🇪🇺 The "Gender Gap" in Europe

It's not a real thing.

Stop being retarded.

📊 INTELRUNNER 📊

🇺🇸 Why are stocks falling? Depreciation in excess of profit.

BCA Chief Global Strategist & Director of Research, Peter Berezin:

Because if you take the numbers in this chart seriously, the hyperscalers will hold at least $2.5 trillion in AI assets by the end of this decade. Assuming a depreciation rate of 20%, that would generate $500 billion in annual depreciation expense. This is more than their combined profits for 2025.

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🇺🇸 🇨🇦 Population Growth in Major North American Cities (2005-2024)

• Detroit (-2%) was the only major city to shed population; they're down about 100,000.

• Charlotte (+93%) grew the most on a relative basis. They gained at least 1.4 million people.

• Houston (+50%) and Dallas (+43%) grew the most in absolute terms. They added 2.6 million and 2.5 million people respectively.

• The strongest migration is southward. Southern cities drastically outperformed northern cities in this respect. There's also something of a Western shift, exempting California. Vancouver (+43%) added almost a million.

📈 INTELRUNNER 📈

🇺🇸 The S&P 500 is down 5.4% again. The cash index made a two-month low, but the futures market hasn't quite eclipsed the October low yet.

$SPY has also punched through the 50-day moving average and the daily Ichimoku cloud.

The primary American index opened the day by gapping up to the VWAP started on the October 29th intraday high. From there, it shed 3% straight back to the range lows...

I guess all of those signals we covered meant something.

🔤 INTELRUNNER 🔤

🇺🇸 Signals! What signals?!

• October 29 - NDX was up 15% vs. the Dotcom peak (adjusted for inflation).

• October 29 - NDX runs into the upper bound of the channel (running back to May).

• October 29 - SPX tests 1929-2001 trend line.

• November 1 - A definitionally unhealthy bull market.

• November 1 - RSP dead in the water on the year (indicating breath issues).

• November 6 - 5-Day Cumulative of 1 Month New Highs–New Lows.

• November 6 - MAGS crushing RSP (suggesting breadth problems).

• November 9 - More new lows than highs in the SPX.

• November 9 - The Titanic signal goes off for SPX.

• November 10 - The Titanic signal goes off for NDX.

• November 10 - The Hindenburg Omen triggers for the NDX (even though the Omen is for the NYSE specifically).

🫥 INTELRUNNER 🫥

🇬🇧 UK Industrial Trends – Net Balance

The survey of the industrial sector by the Confederation of British Industry (CBI) shows ongoing weakness for orders and export orders as stocks build slightly more aggressively. The build out in stocks when orders and expectations for volume are falling is not a good sign and suggests that the inventory buildup may be involuntary and that may be setting the stage for weaker economic performance ahead.

🏭 INTELRUNNER 🏭

🇺🇸 Count of OpenStreetMap Automatic License Plate Reader Surveillance Elements every 10 Miles in the Continental US

You remember voting for this?

👁 INTELRUNNER 👁

🇺🇸 The U.S. Freeway System

🤩 INTELRUNNER 🤩

🇺🇸🇯🇵 Japanese debt rises in yield, causing the yen carry trade to unwind & exacerbating the decline in risk assets.

People traditionally borrow more cheaply in yen when it's weak & stable to trade in assets that are dollar- or otherwise denominated. When the yen stops being so weak, it forces selling within this trade.

Historically, a 10% rally in the yen tends to knock the S&P 500 down 2-3% and Bitcoin down 15%.

There's far more to what's going on, but this never helps...

💱 INTELRUNNER 💱

🇺🇸 Target ($TGT) is down 67% off its all-time high and still falling.

In what is a relatively common mistake, Target's evil leadership presumed the "New Normal" of 2021 was actually the new normal. Not unlike the automakers with lots full of unsold electric vehicles, they bet on a new political reality surviving long-term because their favorite globalists said so.

