DC Lite #234

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1. Home inventory. "There were 29.2% more homes actively for sale on a typical day in October compared with the same time in 2023, marking the twelfth consecutive month of annual inventory growth and the highest count since December 2019."

2. Unemployment. "Permanent job losers ticked higher in October, to 1.84 million (prev 1.68m) or 1.09% (vs 1.00%) of the labor force."

3. USD spec positioning. "Hedge funds and other speculative traders are positioned for a further rally in the dollar as speculative traders anticipate the election’s potential implications on demand for haven assets and the path for tariffs."

4. Sell Side Indicator. "The SSI currently sits at its highest level in over 2.5 years after rising 3.6ppt over the last 12 months, its biggest 12-month move since mid-2021 ... Its current level of 56.7% suggests a price return of 11% for the S&P 500 over the next 12 months."

5. US equity positioning. Investors are very long US equities heading into November, more so than they have been ahead of recent presidential elections.