"The S&P 500 doesn't own leadership"

1. Long yields. "When countries run out of fiscal space, the yield curve steepens, so gov'ts issue more short-term debt. They also claim markets are irrationally pushing up yields."

2. Hedge funds vs. Tech. "Info Tech was by far the most $ net sold global sector [last] week, driven almost entirely by long sales, as the sector saw the largest % de-grossing in over 2 years."

3. SPX vs. leadership. "The S&P 500 doesn't own leadership ... This is a sector rotation story."

4. Forward earnings estimates. Earnings estimates across sectors: strong to quite strong.

5. Valuation vs. yields. "Every 50 bp increase in real bond yields is a roughly 3% hit to S&P 500 valuation".

ICYMI