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"Doesn't get much more bullish than this"
DC Lite #661
Welcome back to DC Lite: Daily Chartbook’s free, entry-level newsletter containing 5 of the day’s best charts & insights.
1. Wage Growth Tracker. Wage growth rose in July for both job stayers (3.6% from 3.4%) and job switchers (4.4% from 4.1%). Overall wage growth increased to 3.8% from 3.6%.
2. Implied FFR. "The bond market no longer prices in a full hike by year-end.. Dec at 3.84% EFFR vs 3.63% current".
3. Institutional investor allocation. "Allocations to equities increased by approximately 142 basis points in July, reversing June's modest decline. Equity allocations ended the month at 58%, while allocations to fixed income excluding bills stood at 26% and cash at 16%."
4. All-time highs. "Doesn't get much more bullish than this, new all-time highs today for each of these indexes."
5. Narrow earnings momentum. "The number of S&P 500 firms with higher trailing 4-week average 12-month forward EPS estimates is only about 122 compared to peak levels during early 2018 of almost 150 and during 2020 of almost 163."
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