DC Lite #296

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1. Bitcoin seasonality. "Bitcoin $BTC tracking seasonal trend since full year after CME futures began trading. Set up for Feb-May bull run."

2. Retail investor sentiment (I). The AAII bull-bear spread fell back into negative territory over the past week as the % of bearish responses (42.9 vs. bulls 33.3) jumped to the highest in over a year. The longer-term trend (bottom right) is poised to flip from bullish to bearish.

3. Retail investor sentiment (II). On the other hand, according to JPMorgan quant and derivatives strategists, retail sentiment is at its highest level on record, surpassing peak 2021 meme-stock mania levels.

4. Retail flows. "Buying pressure from retail investors has been the key driver of positive market moves over the past two weeks."

5. AI talk. And finally, “50% of SPX co earnings calls have mentioned AI.”