DC Lite #201

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1. CPI. “Despite the modest beat, upside pressures have not widened and continue to compress, lending more support for noise rather than signal.”

2. Consumer spending. "The way spending is outpacing growth in incomes is unsustainable ... [and] it looks ... as though the extra savings accumulated during the pandemic are nearly exhausted."

3. Real earnings. "Inflation-adjusted average hourly earnings +0.92% year/year in August ... best since June 2023."

4. Investor Intelligence. "Bulls are leaving the building: II bears are rising as bulls drop to lowest level of 2024. S&P 500 has struggled to make sustained upside progress over the past decade when the Bull - Bear Spread has been less than 20%."

See: Hi Mount Research

5. Bull markets. "The average duration of a bull market NOT following a former recession is 33 months. That would take $SPX to May of 2025 … if the bull market ended in July, it would be the shortest bull market in history, tied with that from 2020-2022."