Mid-year flows in Tech/ MegaCaps/ Tesla fuel the US equity rally in July, but some “summer time sadness” might be around the corner.

All eyes on earnings season where high valued growth stocks face asymmetric downside risk if they fall short of expectations. Lofty valuations require constant beats and positive revision trends.

Prices move first, pretended reasons/ explanation follows. Reducing noise can significantly enhance your investment process. #framework

$Vix capitulates. Fear spreads out. But history shows it might be time to get a little bit greedy.

Media picks up the recession narrative with a big spike on Friday. Exaggeration. As $Vix approaches peak panic levels, the move today looks to me more driven by technicals (e.g. positioning, flows, $Yen etc) than by fundamentals. No worries, #FED put in place. #Aktien #Crash

Luxury brands with higher resale value are much more resilient. Hermes $RmS stands out with superior operative performance despite some headwinds in the industry. The other extreme is $Ker Gucci with outlets mainly in Asia leading to second-hand discounts of 40% for some item.

Holiday season in full swing (this and next week) as todays trading volumes in equity markets show (SX5E -73%) –> meaningless erratic moves possible Systematic strategies and intense corporate buyback activity might easily pull markets higher on low volumes & liquidity.

As institutional investor come back from summer holidays, some major event uncertainty lies ahead as shown by $SPX $VIX curve. #JobReport #CPI #FED

ASML CEO: "While there continue to be strong developments and upside potential in AI, other market segments are taking longer to recover. It now appears the recovery is more gradual than previously expected# $ASML: -15% today