"Small-caps today are hitting the highest levels since February relative to Large-caps"
"We have CTAs modeled to sell equities in every scenario over the next week and month, mostly concentrated in the US"
"There tend to be two distinct vol regimes: low vol before the market peak and high vol thereafter"
"In the US, leadership is extending out from large-cap to small-cap stocks"
"Retail has bought over +$100B of US stocks in the last month, the largest 1M buying on record"
"The current advance is youthful if counted from April 2025 but mature if counted from Oct 2022"
