DC Lite #154

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1. Home prices. Median home sale and asking prices increased by the most in 3- and 19-months, respectively, but the share of listings with a price drop is at the highest (6.9%) on record.

2. ADP employment (II). Pay gains for both job switchers and job stayers ticked down in June to 7.7% (prev 7.8%) and 4.9% (prev 5%), respectively.

3. Retail MMF vs. fixed income. "Retail money market AUM has now surpassed the combined AUM of retail bond mutual fund + ETF products – it took the 2008 Financial Crisis to occur for the last observation. 5% cash is helpful, but we tend to wonder if investors might be overlooking opportunities elsewhere."

4. Relative strength comparisons (I). "We all know breadth isn't supporting the current market action... but key intermarket ratios are also not."

See:

5. Performance vs. breadth. "The 3-month rolling correlation between SPX returns and the number of advancers is at an all-time low. The only period remotely resembling what we're seeing now came in 3Q of 2000."