DC Lite #17
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1. State Coincident Indexes. "More than half of US states are showing signs of recession right now. However, most of the systematically important drivers of domestic economic growth (CA, TX, FL, IL, PA, GA, and NC) are still expanding."
2. Credit conditions. "Underlying credit conditions are not being reflected in credit spreads or implied equity volatility. Both are subject to an abrupt repricing higher when they are."
3. Gold ETF flows. "Global gold ETFs saw net inflows of US$42mn (1.5 tonnes) last week. That's the second consecutive week of inflows - the first time that's happened since May."
4. Euphoriameter. "The rally off both October lows (the 2023 October low, and the original 2022 October low) has triggered a return of Euphoria reminiscent of what happened at the start of some of the most significant cyclical bull markets in recent decades."
See: The Weekly S&P500 #ChartStorm , Topdown Charts
5. Recovery highs. “The 10 largest stocks in the S&P 500 have reached recovery highs and are closing in on the all-time high set on January 4th, 2022. The bottom 490 are not that far from their highs, either."
