn week prior. > 4wk avg: 2.3mn Some good news: PUA claims (NSA): 600k (-700k) But total UI claims+PUA still 2.2mn > Continuing claims: 21.5mn (+600k)

It's more than a little strange to see so many point to 1968 as a bullish analog for the stock market considering it marked the beginning of a lost decade which was cleaved by one of the most painful bear markets in history:

The Nasdaq 100 just made a new high while the NYSE Composite lags. It's the mirror image of the market from 20 years ago:

The Volatility Index has declined over 62% in the past 10 weeks, the largest 10-week decline ever. $VIX

$SPX and $VIX want to say something

‘Bored’ Millennial Day Traders Boost Airline ETF’s Assets 2,930% bloomberg.com/news/articles/… ht Julia Cordova

'Two days of buy-everything rallies in stocks, a Nasdaq 100 near-record and a surge in bond yields suggest markets are becoming the site of an old-fashioned risk-on frenzy, signaling straight-up euphoria over the recovery.' bloomberg.com/news/articles/…

'In addition to largely ignoring economic data, the stock market's rally is defying cratering earnings per share estimates.' axios.com/stock-market-e…

Uh-oh! The NY #Fed weekly economic index fell last week.

US working population growth blogs.wsj.com/dailyshot/2020…

The biggest foreign holders of U.S. debt howmuch.net/articles/forei…

'Texas, Arizona and Oregon saw significant spikes last week in new coronavirus infections, while cases also continued to climb in a handful of states where steady increases have become the norm.' axios.com/coronavirus-ca…

#AAII spread still shows MORE Bears than Bulls after the largest US rally ever over last 50-days- While Low Equity Put/Call readings are a near-term concern, we still have Neutral sentiment after a 37% rally off the March lows- 38.87% Bears v 34.55% Bulls

Best strategy of 2020 was to be long robots & algos / short humans. I created the perfect quant factor for this: "market value of intangible assets per employee". Anyone want to fund my actually smart ETF?

The 5 most valuable companies represent 21.3% of the S&P 500's market cap and employ 1 million workers. 10 years ago, the top 5 were 9% of the market cap with 2.7 million workers. I think that is a big deal.