"The earnings tailwind is broadening down the cap stack"

1. Redbook Index. Same-store retail sales grew 7.8% YoY in the week ending May 2 (7.7% prev), a fresh +4-year high.

2. Inflation expectations. "The current standoff has forced inflation expectations up, with two-year inflation swaps now above the Federal Reserve's upper target of 3%, and at their highest since 2022."

3. Central banks vs. gold. "Central banks sold a net 30t of gold in March, with sales from Turkey (60t) and Russia (6t) offsetting purchases elsewhere."

4. NDX vs. 10DMA. "NASDAQ 100 has been above & not touched the 10 Day Moving Average for 20 consecutive days. Historically, this saw $NDX higher 10 of 12 times, 3 months later and 11 of 12 times, 1 year later with an average gain of 19.6%. The 3 month Max Drawdown was -8.7%".

5. Earnings estimate by size. "The earnings tailwind is broadening down the cap stack."

ICYMI