Bulls are awfully happy today…apparently not having a very cool understanding of one of the most bearish structures in markets: the bearish running correction
LOTS OF DISAPPOINTMENT COMING UP $SPX $SPY $ES_F pic.twitter.com/dFmPNp7wEy
— @mcm_ct_usa (@mcm_ct_usa) August 7, 2023
The S&P 7, which are the biggest tech stocks, now account for 28.6% of the entire S&P 500.
This is just shy of the record 28.9% seen in late-2021.
Almost all of these names have been driven by AI-related headlines.
Markets are being increasingly driven by a few names, with a… pic.twitter.com/xzyUCS7Y6H
— The Kobeissi Letter (@KobeissiLetter) August 7, 2023
CNBC is calling it a melt-up.
Squiggle boys are calling it a melt-up.
Big banks are calling it a melt-up AND they all backed away from their recession calls.
I’m calling it ALL FUCKED.
— Michael A. Gayed, CFA (@leadlagreport) August 7, 2023
Ticktock.. ticktock
Treasury 🚨 t.co/P8TjutiKIS
— Willem Middelkoop (@wmiddelkoop) August 7, 2023