👀 Investment Banks 2024 Year-end targets, Highest valuation ever, Trump pulling away?

Hi guys, it’s Kieran! Another week in the markets is upon us, so let’s get into it.

📢 Prop Firm Industry News

Relatively quiet across the industry last week. Only notable news from the big firms is that Quant Tekel, formerly Asendex Capital, are aiming to restart onboarding US and Canadian traders this week once their DX trade bridge is set up.

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From Payout Junction, here are the firms with the highest payout volume (Rise) over the last 7 days 🏆️ 

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🕜 Economic calendar

Here are this week’s red folder news events. US retail sales and unemployment on Thursday are the biggest events to look out for, but lots of geopolitical risk at play in the Middle East, so stay on your toes.

📈 The Macro View

Highest valuation ever

Another green week for equities in the books and the S&P 500 forward price-to-sales ratio now sits at a record high. Certainly not cheap getting long here.

Many big players have missed this rally.

Positioning on Goldman Sachs Prime book is absolutely NOT at ATHs however. This is a curious divergence when US stocks are printing new highs. The long trade is not cheap but it’s still not crowded.

Investment Banks 2024 Year-end targets - All wrong.

The S&P 500 is now over 400 points above above the highest 2024 year-end price target from Wall Street strategists and 20% above the average target (4,861). This simply highlights how difficult it is to forecast markets. Despite Wall Street’s resources and insider knowledge, not a single one is on track for a correct forecast this year 😁 

Trump pulling away?

According to the political trading market Kalshi, Donald Trump now leads Kamala Harris by 6 percentage points, marking the largest lead ever recorded on the platform. 3 weeks to go until the election, hold on to your hats!

That’s it for this week. Have a good one and stay safe out there!

Kieran

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