DC Lite #241

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1. Credit card borrowing. "To those suggesting credit card borrowing is driving the current expansion, the data pretty clearly says otherwise. Incremental consumer credit borrowing has *slowed* over the last 2 years and spending has remained strong. Why? Because it's driven by *income growth*."

2. ETFs vs. 200MA. "Over half of equity ETFs are trading at least +2 standard deviations above their respective 200-day average."

3. SPX vs. earnings revisions. "The divergence between earnings revisions and S&P 500 performance suggests that investors are looking beyond current analyst estimates, potentially betting on stronger-than-expected corporate performance."

4. CAPE ratio. “The S&P 500's CAPE Ratio has crossed above 38 for the 3rd time in history and is now higher than 98% of historical valuations.”

5. Returns vs. stretched valuations. “The S&P 500 index is expensive ... However, buying at the highs has historically been a good idea, with 18% average annualized returns in the subsequent six months vs. 13% returns when buying at any time."