DC Lite #132

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1. Chicago PMI. The Chicago Business Barometer dropped unexpectedly to the lowest level since the pandemic.

2. MMF assets. "There is still a lot of money on the sidelines, with $6 trillion in money market funds that can be used to purchase public and private credit and public and private equity."

3. MMF assets vs. SPX. "In isolation, total in MMF is a lot, but relative to the S&P 500, there isn't that much firepower."

4. Nasdaq futures positioning. "Net long positions tied to Nasdaq futures among asset managers are at some of their highest levels since early 2016."

5. Quarterly earnings revisions (I). Analysts typically lower EPS estimates over the first two months of a quarter. That has not been the case in Q2.