DC Lite #238

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1. Oil inventories. "Global oil inventories, both in the US and globally, remain at their lowest seasonal levels in modern history. Demand, despite a weak-yet-improving China, continues to hit all-time highs. The setup for 2025 is more bullish than consensus IMO."

2. Gold ETF flows. "Global gold ETFs extended their inflow streak to six months, adding US$4.3bn in October. YTD, gold ETF demand has turned positive (+18t) for the first time this year."

3. Margin debt. Margin debt remains well below the 2021 peak.

4. Rally vs. breadth (II). "The indices soared [on Wednesday] while the average stock did not. It was one of the worst-ever days for participation on a day the S&P 500 jumped more than 2.5%. On the NYSE, fewer than 70% of issues rose, and less than 70% of volume flowed into those issues."

5. Interest expense. “Why rates matter to small-caps…"