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DC Lite #322
"So far, industry analysts haven't gotten either the tariff memo or the recession memo"
Welcome back to DC Lite: Daily Chartbook’s free, entry-level newsletter containing 5 of the day’s best charts & insights.
1. Homebuilder sentiment. "Housing is not working with rates stick between 6.5-7.0%. The NAHB Housing Market Index declined for the 2nd consecutive month to 39 in March, the lowest since August. The drop in the NAHB data suggest a decline in private residential fixed investment in the coming quarter."
2. Equity Sentiment Indicator. Goldman's US equities positioning indicator is at its lowest since early 2023. A few months ago it was at record highs.
3. Nasdaq flows. "TQQQ traders tend to be contrarian: they buy when stocks crash (inflows) and sell when markets rally (outflows). And right now, these contrarian traders are buying hand-over-fist in anticipation of a rally."
4. 90% upside volume day. "The S&P 500 just recorded its 2nd straight day with 90% advancing stocks after hitting a 6-month low."
5. Annual EPS estimates. “So far, industry analysts haven't gotten either the tariff memo or the recession memo. S&P 500 forward earnings per share rose to a record $278.59 during the March 13 week.”
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