To The Moon

Here's the topics & takeaways from the latest Weekly Macro Themes report: 1. Inflation & Policy: inflation is rising and at risk of heading higher yet, thus central bankers are already pivoting to rate hikes; at the margin policy is becoming less supportive for risk assets. 2. Treasuries: wary of increasing headwinds and downside risks for bonds, but lack of a clear breakdown (yet) + cheap valuations and consensus bearishness means its still a (low-conviction) bullish bias. 3. Korea: Korean equities are at-risk following a near-vertical run (extreme expensive valuations and crowded positioning), particularly as policy is about to pivot to rate hikes. 4. China: remain bullish Chinese stocks given cheap relative value, lingering investor skepticism, and mixed but still bullish techni

For most investors the KOSPI is not the first index they check when they get to the desk — they probably don’t even think about Korea… But you should. In today’s note I wanted to highlight a topic from my latest Weekly Macro Themes report from Topdown Charts Professional. Basically, Korean equities have gone parabolic. (and yes, it’s AI again!) And if you thought the US market was getting top-heavy and concentrated you haven’t seen Korea. The top stock, $SK Hynix, Inc.(HXSCL)$ , is tracking near-30% of the MSCI South Korea index. Close in second is $Samsung Electronics Co., Ltd.(SSNLF)$ at about 25% of the index. Add in $SK SQUARE CO LTD.(SKSQF)$ and a few oth

Learnings and conclusions from this week’s charts: The equal-weighted S&P500 $S&P 500(.SPX)$ has broken out to new highs. Space stocks are soaring following the SpaceX IPO filing. SpaceX (SPCX) $SpaceX(SPCX)$ could end up with an index weight of 3%*. The mega-IPO wave is a sign of the times (late-cycle signal). The swearing-in of a new Fed Chair might be a bearish omen. Overall, the bull market got a bit more bully this week with the breakout of the equal-weighted index. But the arrival of a new Fed Chair and IPO boom points to a more volatile horizon… 1. Equal Opportunities:  I previously noted how the equal-weighted S&P500 had been lagging behind vs the cap-weighted and was stuck in the

A key theme from the latest Weekly S&P500 ChartStorm was that the Stockmarket is currently in the process of “letting-off steam” following the sharp rebound-rally. Valuations were one key example of “steam” building up… Bigger picture, we are in a cyclically overheated market, the various valuation indicators say it’s expensive, and that does create a risk of rapid resets and eventual valuation mean reversion. This is the risky end of the cycle. And before you tell me about AI buildout and all the rest of the good reasons why stocks are going up, I understand that, and so does everyone else, and let me assure you — there is always a reason. Bulls, Booms, and Bubbles start with good reason, and end when things get unreasonable. So, on the topic of today’s chart, are valuations unreasona

While space sector stocks will almost certainly go through cycles of major boom and bust along the path (just look at the drawdowns in the chart above), I think that path is headed much higher in the longer arc of history. There’s a few reasons for that. While major progress has been made in the commercial space sector, it’s still early days. Only a handful of companies have a proven track record for launch services so far — and outside of launch, most companies are either focused on manufacturing and/or operating satellites (with much of the current use case being earth observation and telecommunications). In the longer run it’s natural to expect this to expand to an array of orbital activities such as zero-gravity manufacturing, orbital space habitats for a variety of use cases (from tou

Chart of the Week - Space Stocks While most people are focused on AI stocks and Big Tech, this equal-weighted basket of space stocks* is up 17x off the low point in late-2022. This reflects some major strides that several of these companies are making as the commercial space sector goes from dream to reality, but a key part of the more recent run-up is also down to anticipation of the SpaceX IPO. My personal view is the commercial space sector and space economy will one day be much larger than even some of today’s biggest themes and sectors, and has a lot of growth ahead. So I reckon this is something to pay more attention to if it’s not yet on your radar, and it’s probably still early days in this story… $Rocket Lab USA, Inc.(RKLB)$

Weekly S&P500 ChartStorm - 10 May 2026This week: technical check, equal-weighted S&P500, blow-off tops, asset allocations, passive investing, listed companies, sector skews, space stocks, Bitcoin...Welcome to the latest Weekly S&P500 #ChartStorm!Learnings and conclusions from this week’s charts: $S&P 500(.SPX)$ $SPDR S&P 500 ETF Trust(SPY)$ $E-mini S&P 500 - main 2606(ESmain)$ $Dow Jones(.DJI)$ $NASDAQ 100(NDX)$ $iShares Russell 2000 ETF(IWM)$The equal-weighted S&P500 has stalled at resistance.(and the cap-w

Here's the topics & takeaways from my latest Weekly Macro Themes report: $S&P 500(.SPX)$ $SPDR S&P 500 ETF Trust(SPY)$ $NASDAQ 100(NDX)$ $Invesco QQQ(QQQ)$ $Dow Jones(.DJI)$ 1. Emerging Markets: remain bullish EM equities given improved technicals, reasonable valuations, favorable macro/fundamentals, and very light positioning despite positive sentiment. 2. US Tech Stocks: remain wary on tech stocks given elevated valuations and stretched positioning, but lift risk-watch given strong macro/fundamental momentum and bullish technicals. 3. Gold: gold faces significant down

Capital Expenditure (aka capex) by tech and tech related companies now accounts for half of all S&P500 $S&P 500(.SPX)$ corporate capex. Depending on your perspective, this is either the most bullish or bearish chart you’ve seen today! The bulls will say this is a virtuous cycle of tech acceleration where more investment enables more breakthroughs, rapid rollout and scaling, which leads more revenues and favorable funding, which enables further investment (and so-on) The bears will say this decadal-doubling is unsustainable and a classic bubble sign + late-cycle signal (there appear to be trends and cycles in this chart). Meanwhile, economists might quip that it amounts to crowding out of investment that might have gone into industry, healt

Weekly S&P500 ChartStorm Learnings and conclusions from this week’s charts: The S&P500 gained +10.4% in April (+5.3% YTD). A good (>5%) April bodes well for the rest of the year. Micro Cap stocks are making a big move (good sign for all stocks). There has been a big pivot in preference from cash-flow to capex. Value investing might(?) be dead, but don’t ignore valuations altogether. Overall, the “healthy correction” thesis is playing out near to textbook, and unless some new bad news or shocks show up, that means the path of least resistance is probably onwards and upwards… $S&P 500(.SPX)$ $SPDR S&P 500 ETF Trust(SPY)$ $E-mini S&P 500 - main