DC Lite #166

Welcome back to DC Lite: Daily Chartbook’s free, entry-level newsletter containing 5 of the day’s best charts & insights. Upgrade to get all 30 charts.

1. Home prices. "For the first time since Covid, the median Existing home sale price is higher than New home prices, and the premium is the biggest on record."

2. Price cuts. "Roughly one in five (19.8%) homes for sale in June had a price cut—the highest level of any June on record."

3. HFs vs. USD. "Hedge funds have increased their long dollar positions in recent months reflecting their relative optimism on the US economy and likely tighter monetary policy ahead."

4. Client flows (I). "Driven by institutional clients and hedge funds ... clients were largest net sellers of US equities (-$7.0B) since 2015 ... [selling] across all size segments (small/mid/large) with large cap outflows last week for the first time since May."

5. SPX vs. SPW. "The 13 week correlation between the S&P 500 cap-weighted index and the S&P 500 equal-weighted index is now 36%. That’s between two indices that have exactly the same constituents. It’s normally 99%, as one would expect."