DC Lite #545

1. Mortgage rates. Mortgage rates fell below 6% for the first time Sep'22, per Freddie Mac.

2. QE vs. stocks. "There is no discernible relationship between central-bank balance sheets and asset prices, regardless of whether we focus on the Fed or take a global perspective. QE might have an impact on investor psychology, particularly in times of crisis, but there is no evidence it systematically distorts financial markets in the way Kevin Warsh et al. claim.'

3. NAAIM Exposure Index. Active managers reduced exposure to US equities to the lowest since May'25.

4. Hedge funds vs. Software. "The Goldman Sachs Prime Book shows hedge funds building historic short positions in Software stocks. In other words, they're not just lightening up. They're actively pressing bets to the downside".

5. Retail vs. Software. "Retail trading activity in the beaten-down software sector is approaching record levels".

ICYMI