DC Lite #245

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1. NAHB Housing Market Index. Homebuilder confidence improved to a 7-month high in November but remained below 50 for the 7th straight reading. The current sales component rose to a 6-month high while sales expectations jumped to the highest since April 2022.

2. Ethereum ETF flows. "Ethereum ETFs have made a quick and sudden rise from the deep dark depths of cumulative outflows following the Election, finally into fresh air and net inflows."

3. Margin debt. "US margin debt, reflecting the leveraged buying of stocks, is the lowest it has been in 25 years as a percentage of total market capitalization."

4. CTAs vs. US equities. "We have this cohort as buyers of SPX in every scenario over the next week."

5. EPS estimates by size. “Small caps [are] still in an earnings recession but analysts estimate ~50% EPS growth through 2026."

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