Goldilocks market?
Goldilocks
1. The largest weekly decline recorded in SPX over the last seven weeks was just -0.10%.
2. more than half of companies and market cap in the S&P 500 have now reported 1Q23 earnings and the EPS beat rate is at 79% (!), with a Sales Beat ratio at 73%. For context, that’s better than the pre-pandemic trend of high 60s / low 70s for the EPS beat rate. Notably, these earnings surprises are substantial at +7.0% (!), driven by *every* sector…3. Some names at All-Time-Highs; Chipotle, McDonalds, Monster, Pepsico, Exxon, Microsoft, KB Home. It’s called the economy….(Ashton Curtis, MS) Golden upside Investors are in an upside panic mode, bidding up call skew big time. Goldman’s derivatives guru Garrett writes: “… upside call implieds have seen one of the strongest bids in over a year”. Chart shows the 1 month 25 delta call vs […]
Read the Whole Article From the Source: www.zerohedge.com
