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DC Lite #111
5 of Friday's best charts and insights
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. Higher for longer. "It normally takes eight months from the last Fed hike until the central bank starts cutting. But during this cycle, the Fed has kept interest rates constant for ten months since the last hike in July 2023."
2. TSA throughput. Air travel in the US—as measured by TSA total traveler throughput (displayed in millions)—is 4.6% above 2019 levels.
3. Systematic positioning. "CTAs have sold off an estimated $20B in equities since Monday, but the selling flows from Vol control funds and Risk parity strategies have been much less aggressive. That leaves a lot of potential deleveraging risk on the table if volatility increases from here."
4. HF shorts (I). After net buying global equities over each of the past 3 months, hedge funds have ramped up the pace of shorting and are net sellers MTD in April.
5. Net new highs. "8 days in a row of new lows > new highs. This has not been a smiley face week for stocks."
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