另类资产回撤

The average Russell 1,000 stock is now 23% below its 52-week high. Consumer Discretionary, Industrials, and Technology are even weaker at -26% or worse.

The semis are now in their 4th 10%+ correction since early June. That's the most corrections inside a window that small since late 2002. $SOXX $SMH

Banks trailing S&P 500 by 11 percentage points in month leading up to earnings season. Since 2001, the only earnings seasons when they lagged by a wider margin were Q1 2023 (-25.5 ppts) and Q4 08 (-15.8 ppts).

AI demand is driving significant inflation pressure in consumer tech, as evidenced by the computers & peripherals category in today's CPI release:

Despite a 2% drop today, the Nasdaq 100 $QQQ managed to just barely hang onto its 50-DMA:

Cool chart showing the fastest sector rallies to 50%+ YTD since 1990. Energy's 50%+ YTD move through yesterday was the 5th fastest to up 50%+ in any year for any sector since 1990. Energy did it in less than half the t

NEW: We are facing a growing crisis of economically and socially dislocated young adults The share of young people who are: - Not working - Not seeking work - Not in education, and - Not raising children is approaching

This chart shows that the top 1% of California taxpayers are responsible for more than 33% of all tax dollars. The top 0.1% of California taxpayers payers (~17,500 people) are responsible for more than 16% of all tax re

From the President… Don’t be a panican!

Charted: The Growth of $100 by Asset Class (1965-2025) 📈

✍️ New article: Tracking historical progress against slavery and forced labor: a long-run data view For much of history, forced labor was widespread and brutal. Tens of millions of people were made to work under the thr

The S&P 500's earnings boom is simply unprecedented this late into an economic cycle. Profits are on pace to surge 34% this year followed by another 15% gain expected in 2027. That would be 54% growth in just 2 years.