Market mania and complacency

Drunken bullish frenzy

1. NVDA market cap up 1 TSLA over the past 2 months

2. NVDA market cap same as China stock market (H shares worth around $1.7tn)

3. 200 day moving average $265 lower

Source: Refinitiv/Hartnett

GPUs are harder to get than drugs

Companies are desperate for GPUs.

Source: CB Insights

and counting

Top five stocks weight in the SPX at new highs.

Source: Jefferies

On that concentration

The big "mystery"? When the average stock lags this much we usually have a problem. This time around there are no problems, or?

Source: Bloomberg/Authers

Getting hotter

BofA's bull/bear indicator "nailed" the big buy in October. We are still not in sell red territory, but another big jump over the past week brings us closer to the contrarian sell. Just need a few more bears to throw in the towel...

Source: BofA

Abandon puts

Put call ratio at levels that have been associated with a pullback in markets.

Source: Refinitiv

Pushing it

Extreme greed at highest levels since early January. Chart showing the indicator vs SPX.

Source: Macromicro

Remember mighty Apple?

The AAPL/QQQ ratio is at the lowest since late 2021. Nothing is forever, or?

Source: Refinitiv

Remember Dr Copper?

The gap between copper and SPX is at the widest levels in a long time.

Source: Refinitiv

Leaving behind

SPX has left many things behind, Fed reserves as well lately.

Source: Refinitiv

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