"Fundamentally we seem to be in a much better place than 26 years ago"

1. Data centers vs. US power. "Data centers in the US will account for about 20% of the nation's electricity consumption in 2035, up from 5.9% today, according to BloombergNEF."

2. Credit spread seasonality. "Credit spreads tend to trend higher from now into Q4".

3. SPX vs. margin debt. "Buy the dip...on steroids. Investors increased margin debt borrowing last month despite a drop in stocks. This is historically unusual and shows very high confidence, which has typically not worked out all that well."

4. Price vs. breadth. "While the S&P 500 has consolidated, the percentage of stocks to make a new 52-week high since March has continued to expand, rising from 35% at SPX last high to 46%."

5. 1999 analog. "While the price analog of the S&P 500 price index between now and 1999 continues to track closely, fundamentally we seem to be in a much better place than 26 years ago."

ICYMI