So adjusting for inflation, not great.

1/ With small caps and unprofitable tech catching fire yesterday (unprofitable tech up 4%, $IWM up 1.7% vs $SPX only up 0.24%), we decided to take a deeper dive. 

It turns out that there's been a notable structural shift in regime since 2016:

Here's your 'indefatigable' consumer...Weekly Same Store Sales just entered contraction. And that's BEFORE accounting for inflation.🤫

Now trying that other app @ AccruedValue

Federal Open Market Committee (FOMC)

So which is it?

Do we have an Open Market, or a Federal Committee?

Must follow Parrot Capital 🦜 and DIRTY BUBBLE MEDIA: GOOD LUCK, GOOD BYE. for anything Binance, Tether, crypto crap, etc. Just outstanding work from both of them.

⁦Horselover Fat 🧙‍♂️⁩ you have an imposter

Given today’s market, it’s clear that no one really wants to believe that the Fed won’t cut rates.

Can we not have pre-screened questions at these pressers J? I mean, what's the point of having a presser if you're just going to read answers to questions you've already received? Just give us the print out and we'll read it ourselves. Keith McCullough

1/ The past two days have been broadly characterized as a value rally or a broadening of the market.

Unfortunately, nothing could be further from the truth.

No, really. 🧵

$NDX $RUT $SPX

Get out of crypto platforms now, I can't say it any plainer. Having worked as an attorney in the SEC Enforcement Division for almost 20 years (including 11 years as Chief of the SEC Office of Internet Enforcement), I believe that we now know for certain that crypto trading…

Today we charged Coinbase, Inc. with operating its crypto asset trading platform as an unregistered national securities exchange, broker, and clearing agency and for failing to register the offer and sale of its crypto asset staking-as-a-service program.

sec.gov/news/press-rel…

Today we charged Binance Holdings Ltd. (Binance); U.S.-based affiliate, BAM Trading Services Inc., which, together with Binance, operates Binance.US; and their founder, Changpeng Zhao, with a variety of securities law violations.

sec.gov/news/press-rel…

Me at a price I like - This is a pretty good buy

Me at 25% lower- Man, this looks good. I’m probably missing something though.

Me again at the first price - Mother shit! Why don’t I have balls?

*bracing for the “you must not know it then” reply*

Federal Reserve Governor Chris Waller is Chair Powell’s closest confidant, and is routinely deployed to provide a blunt overview of Powell’s true thinking at key inflection points.

Waller’s May 24 speech “Hike, Skip, or Pause?” was just such a speech.

federalreserve.gov/newsevents/spe…

Current state of mind:

RIP Sam Zell 🙏 $EQR

'It is with great sadness that we announce that Sam Zell, chairman of Equity Group Investments, Equity LifeStyle Properties, Equity Residential & Equity Commonwealth, died today at home due to complications from a recent illness.'

businesswire.com/news/home/2023…

Great data packed Hedgeye Mid-Quarter update call today, well worth the watch.

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