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Cory’s Chart Corner
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As per the historical script, we are in the distribution phase of the equity cycle and the bag holder is always the same, Mr. & Mrs. Retail. h/t @GlobalMktObserv
🔴Hedge funds are offloading Magnificent 7 stocks at an UNPRECEDENTED pace:
Hedge fund net exposure to the Mag 7 is down to ~17% of total North American net exposure, near the lowest in 3 years.
At the same time, the top-most purchased stocks by retail investors last week were
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Wise to be wary
Worried about tariff-inspired inflation, the US Federal Reserve has held its overnight target rate steady at 4.25 to 4.5% since December, and markets have walked back easing expectations to just two 25 basis point cuts by year-end. At the same … Continue reading
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Bank of Canada holds while the economy devolves
Canada’s unemployment rate has climbed to 7% from 6.2% a year ago, and up 210 basis points from 4.9% in June 2022 (chart below via The DailyShot). Excluding the pandemic, this is the highest unemployment rate since 2016 (Statscan report … Continue reading
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Debt-stressed consumers retrenching
Since June 2024, interest rates have trended down from a two-decade high, yet remain above the historically low levels seen during the pandemic. Approximately 1.2 million Canadian mortgages will renew in 2025, a vast majority (85%) of which were secured … Continue reading
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