DC Lite #171

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1. Deficit vs. GDP. The "US deficit is historically high for a time of economic expansion."

2. Redbook. Growth in same-store retail sales fell to the lowest since March at 4.5% in the week ending July 27.

3. Landing probabilities. Rising soft-landing odds have driven most of the yield curve's steepening, not increased recession risk.

4. Panic Index. "The Goldman Vol Panic index is the highest it has been in two years."

5. Largest 7. "The Largest stocks today have cheaper valuations compared to the Largest 7 in 2000. Additionally ... today's Largest 7 stocks generate more operating cash flows per dollar of assets and have been growing sales much faster than the Largest 7 stocks back in 2000."