Shorts running scared
NASDAQ - will it?
People are getting "stopped in". NASDAQ is pushing big levels as of writing. A close above the 15600 level and things will get very dynamic...
Source: Refinitiv
Taking out the trend?
SPX is taking out the big trend line and is closing in on the 100 day moving average. Another massive up candle is creating even more frustration as the crowd is waiting to buy the dip still...
Source: Refinitiv
Timing perfection
Reposting one of the more important charts from our thematic "everything up market" email earlier this week (more here). "Inflection point in buybacks according to UBS. Imagine the pain should this kick in..."
Source: UBS
Not long enough
There are a lot of people out there running way too little long risk still. The chart keeping that crowd awake at night...
Source: Equity Clock
Tony P on direction
1. The U.S. 10-year note won't consistently produce significant rallies, and underperforming equity segments won't always see 13% weekly gains.
2. Despite last week's challenges, current equity technicals are favorable.
3. The relationship between the economy and the Federal Reserve is currently stable, supporting certain market segments.
4. Despite potential volatility, the expectation is for the S&P to gradually increase towards the year's end.
Yammy NAAIM
Big jump in the NAAIM Exposure Index this week: Up more than 30 points for only the 16th time in history. Stocks one month later? Higher 14 of the previous 15 times.
Source: NAAIM/Ryan Detrick
Single stock short selling
Hedge fund US single stock short flows increasing for a record 14 consecutive weeks according to GS.
Source: GS PB
Magnificent MM
The show must go on. Does this money ever start looking for alternatives?
Source: BofA
Golden pain
Last weekend we pointed out that gold was fragile (here). Fast forward to today and the shiny metal has puked. Note that gold vol, GVZ, hasn't picked up much (gold trades with an upside vol skew), offering relatively cheap set ups to roll down strikes in those gold puts we mentioned (and book some gains).
Source: Refinitiv
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