The dollar has gone from slinging cheese to lobbing cookies.
Sellers finally got ahold of the US Dollar Index $DXY on Tuesday, sending it on its steepest single-day decline since October 2022.
Recall what followed for the dollar…
The DXY formed a major top and fell victim to not one but two subsequent 1 percent-plus daily drawdowns.
Check out the DXY chart with the one-day rate-of-change in the upper pane:
The DXY dropped almost 1.5% during Tuesday's session. That’s a huge move for a currency (with the exception of the Turkish lira and perhaps the Polish zloty).
Today, a "darling" company in the media thanks to new obesity drugs and other good news hitting the media airwaves is selling off. In fact, its having its worst day relative to its sector peers in many years.
Someone forgot to tell Eli Lilly $LLY that a new bull market run may recently have gotten under way. Of course, it was already way ahead of the game. In fact, look at this long-term chart:
These aren't usually the trends I like to take the other side of.
But perhaps it's gone on a little too long and it's ready to pause and retrace?
This stock could get cut in half and the long-term trend would still be intact.
When we zoom in a little closer, we see a very notable (and sizeable) gap from this summer where the stock jumped from $450 per share to north of $500 per share overnight:
From the Desk of Steve Strazza and Alfonso Depablos
Today’s most significant insider transaction comes in a Form 4 filing by Decheng Capital Management, a hedge fund focused on investing in early-stage life science companies.
Decheng reported a purchase in the biotech company Alpine Immune Sciences $ALPN worth more than $4.6 million.
