Hartnett: Magnificent Inflation

When one thinks of "magnificent" things these days, the first that pops into a trader's head is the "magnificent 7", which as Michael Hartnett writes in his latest Flows Show, is up a magnificent 24% YTD...

... contributing more than 50% of the S&P's entire return in 2024, with NVDA alone accounting for a quarter, as "monopolistic mega tech monopolizes performance"; of course there are other "magnificent" things too, such as the 3Cs of Crypto, China, Commodities all of which are also outperforming in 2024: bitcoin +60%, China +16%, gold +13%; of note, commodities are on course to be best-performing asset class 3 of past 4 years...