For every $1 in, there is $1 out/State of things from FDX, ACN and GIS/Foreign Treasury flows/Other good stuff

I will first comment on the 'cash on the sidelines' debate that I keep hearing about and have for many years and the belief on the part of some that it's this pot of dry powder to 'come into the stock market.' There is ALWAYS cash on the sidelines as for every dollar that comes off the sidelines to buy a share of stock there is a dollar that comes back on the sidelines from the seller with the proceeds. The only time there is technically fresh money is when there is an IPO or equity secondary as new shares are created. 

I mentioned yesterday that Friday saw the biggest ETF inflows into SPY since its 1993 inception and here is a chart to visualize. The $20.8b Friday inflow was followed by another $10.2b on Monday. It finally cooled down yesterday. 

Here is an updated chart on the Goldman Sachs Financial Conditions index, holding at the easiest since August 2022. Quite the flip from the end of October. 

Let's get to FedEx, a stock we own, as there are not many better proxies on global trade for both households and businesses. Strong cost control and its DRIVE initiatives only partly offset the revenue miss, which coincides with the global manufacturing recession we are still currently experiencing.