DC Lite #99

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1. Asset ownership. "The top 10% of US households have around $100T of assets, with around $30T holdings of equities and mutual funds, $20T in real estate, and nearly $14T in private businesses. This means the top 10% own roughly 10 times as many assets as the bottom 50%."

2. ADP (II). While wage growth for job-stayers was unchanged (5.1%), pay gains for job-switchers jumped to 10% for the largest increase since July.

3. ISM Services PMI (II). "Cooling off of services inflation? In March, the ISM services prices index eased to 53.4, the lowest since the onset of the COVID-19 pandemic. Supply chains have shown improvement too with supplier delivery times improving to their best since April 2009."

4. Copper vs. AI. "Global Copper trade is lagging vs other AI beneficiaries."

5. Investor Intelligence. "Bulls still want to party: II Bulls at a new 3-year high. Bull-bear spread at a 6-year high. For context, sentiment peaked in early 2018 and prices peaked in late 2018."

See: Hi Mount Research