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Show Notes

Summary of the day

The title wasn’t a typo. Someone is withholding the truth.

* % of companies with strong/healthy Altman Z-scores (which combine account profitability, leverage, liquidity, solvency, activity ratios, etc. to measure bankruptcy risk) has dropped below 10% for first time on record per @fathommacro @lizannsonders.

https://twitter.com/LizAnnSonders/status/1732743034100428951

* Jobs data beat this morning. It was the Goldilocks print. Not too hot not too cold. Won’t trigger Powell to raise, yet Americans are still gainfully employed, is the deduction

* Jobs data has been revised down almost every time this year after the fact!

* Consumer credit has never been higher in the history of Homosapien

* This has been the longest period of yield curve inversion in financial market history

* $VIX is pricing in no landing

* #Bitcoin $BTC is pricing in a useless faux currency

* Magnificent 7 made up 80% of the S&P 500 YTD gains in 2023

* all consumer stimulus programs are now past us

* The last time Gross Federal Debt as Percent of Gross Domestic Product was at this level, World War II was ending and we went deep into debt to defeat the enemy.

2024 financial markets are 100% going to either move violently lower or higher. I don’t expect a tight range. The real world experience may also be very extreme. It is time to get our own houses in order and be strong mentally, spiritually, physically, & financially so that we can provide for our families.

Breadth

* 583 new highs

* 154 new lows

* 56% advancing 38% declining

* 24% below 50 day ma

* 41% below the 200 day ma

Stuck out

Stocks are on a 6 week win streak

SPY is 7 points away from lifetime highs, SPX 204 points away

Breadth is still strong to the positive

Strong

Energy, Tech and Financials lead

Weak

Gold