DC Lite #404

"There has never been a day with a smaller gain and better breadth"

Author

Daily Chartbook
July 22, 2025

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

1. M2. "The US Money Supply grew 4.5% over the last year, the biggest YoY increase since July 2022."

2. Hedge funds vs. Semis. "Prime book positioning in [Semis] is at the highs (consistent with market sentiment around the group).'"

3. Weekly ETF flows. "Over past week, flows into U.S. large-cap ETFs soared by nearly $10B ... investment-grade bonds saw largest outflows, followed by U.S. small caps."

4. Price vs. breadth. Since 1966, "there has never been a day with a smaller gain and better breadth" than today.

5. Global EPS revisions. "The risk rally is supported fundamentally ... S&P 500 is in net EPS-upgrade territory and crucially its leading vs RoW for past two-months now."

ICYMI

DC Lite #403

"S&P 500 earnings sentiment has been very strong over the past month"

www.dailychartbook.com/p/dc-lite-403

DC Lite #403

"S&P 500 earnings sentiment has been very strong over the past month"

www.dailychartbook.com/p/dc-lite-403

DC Lite #402

"There are good reasons to expect weaker corporate earnings in the months ahead"

www.dailychartbook.com/p/dc-lite-402

DC Lite #401

"The chart that says a thousand words (with implication on trade war)"

www.dailychartbook.com/p/dc-lite-401

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