DC Lite #187

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1. BLS revisions (I). The preliminary revision showed 818k fewer jobs in the year through March than originally estimated. That brings the pace of job growth from 242k to 174k per month.

2. Inflation-adjusted credit card debt. "On an inflation-adjusted basis, total credit card debt in the US is up just 1.8% since 2020. And it's still far below the peak from 2007/2008. The consumer still has plenty of wiggle room if the economy slows."

3. MMF vs. SPX. "There might be a lot of 'cash on the sidelines' in terms of total money market fund assets, but relative to the size of the equity market, the firepower just isn't what it used to be ... and in fact, cash as a % of S&P 500 market cap has been trending lower for the past year."

4. Investor Intelligence. "50% bulls, 22% bears. Bull-bear spread rose for the first time in 4 weeks. Sentiment has been re-set but optimism remains intact. That's bull market behavior."

See: Hi Mount Research

5. Stock-specific risk (I). "Stock specific risk remains elevated for the S&P 500 and is currently in the 80th percentile with ~63% of returns being explained by idiosyncratic factors."