"Since 1928, the S&P 500 has suffered a daily loss of at least 2.5% within three trading days of a record high only 12 times"

1. Dollar decoupling. "There's a very interesting decoupling between the Dollar vs the G10 (black), which is near its highs, and USD vs EM (blue), which is much weaker. The signal that matters for future Dollar direction is the latter. USD will tumble as soon as we get peace..."

2. BTC drawdowns. "As BCA shows, crypto winters tend to last longer than investors expect."

3. Equity financing cost. "Equity financing costs lurched higher last week as demand for leveraged exposure to equity keeps rising."

4. SPX setback. "Since 1928, the S&P 500 has suffered a daily loss of at least 2.5% within three trading days of a record high only 12 times ... Only one instance led to a decline exceeding 10% from the prior high—the COVID-19 selloff, which was driven by an unprecedented global economic shutdown."

5. Tech vs. SPX. "US large cap Tech recently outperformed the S&P 500 by +6 standard deviations over the prior 50 days. No other rally since 2015 comes anywhere close. Prior periods of lesser but still statistically significant outperformance suggest further gains, even with Friday's selloff..."

ICYMI