The largest insider buy on today’s list is a Form 4 filing by Turtle Creek Asset Management, which revealed a 496,000-share purchase of JELD-WEN Holding $JELD.
In his latest Form 4, the chairman and CEO of Enviva $EVA revealed a purchase of approximately $1 million in the lumber and wood company.
From the desk of Steven Strazza @Sstrazza and Ian Culley @Ianculley
Bonds are off to their worst start in the past 40 years, possibly ever!
It’s not even close.
As we near the end of Q2, the US Treasury Bond ETF $TLT is down almost 22% year to date. And that’s after its recent bounce higher.
There's been nowhere to hide, as these traditional safe-haven assets have been an absolute dumpster fire along with stocks.
But we’re starting to see some of those flames extinguished.
Some of the worst-performing stocks tipped the bond market’s hand ahead of the recent lows. That’s right: Those Big Tech names and Chinese internet stocks stopped going down months ago and now bonds are following higher.
Believe it or not, bonds and high-duration equities have a lot in common. The Growth $IWF versus Value $IWD ratio really tells the story.
Let’s take a look.
Here’s an overlay chart of the TLT and the IWF/IWD ratio:
There's no denying the fact that crypto and macro have become intertwined in recent times.
We'd even go far as to say that Bitcoin is a macro asset. I think over time, as its market capitalization grows, the correlation to traditional assets will remain concentrated, as Bitcoin will eventually go on to exhibit gold-like returns.
Some will ask what it'll take for Bitcoin to decouple from equities. This is often a great and insightful discussion. But, like most elements relating to financial markets, we need to see them for how they really are, not how we want to see them.
When it comes to the macro landscape, it's clearly been difficult to ignore what's taking place in yields. The carnage in the bond market is, by historical measures, extreme.
The first lesson you learn in any university finance program is that higher yields negatively impact long-duration assets -- you're seeing this take place right here and now.
The Nasdaq is trading tick-for-tick with US Treasuries over recent weeks:
Monday was an unexpected break. Markets were closed for Juneteenth Day, which is now a Federal holiday. I didn't realize that would be the case until the middle of last week. It has made for a short week in the market after a long weekend for doing whatever it is you do to get refreshed after staring at computer screens all day. For me, it meant more time in the garden.
The garden has provided its own share of unexpected developments recently, and I’m not just talking about volunteer cantaloupes (though there are several of them around).
In the pond, a spike in ammonia levels necessitated an overdue and unexpectedly extensive cleaning. Not only is it now a healthier environment in which the fish can thrive, but in the process we discovered a baby fish that we hadn't known about.
Monday night we held our June Monthly Conference Call, which Premium Members can access and rewatch here.
In this post, we’ll do our best to summarize it by highlighting five of the most important charts and/or themes we covered, along with commentary on each.
As many of you know, something we've been working on internally is using various bottom-up tools and scans to complement our top-down approach. It's really been working for us!
One way we're doing this is by identifying the strongest growth stocks as they climb the market-cap ladder from small- to mid- to large- and, ultimately, to mega-cap status (over $200B).
Once they graduate from small-cap to mid-cap status (over $2B), they come on our radar. Likewise, when they surpass the roughly $30B mark, they roll off our list.
But the scan doesn't just end there.
We only want to look at the strongest growth industries in the market, as that is typically where these potential 50-baggers come from.
