DC Lite #367

"If this turned out to be a bear market rally, it would rank as the fourth largest on record"

Daily Chartbook
May 20, 2025

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1. Home prices. "U.S. home prices in April nudged down 0.1%, the first month-over-month decline since September 2022."

Mark Worley - Redfin

2. Credit spreads. "If you were worried about a recession high-yield spreads should be 600 basis points or wider, and instead they're continuing to rally."

Tom Lee - Fundstrat

3. Leveraged ETF AUM. "Leveraged long ETF assets vs Inverse ETF assets, took a little dip but is back to 10-1 ratio, all time high gap, in case you wanted to know just how back we were."

@ericbalchunas

4. Equity put/call ratio. The equity put/call ratio's 10DMA is down to the lowest since July 2023 at 0.51, a level which preceded a 3-month, ~10% correction.

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5. Bear market rallies. "The SP500 +19.7% off the 4/8 lows. If this turned out to be a bear market rally, it would rank as the fourth largest on record."