"By this measure, bullishness is extremely high right now"

1. Wage Growth Tracker. Overall wage growth ticked up in June to 3.6% YoY from 3.5%. Wages grew for both job stayers (3.4% from 3.3%) and job switchers (4.1% from 3.7%).

2. Equity put/call ratio. "Options traders hit peak fear yesterday. Put/call ratio was at 0.86, the most nervous they've been in 4 months. Today, bulls are taking control back. When the put call ratio reached this extreme, S&P 500 $SPX was higher 10 of 11 times 5 days later, with a median gain 1.2%.

3. Sector correlations. "By this measure, bullishness is extremely high right now. History shows we shouldn't expect much in the way of near-term gains and be wary of any emerging macro shock."

4. Earnings revision momentum. "US earnings revision momentum is at heights not seen since 2021 and has remained positive for the longest stretch since 2022 ... Earnings revisions momentum - the count of MSCI US constituents with higher year-ahead EPS forecasts over the past three months minus those with lower forecasts, divided by the total amount of revisions - stands at a supportive 21.2%."

5. GPU rental curve. "Since Jul 2, our H100 GPU rental curve has risen yet again with even more providers hiking prices ... Acc to our data, compute market continues to tighten."

ICYMI