DC Lite #218

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1. Consumer credit. Revolving debt outstanding (i.e., credit card debt) fell $1.35bn in August.

2. Managed money vs. agricultural commodities. The week ending 10/1 saw the largest “buying across ags since May lifting combined net short to its smallest since Sep'23.'“

See: No Bull

3. US combined equity positioning. "Long positioning in US equity futures is currently sitting at new record nominal highs."

See: Marlin Capital

4. SPX valuation vs. Fed easing. "Historically, per every 1% decline in the Fed Funds rate during an easing cycle, the S&P 500 PE multiple has risen on average by 11.5% (or by a 4.5% median increase)."

See: Paulsen Perspectives

5. SPX earnings breadth. And finally, “as the economy continues to expand, more of the S&P 500 companies are showing positive y/y comps for forward earnings.”