The market's rally is broadening:

The S&P 500 equal-weight ETF, $RSP, has outperformed the S&P 500 ETF, $SPY, by +5.0 percentage points so far in June, on track for its best monthly outperformance since 2009.

That would also mark $RSP's 2nd-best month relative to $SPY in at least 23 years.

This comes as $RSP is up +1.9% month-to-date while $SPY is down -3.1% over the same period.

This week alone, the equal-weight ETF, $RSP, outperformed the S&P 500 ETF, $SPY, by +3.4 percentage points, the largest weekly outperformance since the 2020 pandemic.

As a result, the 52-week correlation between the S&P 500 and the S&P 500 equal-weighted index is down to 0.90, from 0.97 in 2022, the lowest since 2003.

Mega-cap tech leadership is taking a breather.

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Global Inflation Rates

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An Indian man just bought the last two bottles of raw water-buffalo milk

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Bitcoin

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Retail investors appear to be rotating out of gold and Bitcoin into semiconductor stocks:

Since April, US gold and Bitcoin ETFs have posted -$12 billion in cumulative outflows.

Over the same period, US semiconductor ETFs have attracted +$20 billion in cumulative inflows.

This trend accelerated in mid-May, with outflows from gold and Bitcoin funds more than tripling.

At the same time, inflows into semiconductor ETFs have doubled.

Meanwhile, the largest US gold-backed ETF, $GLD, is down -13% since the start of April, while the largest Bitcoin ETF, $IBIT, is down -12%.

Over the same period, the semiconductor ETFs, $SOXX and $SMH, are up +81% and +60%, respectively.

Retail is driving markets like never before.

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“You’re not engaging in good faith!”

Their good faith:

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Never give up. Never stop reaching. Everything you want is within your grasp—if only you have the strength to believe

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This is how you get a commercial driver's licence in California, by the way

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Earthquakes strike Venezuela, Japan, Afghanistan, Philippines and California in deadly week

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US tech fund flows are seeing extreme volatility:

US technology sector funds posted -$15 billion in outflows this week, the largest weekly withdrawal in at least 2.5 years.

This exceeds the previous largest weekly outflow over this period by +100%.

This also comes after +$19 billion in inflows the prior week, also the largest weekly inflow in at least 2.5 years.

Furthermore, US equity funds saw an -$8.5 billion outflow this week, the largest weekly withdrawal in 3 months, following a record +$119 billion inflow.

Year-to-date, US equity funds have attracted +$332 billion in inflows, accounting for half of the +$661 billion total across all developed markets.

Investors are cashing out massive profits.

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Most Filipinas now prefer Japanese and Korean men over white men.

Being white doesn’t give you the same status as it used to anymore.

Keep in mind when she says she likes Filipino men the most, she means Filipino Changs.

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Happy 55th to ElonMusk

The man who decided that rockets were reusable, that electric cars were the coolest sht ever, that brain chips were the reasonable next step, and that owning the internet's town square was not only a good idea but will save the world's freedom of speech

All before most people finished their morning coffee.

The sheer volume of industries he's disrupted in a single lifetime is genuinely impressive

Here's to whatever he breaks next!

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Geert Wilders’ enemies want him dead.

The Dutch politician has had countless death threats made against him, Pakistani imams have issued fatwas against him, and Jordan, Iran and Saudi Arabia have taken him to court.

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