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The S&P
500 forward earnings multiple has
come down to 18x, but it still isn't
cheap. Especially if the economy is
going to slow further and that hits
earnings
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00:01 - 14/04/25
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Hedge
funds have been violently deveraging their books and
reducing net long exposure
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Overnight sessions have been
dragging the market down lately. Part of what's driving that
has been foreign investors selling. Another part has been
increasing headline risk. Be careful trading them
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Probability of a Fed rate cut next
month has moved down to 24%.
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Consumer credit comes in at -$0.81B vs $15B
forecast. Prior reading was $18B. Ouch.
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