DC Lite #391

"Historically, July has been the best month of the year for silver"

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Daily Chartbook
July 02, 2025

Welcome back to DC Lite: Daily Chartbook’s free, entry-level newsletter containing 5 of the day’s best charts & insights.

1. ADP. ADP payrolls fell by 33k in June (vs. +95k est), the first negative print since March 2023, driven by losses in the services sector.

2. CTAs vs. gold. "Gold CTAs are starting to tick higher — keep an eye on this, as they could quickly inject fresh buying liquidity."

3. Silver seasonality. "Historically, July has been the best month of the year for silver."

4. Breadth vs. price. Tuesday "was a strange session ... For all days since 1990 (when our breadth data begins), when the S&P 500 declined, [Tuesday] was marked by the second-best breadth reading."

5. SPX vs. noise. "They were literally telling you to sell your stocks after the market had already bottomed. Meanwhile, what came next was one of the fastest recoveries in market history."

ICYMI

DC Lite #390

"We expect erosion of US 'exceptionalism', not its complete demise"

www.dailychartbook.com/p/dc-lite-390

DC Lite #389

"More than half the world made new highs last week – the best reading in over a decade"

www.dailychartbook.com/p/dc-lite-389

DC Lite #388

"Today marks the start of Summer ... Historically, summer has been the weakest season for equities, with average gains of just 0.6% over the past 40 years."

www.dailychartbook.com/p/dc-lite-388

DC Lite #387

"The economic data change index is at its lowest level in more than two years, while the economic surprise index is at its lowest level of 2025"

www.dailychartbook.com/p/dc-lite-387

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