DC Lite #216

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1. SPX vs. macro. "S&P futures have been more reactive to NFP prints in recent years than to any other major economic data."

2. Gold. "The precious metal is having one of its best years on record."

3. Retail investor sentiment. "The amount of times we've seen more bears than bulls over the past year has dropped to its second lowest level in the past 20+ years and pessimism is still fading."

See:

4. China rally. “Corporate  fundamentals seemingly improving, cheap valuations and underweight investors, coupled with global monetary policy easing, should be powerful enough to sustain the rally for some time.”

5. Cyclical bulls. "Bull markets do not die of old age ... The table [below] underscores NDR’s view that absent a Fed policy error, hard landing, or external shock, the path of least resistance is a continuation of the bull market."