Overbought giant
NVDA is getting into very overbought zone here, and the stock has decoupled from the 200 day moving average.
Source: LSEG Workspace
The one and only
DB on NVDA: “Nvidia’s market cap is now an astonishing 3.6% of global GDP. For context its LTM earnings are around 0.07% of current global GDP and it employs around 0.0004% of the global population.
On the chart we show that the listed stock markets of the UK (3.2% of World GDP), France (3.1%) and Germany (2.8%) are all smaller.”
Source: DB
Rich clients
Highest stock allocations since March 2022.
Source: BofA
Cash is trash
BofA’s private clients holding least cash since Oct 2021.
Source: BofA
Hated by hedge funds
Russell hedge fund shorty is at 4 year extremes (scale inverted).
Source: GS
Forgotten by asset managers
Asset managers net length in Russell has stayed depressed, despite the move higher in small caps.
Source: GS
Frothy
Non profitable index getting seriously overbought…
Source: GS
Sell signal
Hartnett’s global flow trading rule: “when inflows to global equity & HY bonds exceed 1.0% of AUM in 4 weeks… sell, past 4 weeks inflows to global equity/HY bonds = 1.0%…“sell signal” triggered for 1 st time since Jul’24“
