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22.10.25 - 17:57
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Momentum Massacre Drags Down Overall Market (ZeroHedge)
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Momentum Massacre Drags Down Overall Market
As we detailed last night, the market is experiencing a strong degrossing in recent narrative themes, and that is most evident in Goldman's high-beta momentum basket which is getting slammed again this morning...
It appears that momo meltdown is finally bleeding over into the broad markets...
The outperformance from the momentum factor this year (pure factor up 7% our baskets up between 15 and 35% depending on the pair) has been driven by the long leg...
...which could be at risk of giving up more of the gains as clients protect performance going into year end...
The last six days have seen momentum longs dumped and momentum shorts bid (until today), hitting the overall momentum market with a double whammy.
The drawdown in Momentum may be at risk to continue as November through January is the worst 3 months period for Momentum...
For a tactical market hedge Goldman likes limited loss on their X7 (Top 500 Ex Mag 7) index, given hedges are outright...
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11.09.25 - 00:42
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Momo′s August revenue rises 4.4% MoM, iPhone upgrade wave to potentially boost sales recovery (Digitimes)
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Momo reported consolidated revenue of NT$8.49 billion (approx. US$279.9 million) in August, marking a 4.4% month-over-month increase. However, since the beginning of 2025, monthly revenues have consistently shown single-digit year-over-year declines. The team acknowledged that domestic retail conditions remain sluggish and consumer confidence has dipped, but they are optimistic that expansion of their store platform business and the upcoming peak season in the second half of the year will help revive revenue momentum....
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20.08.25 - 20:24
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′Hawkish′ FOMC Minutes Shows ′Majority′ Fear Inflation More Than Employment (ZeroHedge)
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'Hawkish' FOMC Minutes Shows 'Majority' Fear Inflation More Than Employment
Since the last 'dovish' FOMC statement (and Powell's post-statement 'hawkish' presser) on July 30th, we have had 'cool' payrolls print and 'hot' inflation prints with retail sales mixed... and now everyone is anticipating Friday's speech by Powell at Jackson Hole. So, maybe these Minutes will be a nothingburger...
Source: Bloomberg
Overall, rate-cut expectations are higher...
Source: Bloomberg
...with September price-in as almost a done-deal for a cut...
Source: Bloomberg
Markets have generally gone nowhere in that time (except for crude prices, which have plunged on the heels of potential peace breaking out). Under the hood, there is some considerable pain in stock land (as momo and retail favorites have all suffered in recent days)
Source: Bloomberg
So, with two dissents (preferring to cut than hold), we anxiously await The Fed Minutes to see what Powell and his pals want us to know about the division w...
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26.07.25 - 19:06
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Memes Over Momo; Retail Hammers Hedgies As Gold & Bitcoin Sink (ZeroHedge)
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Memes Over Momo; Retail Hammers Hedgies As Gold & Bitcoin Sink
Yesterday and today were among the lowest range days for the S&P 500 over the past four years, but, as Goldman Sachs trading floor noted, on the flip side, market volumes remain quite active tracking to the third 20B share session of the week (and highest weekly average volume since April's record-setting volume sessions)...
Source: Bloomberg
It was also quiet on the macro front (outside of tariff talk), with a slight lean to disappointment in the data...
Source: Bloomberg
'Micro' dominated most of the narratives:
EPS recap after week two: 33% of S&P market cap has now reported and so far, 62% have reported EPS beats of >1stdev (vs 48% historic avg), while 12% have reported EPS misses >1stdev (vs 13% historic avg).
Rate-cut expectations drifted lower this week...
Source: Bloomberg
It was a headline heavy day early on as Trump addressed the press pool before boarding Air Force One for Scotland, but market reactions were muted a...
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22.07.25 - 19:09
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Sam Altman, Masa Son′s Massive "Stargate" Initiative Flops, Nothing But Hot Air Between Two Egomaniacs (ZeroHedge)
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Sam Altman, Masa Son's Massive "Stargate" Initiative Flops, Nothing But Hot Air Between Two Egomaniacs
Back in January, when the AI trade got its latest kick higher thanks to an announcement by the newly-created "Stargate" project between OpenAI and Japan's cartoonish momo-chasing titan Masa Son and his conglomerate SoftBank, that the initiative would spend $500 billion over 4 years to build new AI infrastructure for OpenAI in the US and would deploy $100 billion "immediately", we said that this was one giant pipe dream as the initiative was "spending $100BN in money which does not exist to generate IRR which are not positive." In other words, just another SoftBank special: pretending to throw crazy amounts of money which Masa Son simply does not have.
Stargate: spending $100BN in money which does not exist to generate IRR which are not positive
— zerohedge (@zerohedge) January 22, 2025
Elon Musk, whose feud with OpenAI Sam Altman is one of the d...
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21.07.25 - 01:48
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Investors seek a bite of food & beverages pie (Times of India)
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The Indian food and beverage sector is witnessing significant investor interest, with firms vying for stakes in both established and emerging brands like Theobroma, Haldiram's, and Wow! Momo. Despite a consumption slowdown, the appetite for India's consumption story remains strong, and the deal counters, it seem, are buzzing and buzzing....
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15.07.25 - 10:06
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Taiwan′s e-commerce platforms struggle while service providers thrive (Digitimes)
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Taiwan's leading e-commerce platforms have been struggling amid the fading post-pandemic boom and heightening competition, with market leader Fubon Multimedia (under the Momo brand) experiencing a drop in revenue, and PChome finally seeing positive revenue growth in June after struggling to turn things around. In contrast, growth momentum has been strong for online retail service providers such as 91App and Hsin Hsin Galaxy....
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