5 best Daily Charts and Insights: We may be getting closer to the turn
1. CPI
Food and energy came in hot. But if you exclude that, goods came in hot.
But if you exclude that, shelter came in hot.
But if you exclude that, the rest of core non-housing services came in hot.
If you exclude that, then, well, there's nothing left.
2. AI vs. economy
Far from the job killer many feared, AI has so far been an engine of job growth.
Since ChatGPT launched four years ago, the economy has added 4.1 million jobs.
By our estimates, AI is responsible for 786,000 of them, or nearly one-fifth, net of the jobs lost to AI substitution.
AI's contribution has grown over the past year to 284,000 of the 943,000 jobs created, or nearly one-third.
3. Cross-asset momentum
Risk-off is getting old.
SG XMOMO is at 36%, cautious for a 10th week.
Only the 2022 Fed hiking cycle produced a longer risk-off signal, at 11 weeks.
We may be getting closer to the turn.
4. Schwab Trading Activity Index
The STAX rose to a fresh 4-year high in October as investors bought the dip in Tech stocks, and semis in particular.
5. BTFD
ETF investors didn't just buy the dip, they DEVOURED it, about $12b/day in flows past 5 days with the top 17 ETFs all being equity (not sure i've ever seen that).
Vanguardians and degens are very dif ppl playing very dif games but they def agree on one thing: you buy the dip.
$Vanguard S&P 500 ETF(VOO)$ $Invesco QQQ(QQQ)$ $VanEck Semiconductor ETF(SMH)$ $ProShares UltraPro QQQ(TQQQ)$ $Invesco NASDAQ 100 ETF(QQQM)$ $iShares Russell 2000 ETF(IWM)$
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