"Investors who believe this market has run too far should look at what running too far can actually look like"

1. Gold BUGS. "A weekly gain of this magnitude has occurred only five other times in more than 70 years. The last instance, in 2016, was followed by an 85% gain in the index over the next 26 weeks."

2. Hedge funds vs. Bitcoin. "Hedge funds on CME flipped net long BTC futures. This is rare. The basis trade keeps them structurally short. That's why this chart's been red for years. You can't carry trade into a net long. The suits are betting on upside."

3. Tech fund flows. "Investors have piled into tech stocks at an accelerating rate, and implied allocations to tech ETFs have surpassed 50%."

4. Bull markets. "In the current bull market, the S&P 500 is up 116.9% since it began on October 12, 2022. That ranks fifth of the eight bull markets since 1966. Investors who believe this market has run too far should look at what running too far can actually look like."

5. CY EPS revisions. "Earnings estimates typically fall as a given year approaches. They fall even further as the actual year those estimates are slated for begins. The opposite is happening right now."

ICYMI