"One of the clearest setups in years"

1. US monetary policy. "Since the Iran war began, there has been a 100 bp swing in Dec 27 SOFR implied rates - from 75 bps of cuts to 25 bps of hikes. My guess is that we will see at least half of this unwind. For 2 yrs, it has been a good bet to fade the rate hike calls. This regime is still intact."

2. GLD ETF flows. "One of the clearest setups in years".

3. Retail activity. "Retail's single-stock net buying has fallen to the lowest (on a 3-day rolling basis) since COVID".

4. Super sector weightings. "Tech +tech related stocks are now close to 2/3rds of US total market cap ... Meanwhile defensives are phasing out to obscurity, and traditional cyclicals (materials, industrials, energy, financials) are likewise languishing."

5. Earnings vs. valuation. Eight of the eleven sectors have seen multiples compress this year. All eleven have seen earnings growth.

ICYMI