The silver streak: can it continue?

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Today’s Links

A bit creepy to think that one to two Starlink satellites are falling back through the earth’s atmosphere every single day, a number that is set to rise significantly in coming years as additional tens of thousands of these and other satellites are put into low-earth orbit. Eventually, this could prove a threat to the ozone layer and even hit people. Death by SpaceX satellite debris? Waiting for the first lawsuit if so.

On the psychology of parlay betting on sports outcomes. Apparently it’s not just about the large payouts for the very lucky that win, but the story-telling element. But seriously - is Joe Q. Bettor losing billions on this yearly? Where is the regulator?

Lime rentals (of e-scooters and bikes) growing like wildfire in the UK - this surprises me.

A Bloomberg story on the First Brands debacle. How many other such shenanigans are out there awaiting to be uncovered in private equity?

Chart of the Day - a little Dow Theory

It seems crazy to trot out the Dow Theory in this day and age, but it still seems to offer quality signals, if poor in terms of timing or levels (so…no signal at all?). At minimum, we have built very significant divergence with the broader S&P 500 index, which has soared to multiple all-time highs recently while the transports haven’t participated - supposedly set to weigh on the broader index at some point. Major S&P 500 market tops (and the major late 2022 low) are marked with the vertical lines and often showed divergence with the Transports index, which was not confirming. Of course, back in 2021, the divergence started back in June and then only proved effective as of the end of August - and even then only for a modest setback.