DC Lite #21

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1. Global sales growth. "Globally sales growth is slowing; going from boom to bust."

See: Topdown Charts

2. Crypto asset flows. "Digital asset inflows totalled $176 million last week, reaching a 10-week total of $1.76 billion, the highest since October 2021’s futures-based ETF launch in the US."

3. Gold speculators. "Speculators (Hedge funds & CTAs) remain the key (main) drivers behind the latest run up in gold with ETF investors selling into the rally. With five rate cuts fully priced in for 2024, there is little room for error in the s/t."

4. US investor flows. US equity funds saw ~$57bn in November inflows.

5. Q4 EPS estimates. Analysts have cut Q4 EPS estimates by 5%. That's significantly higher than the 5- (2.9%), 10- (2.7%), 15- (3.2%), and 20-year (2.9%) averages.