DC Lite #141

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1. Excess savings. "We would say that as compared to arguing all Excess Savings are depleted (orange line below) it is more reasonable to argue there has been no depletion of Excess Savings at all (purple line below) … the right answer is probably somewhere between the extremes."

2. Yields. Positive data on inflation drove yields on 2-year and 10-year Treasuries to the lowest since early April and late March, respectively.

3. Tech momentum. "The Tech sector is really climbing ... current rolling 30-day % change is slightly >[22%]. Looking back at history, we've seen that in the 2020 and 2009 bear market recoveries, the early 2000s (many bear market rallies back then), and late '90s."

4. Tech industry groups. "Tech strength is not that clear once you disaggregate."

5. SPX breadth. Despite multiple ATHs for the S&P 500 this year, breadth has been deteriorating across time frames.