A brief update on...

- US Net Liquidity (top blue line): Still chopping sideways since April 2022.

OPINION #1: US based assets (think micro/small/mid-cap stocks) are likely to continue to chop sideways until US net liquidity momentum moves decidedly higher.

- Global M2 monetary supply (approximate, lower blue line): This has decisively broken higher over the past several months and is unlikely to contract meaningfully in the coming 12 months or so.

OPINION #2: This upside breakout of global M2 bodes well for the price action of global assets like #bitcoin, #gold, and US megacap technology stocks.

Just my opinions, of course.