Alas, what they got instead was a (not) prompt (enough) return to the old normal in about a year. Except this version of the old normal includes balance sheets with a total economic shutdown on them and a money supply that had to be expanded by 25% to pay for all the sacrificed productivity.

The result was serious inflation and economic stagnation, and in turn, the consumer got picky. No longer did they feel like being ripped off by Target, and they were mostly spending on essentials, which are not the high-margin items Target prefers to sell. Their typical middle-class customer base is now much more concerned with high interest rates, low savings, and the resumption of student loan payments.

Target still hasn't given up on its cap ex expansion from the New Normal, and I haven't even mentioned the beating they've taken for their psychopathic and near-relentless support for homosexuality in children.

Do you understand why these multinational corporations hate competition and pursue concepts like corporate welfare and an imported slave class?

Because they're bad at their jobs. And if the last 30 years of American economic policy wasn't 100% oriented toward never again having a recession and bailing anyone and everyone out, then we wouldn't have so many failure companies sucking up resources suboptimally for eternity. Companies that were once high quality lose all of the talent that put them there, develop counterproductive administrations, and ruin their products and services. It's doubly bad when it goes political.

Target has two or three years to figure out how to cut prices & improve service or Wal-Mart, Amazon, and Dollar Tree are going to continue consuming Target's market share. Twenty-first century retail is a dog-eat-dog world.

📉 INTELRUNNER 📉

🌍 The World's Most Powerful Rivers

🌊 INTELRUNNER 🌊

🌍 The World's Greatest Meat Eaters (Per Capita)

5️⃣ 🇦🇷Argentina (113 kilograms)
3️⃣ 🇻🇨St. Vincent & the Grenadines (123 kilograms)
3️⃣ 🇺🇸United States of America (123 kilograms)
2️⃣ 🇲🇳Mongolia (132 kilograms)

👑 🇹🇴Tonga (148 kilograms)

Honorable Mention:
🇭🇰 Hong Kong (123kg, but not a country)

🥩 INTELRUNNER 🥩

🇺🇸 Target Rate Probabilities for the December 10th, 2025 Meeting of the Federal Reserve.

The market expects a quarter point cut in 2.5 weeks.

📊 INTELRUNNER 📊

🇺🇸 MTG surged to 5% in the biggest prediction market for the 2028 Republican Presidential Nomination.

That's third most likely, after JD Vance (55%) and Marco Rubio 🤮(8%)...

🇺🇸 INTELRUNNER 🇺🇸

🇺🇸 We just had the worst five day period for market breadth in the last two years.

📉 INTELRUNNER 📉

🇺🇸 Initial claims are alright.

Continuing claims, not so hot: a new high.

📈 INTELRUNNER 📈

🌍 Weighted Average Import Tariffs Around the World

📊 INTELRUNNER 📊

🇮🇳 The American dollar traded for 8 Indian rupees in 1980. Today, it fetches 89 rupees...

They were really mouthy with Trump (admittedly foolish strategy on his part, but they were obnoxious about it), but now their exports & foreign investment are down.

Obviously the Reserve Bank of India was resolved to some depreciation given the disparity in policy rates & inflation. It may be a strategy toward relieving some of the tariff pressure on exporters, but since September, they've been trying and failing to arrest the fall.

Renewed strength in the dollar over the past two months has not helped.

🤑 INTELRUNNER 🤑

🇯🇵🇨🇳🇬🇧 Japanese & Chinese shares in total U.S. treasuries are falling; the British share is rising.

I see this as a fantastic development. Now we can default as a repayment for LIBOR...

The Caribbean islands hold a lot too and you know those don't all belong to them. Strong odds those are European holdings as well.

🇺🇸 INTELRUNNER 🇺🇸

🟠 Bitcoin Entity-Adjusted Realized Loss (30d Moving Average)

This shows confidence in the trend has evaporated, as the spike well exceeds the prior few in the run-up.

In fact, it's mirroring the spike in Q1 of 2022, when there was a two-month, 40% recovery full of chop before much deeper realized losses...maybe it's not even quite there yet.

Not financial advice, never financial advice.

📈 INTELRUNNER 📈