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1. Unrealized losses. "Update on unrealized losses on securities in the banking system: Losses in Q3-2023 are back around the peak of Q3-2022 (when there was *checks notes* no bank run)."
2. Corporate profits. Stripping out the Fed’s profits, the “third quarter saw a big jump in corporate profits”.
3. Fed swaps. "Treasuries climbed on bets the Fed will cut rates in the first half of 2024 with swaps pricing in a quarter-point rate cut by May."
4. Investor Intelligence sentiment. "Optimism is on the rise & pessimism is in retreat but we are still shy of the August extremes."
See:Hi Mount Research
5. Narrow leadership. "This market recovery has been unusual, with very narrow leadership, but it's not the first time...The three major periods of narrow leadership by mega caps — including our current cycle — are noted in the chart."