S&P 500’s rolling 1-month correlation has moved higher but remains low relative to history (especially when comparing to prior corrections) pic.twitter.com/0xGM4kieRc

So far, S&P 500’s selloff since late March has been all multiple contraction (forward P/E, blue) as forward EPS (orange) have moved higher pic.twitter.com/su7aJ9rg5q

This, from Bloomberg, conveys the (correct) notion that the #FederalReserve’s interest rate signaling is a hostage of the fluctuating winds caused by high-frequency data releases that capture both noise and signals in changing importance. It speaks to something I have been… pic.twitter.com/Tq4PE0kCnl

S&P 500 with a max pullback of 5.5% in '24 so far. Since 1980, only 4 full years saw a smaller pullback. Avg yr since 1980 with a 14.2% max pullback. pic.twitter.com/2SZwV4mwlL