DC Lite #142
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1. Home sales. "There have been just two months in the past decade with fewer home sales [than May]: October 2023, when mortgage rates jumped to a 23-year high, and May 2020, when the onset of the pandemic brought the housing market to a halt and home sales to a record low."
2. Consumer sentiment (II). "Sentiment around real income growth over next 1-2 years has plunged to the lowest since June 2012."
3. Bull market signposts. "Today, 40% of the signposts we have found to be predictive have been triggered vs. an average of 70% before prior market peaks."
4. SPX vs. Wall Street. "At [5,431], the S&P 500 is now above every 2024 year-end price target from Wall Street strategists. And there’s still six and half months to go."
5. SPX earnings estimates. Analysts still expect double-digit earnings growth for the S&P 500 this year and next.
