DC Lite #146

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1. Existing home sales. Existing home sales fell 0.7% MoM to 4.11 million. YoY sales have fallen in 32 of the last 33 months. The median sales price, meanwhile, rose to a record $419,300 (+5.8% YoY) and has increased YoY for 11 straight months.

2. Debt vs. DPI (I). "The ratio of household debt payments to DPI ... remains below the long-term average of 11.08, implying continued room for the consumer to increase borrowing & spending from current levels if the economy improves."

3. Growth fund flows. US growth funds saw the largest weekly inflow ever (+$11.9bn).

4. Market-cap vs. equal-weight. "The SP 500 MC index has outpaced the EW SP Index by quite a margin in recent years, but this chart suggest it could surprise most by continuing to outpace for some time and by much more?"

See: Paulsen Perspectives

5. Valuation: then vs. now. “P/Es today are a full standard deviation lower than in the late 90s. On a FCF basis, the S&P 500 is 2 standard deviations cheaper.”

See: TKer by Sam Ro