DC Lite #323

1. Foreclosure starts. "The jump in January 2025 is driven by the expiration of the recent moratorium on VA foreclosures."

2. Household strength. "Household net worth is still around record levels relative to disposable income, as is liquidity as a percent of national income. Improved balance sheet positions are also evident in the lower net worth percentiles–using asset/liability ratios that include nonfinancial assets."

3. Gold miners vs. SPX. "Despite the S&P 500 being down year to date, gold miners are now up 33%. Markets are undergoing a major rotation in my view, with capital flowing into hard asset-based businesses."

4. Corporate insiders. "With two more weeks to go in March, the ratio of buyers to sellers rose to 0.46, up from 0.31 in January. That puts the measure on pace for the highest monthly reading since June and back near its historical average."

5. Mag 7 correlation. "The Magnificent 7 are finally acting as a group — besides Apple, they’re all tumbling together."

ICYMI

• Mon 3/17 #322: "So far, industry analysts haven't gotten either the tariff memo or the recession memo"

• Fri 3/14 #321: "The big news in the UMich data was not inflation expectations"

• Thu 3/13 #320: "Investors say they are pessimistic but are still invested aggressively"

• Wed 3/12 #319: "History shows that S&P 500 drawdowns are usually good buying opportunities"