"Moves higher will be exacerbated, while moves lower will be buffered, all else equal"

1. Corporate profits. "Record-high despite elevated/rising costs, tariffs, wages, interest rates".

2. Reserve assets. "Dollar-denominated reserves - ie central bank holdings - adjusted for valuation effects are now lower than gold reserves for the first time since the International Monetary Fund started publishing the data in the late 1990s."

3. CTAs vs. US equities. "We estimate the systematic community is still short -$37bn of US equities. CTAs are now in aggressive buy mode. Over the next week, we have this cohort modeled to buy $45bn of US equities in a flat tape... that's the second largest buy estimate on record."

4. Dealer gamma. "The spread of the dealer gamma length up 5% vs down 5% is the widest we have ever seen. In other words, moves higher will be exacerbated, while moves lower will be buffered, all else equal."

5. Semis vs. SPX. Semis' relative outperformance over the past year is the largest on record by a wide margin.

ICYMI