Worst market liquidity in ~2 years. Liquidity has thinned during the selloffs. $ES_F depth fell to 5th%ile relative to the past 2 years, as ETF share of total volume climbed to the 97th%ile. On the surface, a stock pickers market, but volume is not there for individual stocks.

Remember the frenzy when Tesla joined the S&P 500? Retail investors were treating it like a guaranteed ticket to wealth. Five years later, boring Ford and General Motors have outperformed Tesla on total return. In the long run, Valuation > Growth momentum.

6000 Years of World History in 1 Picture

Forecasters expect PCE inflation (core and headline) was 0.37% in December (4.5% annualized rate). This would push up the core PCE index to 3.0% over 12 months, the highest since February 2025 Headline PCE is estimated at 2.9%, the highest since March 2024

Peter Lynch turned $18M into $14B. His 6 rules for 10x stocks: 1. Trailing P/E < 25 2. Forward P/E < 15 3. Debt/Equity < 35% 4. EPS Growth > 15% 5. PEG Ratio < 2 6. Market Cap > $5B "The person that turns over the most rocks wins the game." The edge isn't prediction. It's

This is the widest positive gap between breadth and price that we’ve seen in awhile for the S&P. The cumulative A/D line keeps pushing to new highs while price has flat-lined:

Blue Owl $OWL is one of the most important players in the AI trade and most people are not paying attention to it. $OWL is a private credit firm writing billion-dollar checks to finance the actual data center buildout. When Meta, CoreWeave, or Crusoe need $10B+ to break ground

Global investors are increasingly piling into Brazilian stocks: Brazilian stocks have recorded +$6.6 billion in foreign inflows so far in 2026. This already surpasses the +$4.9 billion recorded in the entire 2025. As a result, the average daily trading volume for Brazilian

The last 3 times we got this tight, it wasn't long after that we started seeing some epic moves. One of the basic principles of technical analysis: Assets move between periods of contraction and expansion. $SPX

S&P dealer gamma just cratered to $200M after OpEx 📉 The 2-year average is $5.2 BILLION. That means the market’s shock absorbers just got ripped out. Dealers aren’t hedging, they aren’t pinning strikes, they aren’t dampening moves. Next week price can move FAST/see follow

BREAKING: The US' goods trade deficit widened by -$17.3 billion in December, to -$70.3 billion, the highest deficit since July 2025. This brings the full-year deficit to -$901.5 billion in 2025, the 3rd-largest in data going back to 1960. This comes as exports declined -$5.0

BREAKING: Institutional investors sold a net -$8.3 billion of US equities last week, the 2nd-largest weekly sale on record. Meanwhile, retail investors bought +$1.0 billion, posting their 5th consecutive weekly purchase. Hedge funds bought +$1.2 billion, marking their 8th

The non-commercial traders of Bitcoin futures are usually the smart money. This week's COT Report shows that they are moving net long with some urgency. Look back at what the last two similar excursions led to. But remember, this is "a condition, not a signal".

This single tweet just wiped out over $15 BILLION from cybersecurity stocks. CrowdStrike: -7.95% Cloudflare: -8.05% Palo Alto Networks: -1.52% Zscaler: -5.47%

A bearish chart pattern needs to confirm a downtrend below the long-term average. Or else it can become a text-book reversion to the mean. $MAGS

Total Put/Call Ratio continues to trend Up. Put/Call Ratio's 1 week average is at the highest since $SPX crashed last April. *This is the Put/Call Ratio across all U.S. options exchanges, not just CBOE

Reminder: Druckenmiller is long Brazil as $EWZ snaps a 14-year downtrend. 🇧🇷

Average holding period for investors:

Stock Market Participation Rate by Selected Countries 📈 1. 🇺🇸 U.S. - 185.4M - 55% 2. 🇨🇦 Canada - 19.1M - 49% 3. 🇦🇺 Australia - 9.6M - 37% 4. 🇬🇧 UK - 22.1M - 33% 5. 🇳🇿 New Zealand - 1.6M - 31% 6. 🇸🇪 Sweden - 2.3M - 22% 7. 🇷🇺 Russia - 30.5M - 21% 8. 🇫🇮 Finland - 1.0M - 19% 9. 🇨🇭

The chart shows the share of total income going to the top 1% of earners over the last 200 years. Income of course is for the poor - the really rich people simply collect capital gains etc. That said, the post-WWII emergence of a middle class increasingly seems like a historical