Rockets won

“The market voted. Wokism had HR departments, SpaceX had rockets. The rockets won.”
—Brivael Le Pogam, X, 15.6.2026

There was an IPO last week.

Some investors will need to sell something to make some space:

Here is a quick disclaimer as to the rockets having won in the opening quote. Rockets haven’t won everywhere:

The S&P 500 remains doing well on earnings revisions. It won over an 8-week period with an average weekly rise of earnings estimates of +2.5 standard deviation (sd).

The +2.5 sd is even higher than the +1.6 sd in Emerging Markets, which, according to MSCI, includes Taiwan and South Korea:

This is all occurring entirely independent of Europe, which still is, by and large, a circus:

There is no Europe in exhibits such as the one below:

To be fair to Europe, the worst three stock markets from the selection below are non-European:

Trivia: