DC Lite #37

Welcome back to DC Lite: Daily Chartbook’s free, entry-level newsletter containing 5 of the day’s best charts & insights. Upgrade to get all 30 charts.

Administrative note: DC will be off tomorrow and Monday; back Tuesday, January 2nd. 

1. Global bonds. "The world’s debt market is on track to post its biggest two-month gain on record."

2. Active managers vs. US equities (I). The NAAIM Exposure Index increased to 102.7 from 97.3. This is the highest reading since November 2021.

3. Active managers vs. US equities (II). "Median 12-month SPX after a cross above 100% for NAAIM Exposure Index = +15.32%. I'll take it…"

4. SPX vs. ATHs. "The S&P 500 is closing in on a new all-time high. Remember, it has been nearly two years since it hit an ATH. I found 14 previous times it went at least a yr without one and then finally made one. Higher a yr later 13 times and up 14.9% on avg. New highs aren't bearish."

5. 2024 target. “The avg S&P 500 2024 strategist price target = 4,833...this implies a <1% return from current levels. For context, strategists keep their targets about 6% above the index price over time (managing career risk).”

Have a great weekend and cheers to your success in 2024!