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- DC Lite #428
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Welcome back to DC Lite: Daily Chartbook’s free, entry-level newsletter containing 5 of the day’s best charts & insights.
1. Tax refunds. "We will see in an even larger crop of personal income tax refunds early in 2026 than was anticipated when the OBBBA was passed. These higher income tax refunds should work much like a new round of stimulus checks, adding to consumer demand and inflation pressures early next year."
2. Fund favorites. "There are seven 'shared favorites' this quarter: APP, CRH, MA, SCHW, SPOT, V, VRT. The overlap of mutual fund and hedge fund favorites has returned 20% YTD compared with 9% for the S&P 500."
3. Mag 7 vs the rest. "Both ratios have bounced back after a nasty stretch of underperformance, but they remain below prior highs ... as long as these ratios stay under their old peaks, it makes sense to keep hunting for opportunities outside the usual suspects."
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4. Breadth thrusts. "Two key thrusts... both above their averages. Zweig Breadth Thrust (Apr 24) & 20-Day Highs Thrust (May 12). Each thrust is running hotter than history. The tape isn’t just confirming — it’s over-delivering."
5. EPS outlook. "S&P 500 forward earnings per share rose to yet another new record high during the week of August 21 as industry analysts raised their 2025 and 2026 earnings estimates."
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