DC Lite #155

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1. Bankruptcy filings. "June marked a historic surge in US corporate bankruptcy filings, with the highest number recorded in a single month since at least the start of 2020 and surpassing half-year figures seen in over a decade."

2. Consumer expectations (II). Consumers' earnings growth expectations are at the highest since September.

3. Systematic positioning. "Systematic positioning is elevated."

4. SPX vs. NAAIM. Looking past some short-term choppiness, stocks tend to perform well in the months after the NAAIM Exposure Index crosses above 100 (as it did last week).

5. Earnings vs. price. "The increasing concentration of US stock-market gains in a small number of tech stocks is troubling. The good news is that unlike in the Dotcom era, recent moves are backed by earnings, which have seen spectacular growth."