"Every single piece of U.S. data that was released Monday missed expectations..., personal income growth slowed, personal spending stagnated, construction spending turned negative and manufacturing activity grew at its slowest pace this year according to the ISM."
Despite the ongoing deluge of bad economic data, gamblers prefer to trust the Circus-clown-in-chief with respect to their casino prospects. Beyond big cap tech, extreme risk-seeking has levitated BitCoin to new all time highs, and IPOs are soaring hence Wall Street wasted no time pumping out seven last week, with six more planned for this week. Year-to-date, IPO $ issuance is running a mere 365% ahead of last year.
The IPO ETF:
I noticed Biotech running hot lately, so I took the ratio of the most speculative Biotech ETF over the least speculative ETF:
Clearly gamblers would like to pick up a few more nickels in front of the steamroller...
Retail, Consumer staples, Financials, Energy and Transports (below), are not along for the ride...
Consumer staples are done
But I noticed that Cruise ship operators are having another good end-of-season run...