Zero Panic Days
2026 has not had a single 80% NYSE downside volume day. The average year sees 21. The current streak of 185 consecutive days without one is the
Growth Note · IWM / IWN
Small caps won this year. They're still priced like they didn't.
Small caps beat the S&P by eight points this year and still trade at
Everything Made A High
The NYSE Composite, the median US stock, the average S&P 500 stock, large caps, mid caps and small caps all closed at new highs on the
One In Three Peaked
More than a third of stock markets around the world made new 52-week highs last week, the best showing since February. The percentage of US
Live Trade: SMH / XLE / XLU
America now spends more building AI than building homes.
US investment in data centers and computing hit about $455 billion annualize
AI is a good scapegoat
Artificial intelligence was the single most-cited reason for announced US job cuts in July at 10,970, and 112,713 so far this year --
America's Markup Just Shrank
The premium investors pay for US stocks over the rest of the world has fallen to about 22% on forward earnings, the narrowest in
Growth Note: US Banks (XLF / KRE)
Banks just made their first all-time high in nineteen years.
The S&P Bank Index just made its first all-time high since January
Worst Month, Record Inflows
Chip stocks had one of their worst months in nearly two decades, down about 21%, while semiconductor ETFs pulled in roughly $13
Throwing In The Towel
Three-month outflows from the Magnificent Seven ETF are approaching a record. Investors are heading for the door right as the group got
Income + Growth: Gold
Central banks now hold more gold than US Treasuries, for the first time since 1996.
Gold is now 27% of official central-bank reserve assets
Buyers Became Borrowers
Big Tech used to hand shareholders as much as $40 billion a quarter in buybacks. The same five names just raised roughly $50 billion from
