Christian Aleman

An update of a popular chart. The contribution to the year-to-date return of the S&P 500. * Through yesterday (April 26), the year-to-date return S&P 500 (black line) was 5.13% * The top eight FAANG+ M N T (names on the chart) contributed 5.57% to the overall 5.13% of the S&P 500 * The "other 492" contributed a -0.44% return to the S&P 500; the "other 492" has collectively dragged the S&P 500 lower. So, what is the message from the stock market? * The economy is good as the stock market is up more than 5% after four months. * The economy is suspect as collectively, "other 492" stocks are dragging the S&P 500 lower again this year like last year.

The Fed updated their balance sheet ... now ~two-thirds of QT has been reversed.