"Fresh all-time highs are bullish"

1. JOLTS. "Hard to have faith in the JOLTS data when only about 25% of firms agree to participate when the BLS asks, and only around 30% of them respond in time for the first estimate. Only healthy businesses likely opt in. The LinkUp and Indeed measures of openings, which have deteriorated slightly this year, are more credible."

2. Gold vs. liquidity. "The good news for gold is that the global money supply is rising again ... Based on both the level and rate of change of global liquidity, my model suggests that gold could be worth more than its current range."

3. Buybacks. "Today, we estimate that only ~45% of the S&P 500 by weight is eligible to repurchase shares. That figure is expected to increase to 75% by the end of next week and nearly 85% by mid-August as earnings blackout windows expire. Corporate demand is now set to reaccelerate precisely as positioning has become materially cleaner"

4. Dow Jones ATHs. "Fresh all-time highs are bullish. That sounds obvious, but investors often overthink them ... The trend backdrop confirms the message. The Dow is above a rising 50-day moving average and above a rising 200-day moving average."

5. Profit margins. Higher margins are not just a Tech story: 10 out of 11 sectors are experiencing margin expansion.

ICYMI