European equities are a lost cause until new leadership arrives, as stories of entrepreneurs fleeing German bureaucracy show. Saving Europe probably means breaking it first, and the time to buy is in the wreckage. x.com 

Europe does not look great and the Middle East appears even more unstable than 52 days ago, adding to near-term risk for the S&P 500. Poor price action suggests its 52-trading-day streak without a 1% drop will end sooner rather than later. It is probably a decent time to sit on hands instead of being a hero or panic selling. x.com 

European equities offer relatively low cross-region valuations alongside excellent fundamentals across infrastructure, aerospace, space and defense, financials and other industrial segments. This is the most bullish outlook on the region since after Liberation Day last year. Ferrovial, Societe Generale, RWE, OHB, BNP Paribas and Nexans are named as expressions of that view. x.com 

Forward risks matter more than good earnings for the Nasdaq now. The index looks to be topping and has a good shot at 28,000 before a rally after the midterms; tomorrow's PCE and GDP releases are unlikely to help, and this week's lows could break. x.com  x.com 

Chinese equities, including Alibaba and KWEB, look set for a rapid reversal: after months of profit-taking and decade lows in many names while US markets reached highs, this morning's inflow is a positive sign. There is still value in many of these names. x.com 

The US dollar appears to have finally cracked, which would be good for the euro and the yen, along with gold, bitcoin, silver, copper and bonds. x.com 

Extremely poor global sentiment and a government warning to keep cash aside for the next two to three years cloud Indian equities' recovery. It is unclear whether the market will even make a comeback anytime soon. x.com 

China is following the policy path the US and Europe took over a decade ago, which should drive a sweeping structural bull market in Chinese equities spanning several Kitchin cycles. Per @baoshu88, China is moving away from GDP-only targets, with fiscal discipline narrowing the cumulative deficit for the first time in over two years and new hidden local government debt now banned. Lower macro cyclicality and volatility should pass into equities, steadily compressing Chinese stocks' volatility. … Show more

US stocks carry step-function downside risk from a ubiquitous market narrative, over-investment, rich valuations and pernicious inflation. Circuit breakers and a more activist government and Fed do not remove it. A sudden step move is the one thing vol-targeting funds and pod shops cannot handle, so market machinery would break down and chaos could linger. As in 1929, 1987, 2000 and 2007, the trigger may stay absent for a while, letting the boom run until the last bear gives up. x.com  x.com 

US stocks are in a bubble that could end more like 1929 than 1999, given massive leveraged consumer debt and the belief that the party is only getting started. This is the most negative stance on the market since 1999. Only about 5 to 10 companies still look worth owning, mostly non-US stocks that aren't bubbly like US stocks. x.com