DC Lite #143

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1. Household strength. "Low household leverage has … mitigated consumers’ sensitivity to interest rates. At the same time, high cash holdings (4x vs Pandemic) have supported consumption thus far."

2. Exposure plans. "Per latest JPM institutional weekly survey, there's virtually no risk appetite to deploy fresh capital into equities. Investors continue to show no love for stocks in 2024."

See: The Sandbox Daily

3. VIX vs. VXN. "Options markets are currently pricing the risk of overweighting US Big Tech versus just owning the S&P 500 as being similar to the last 7 years ... the VXN/VIX ratio does not signal excessive investor complacency about mega cap Tech stocks."

4. Nasdaq-100 divergence (I). "The Nasdaq 100 continues to notch record high after record high. Many of its stocks are not only lagging, but they're falling to monthly, quarterly, or even yearly lows and below their 10-, 50-, and 200-day moving averages."

5. Breadth. "We haven’t had a four-week span where the US stock market has gone up so much with so many stocks within the market going down, based on data going back to 2002."