Size selling in time for the buyback bonanza

The Market Ear Picture

Boom boom buybacks

Buyback announcements have continued to boom…almost $200bn worth in the last 3 weeks.

Source: Deutsche


Selling and selling

Goldman's PB was net sold for the 3rd week in a row and saw the largest net selling in three months...note short selling was the main driver, not selling of longs...

Source: GS


When Cathie 2.0?

FANG+ seen as safe asset, decoupling from liquidity-sensitive. Will there be a resurrection of Cathie & Friends?

Source: Macrobond


Mega-cap tech fundamentals getting even better

Consensus expects mega-cap tech’s sales growth gap to widen (chart 1) and the gap between mega-cap tech & S&P 500 margins is also expected to widen (chart 2).

Source: Goldman


Source: Goldman


Tech divergence

Tech sector AD line divergence is crazy right now.

Source: Bespoke


Tech earnings revisions breadth

Tech earnings revisions breadth has climbed back into positive territory.

Source: Morgan Stanley


Changing correlations

The correlation of tech and the US 2y note is currently very negative.

Source: Credit Suisse


Things that make you go hmmm....

US IG yields now trade 14bp tighter than US 3m bills yield. This is the most negative in the history of data that GS has.

Source: Goldman


Got regionals?

Everybody hates this space. Let's see what happens should they squeeze it for another day or two...

Source: GS


European banks caught the KRE-variant

Banks are lagging their improved ROE on a P/B comparison.

Source: FactSet


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