DC Lite #30

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1. New listings. "New listings rose 1.3% month over month to the highest level since October 2022 on a seasonally adjusted basis, and increased 0.1% from a year earlier—a small gain, but the first in a year and a half."

2. Cuts vs. hikes. "BofA forecasts 152 global rate cuts in '24, 1st year since 2020 cuts to outpace rate hikes."

3. MMF outflows vs. Fed. In the past 5 cycles since 1990, outflows from money market funds began, on average, 12 months after the first rate cut.

4. Dumb money. "Retail traders are all-in again. Dumb Money Confidence just jumped to the 3rd-highest reading in 25 years. It was no problem at all in 2021. Other than that, very high Confidence typically precedes modest gains at best until sentiment resets."

5. 52-week highs. "Whether you’re looking at the NYSE, the NASDAQ, or the S&P 500, the number of stocks breaking out is at its best level since early 2021."

See: Grindstone Intelligence