DC Lite #116

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1. Personal income vs. spending. While personal income accelerated to a robust 0.5% MoM in March (in line, 0.3% prev), spending rose by more, increasing 0.8% (vs. 0.6% est, 0.8% prev)…

2. Personal savings rate. …which drove down the personal savings rate from 3.6% to 3.2% (lowest since October 2022).

3. Japan equity flows. Japan equities funds saw the largest inflow since May 2013 (+$5.9bn).

4. Record concentration. The top 10 $SPX companies account for a record 34% of the index's market cap.

5. SPX vs. AAII. In the last 10 years, there have been 49 other times the AAII Bull Ratio crossed below 50 (as it did this week). Those were usually good times to buy stocks.