DC Lite #53
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1. Mortgage demand. Mortgage applications rose by 3.7% last week (prev. +10.4%) which pushed the MBA Purchase Index to its highest level since April 2023.
2. Global container rates. "Global Container shipping rates have surged 122% since Nov 2023, driven by delays and rerouting from the Red Sea. The composite rate per 40-ft container increased $705 week over week (thru 1/18/24) to $3,777."
3. HFs vs. Tech (ex-Mag 7). "Excluding the Magnificent 7, Hedge Fund Long/Short exposure to Tech is currently at 4 year lows (in the 8th percentile since 2020)."
See: Marlin Capital
4. Mag-7 shorts. Short interest in the Magnificent 7 is rising.
5. Market cap vs. performance. "The further you go down the market cap ladder this year, the worse the performance."
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