DC Lite #140

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1. Mortgage demand. A 5bp drop in mortgage rates (to 7.02%) drove a 15.6% jump in mortgage applications for the week ending June 7, the largest increase since January 2023.

2. Wealth effect. "The value of equities and household real estate have substantially contributed to the surge in net worth, which stands at a remarkable 7.6 times disposable income."

3. Gold spec positioning. "Net long positions in gold futures are hovering at the highest levels since 1986."

4. CTAs vs. US equities. With exposure to US equities at extremes, CTAs would become sellers at the thresholds noted below, per Goldman Sachs.

5. Top 10 vs. bottom 490. "The gap between winners and losers is as high as it has ever been."