New Pope, Markets Steady and Subscriber Data for May 8th

Subscribers, just the data today, we will do a video over the weekend covering some of the technical charts for the markets we follow. Overall the markets aren’t really in any other mode but consolidation here till the next catalyst. Nothing fundamental has changed, the monetarists around the globe are cutting rates and the FOMC won’t be far behind now. We know on the housing front, prices are slowly coming down and major metropolitan high flyers in the South are seeing a ton of supply come on board. So this will lead to some very much needed price reversion in the near future.

One interesting data point we saw is that this recent run up seems heavily embedded with retail purchases, record amounts in fact. This recent push hasn’t been validated by institutional flows for follow thru. Thus we are skeptical at the veracity of this new jump in equity pricing. The consolidation here now makes sense and we suspect without further mechanical and systematics joining upon new bullish news, any drop back may force some of these new longs to liquidate. For now the veracity in this retail appetite is patently obvious but will it last?

We also want to clear one thing up that we keep seeing on X and that is the buying the FOMC does during auctions for their SOMA account. This is not QE and I can prove it is not because here is this weeks H4 Report showing the FOMC assets decline which includes the “securities held outright” which posted a -$3.459bn:

Ok anyway hope you guys had a great week and have a good weekend. Congratulations to the new Catholic Pope, a home town Chicago native and the worlds first American born Pope. We aren’t sure what to make of this pick as it seemingly came out of nowhere, we thought Pietro Parolin, the Italian front-runner to become the next Pope was a shoo-in but that was obviously not in the cards. The Conclave elected Robert Prevost of the United States and he took the name, Pope Leo XIV:

Ok we will post the video Sunday night, till then, have a great weekend!

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