"Funding spreads declined during the recent rally. This suggests macro investors trimmed their equity exposure on the recent strength"
"As long as there is full employment, households are structural net buyers of US equities"
"MAGMAN NTM PE relative to the S&P 500 is at the lowest level since 2017"
"Policy uncertainty has gripped the market in 2025."
The decline in the outlook for NTM earnings has been the sharpest since Covid
"Hedge funds net sold Staples in nearly every region this week, and the sector has now been net sold in 7 of the last 9 weeks"
