DC Lite #178

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1. Price drops. At 7.2%, the share of home listings with a price drop is the highest on record.

2. Jobless claims. Initial claims dropped 17k from an upwardly revised 250k to 233k (vs. 240k est), alleviating concerns stemming from last week's jump. Continuing claims, however, rose further to the highest since November 2021.

3. Euphoriameter. The Euphoriameter—a combination of forward P/E, VIX, and bullish sentiment—is hovering near Dotcom levels.

See: Topdown Charts , The Weekly S&P500 #ChartStorm

4. VIX shocks. "Volatility mean reverts but it just takes time for the position unwind of so much premium to take place."

5. Price vs. EPS. “The selloff is a buyable correction in a Bull Market .. not the end of the Bull Market .. we are reminded that Earnings drive stocks in the long term. And as 2Q Earnings season wraps up, growth of 11+%, with estimates holding relatively steady for 2024 and 2025 despite some signs of strain in the U.S. economy, bodes well.”