DC Lite #114

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1. Home affordability (II). "To comfortably afford the median-priced home in the U.S. ($332,494) with a 10% down payment, a household needs to earn $119,769 annually."

2. Oil ETF flows. "US Oil Fund, the biggest oil ETF, posted its largest daily outflow on record as crude prices lose some of the geopolitical premium that was built in from tensions between Iran and Israel."

3. Positioning extremes. "Over the past month, we have seen a sharp decrease in positioning across Hedge Funds, Retail, Asset Managers, CTAs, and ETF Flows.  The 4wk decrease in positioning reached the most extreme level we have seen since last October."

See: Marlin Capital

4. Energy vs. SPX. "Back in 2008 the S&P500 was almost 16% Energy. By 2020, it was 2%. Today it's still just 3%. This trend is just getting started."

5. Earnings: DM vs. EM. The gap in earnings sentiment between Developed and Emerging Markets is widening…