Paul de Jong 🌐

Looking at the long-term EUR/USD trend, short-term momentum has shifted bearish. The 50-day moving average sits 2% below the 200-day moving average, with the exchange rate hovering around 1.11

Top 15 S&P 500 Companies by Return on Equity (ROE). ▪︎ ​Mettler-Toledo $MTD leads with a 2,161% ROE. $DELL follows at 1,448% ROE, $GDDY taking 3rd at 837%. ▪︎ $APP leads profitability with a 66% net margin, followed by $MA at 47%.

The top 15 companies in the S&P 500 now represent 45.6% of the index's total market cap and 41.4% of all earnings. $NVDA and $MU have massive 64% net profit margins. $AAPL leads the board on ROE with 105%. Valuations range from Micron's 9x P/E all the way up to $TSLA 394x.

VIX (Equity Vol) vs MOVE (Treasury Vol). ​While they usually move together different shocks hit different asset classes: ▪︎ ​Banking/Rate shocks (like March 2023) shake the bond market harder. ▪︎ ​Exogenous panics (like March 2020) hit stock market sentiment hardest. ▪︎ ​True systemic crises (like 2008) set off alarm bells in both. As of November 2026, both indices show relatively muted levels compared to historical panic points.

Biggest World market cap gains and losses week 45 Losses: Gains: $NVDA -$435 $AMZN +$205 $MU -$220 $GOOG +$65 Samsung -$174 $MSFT +$65 $TSLA -$164 $BRK.B +$60 SK Hynix -$157 $APP +$53

Tech relative to the S&P 500 broken down by cumulative change per decade since 1950. $SPY $VOO $XLK

The stocks ranked 16th to 30th in the S&P 500 make up 9.8% of the market cap & 9.9% of EPS 🔹 $PLTR and $MA are keeping nearly half of every dollar they generate as profit (50% and 47%) 🔹 $BAC trades at the lowest valuation with a forward P/E of 10 🔹 $ABBV leads the group with a 393% ROE

Does this concentration of unrealized gains pose a risk if international investors decide to rebalance out of U.S. assets?

The S&P 500 top 15 stocks account for 45.4% of market cap and 41.3% of earnings. ​ 🔹 Top 3: $AAPL ($4.9T), $NVDA ($4.9T), $MSFT ($3.8T) 🔹 Highest ROE: Apple at 121% 🔹 Highest Profit Margin: NVIDIA & $MU at 64% 🔹 Widest P/E Gap: Micron (11x) vs. $TSLA (444x)

Semiconductor stocks around Midterm Elections. $SMH $SOXX

Biggest World market cap gains and losses October 2026. Losses: Gains: $GOOG -$758 $LLY +$231 $NVDA -$573 $TSLA +$179 $INTC -$283 $AAPL +$169 $META -$275 $WMT +$155 $MU -$238 $V +$109

Biggest World market cap gains and losses week 44. Losses: Gains: $GOOG -$469 $LLY +$128 $SPCX -$173 $TSLA +$109 $NVDA -$153 SK hynix +$73 $INTC -$108 Samsung +$39 $AMZN -$77 Aramco +$34 $META -$71 $WMT +$34

Software: 50-DMA relative to 200-DMA. $IGV

The S&P 500 real trailing 4-quarter adjusted EPS (in 2026 dollars) is at $326, compared to its 30-year trendline projection of $261. $SPY $VOO