DC Lite #107
Welcome back to DC Lite: Daily Chartbook’s free, entry-level newsletter containing 5 of the day’s best charts & insights. Upgrade to get all 30 charts.
1. Q1 GDP. "A strong March retail sales print means the Atlanta Fed GDPNow is back up to 2.8% (from 2.4%)."
2. Gold ETF flows. "Global gold ETF outflows continued last week, with AUM declining by a further US$377mn (~8 tonnes)."
3. HFs vs. Energy. "HFs sold US Energy for the 3rd straight week (5 of the last 6), driven almost entirely by short sales ... The sector’s long/short ratio is now at 1.22, a new 5-year low."
4. CTAs vs. US equities. "CTAs are treading on 'thin ice' but haven't started the deleveraging process quite yet. The next two weeks will be a crucial window for the Systematic fund space."
5. EPS vs. multiples. "It has been a macro-driven market over the past two years, but we see signs that it’s becoming an earnings-driven market, with EPS driving 53% of the S&P 500 return YoY in March."
