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- "U.S. equities no longer trading as one index"
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1. Gold ETF flows. "Tough week for global gold ETFs last week. They registered net outflows of US$4.7bn, with all regions seeing outflows but led by North America."
2. US equity fund flows. "Flows into US equities have been remarkably strong so far... More signs of levered US exceptionalism positioning".
3. Hedge funds vs. Tech. Last "week's net selling in US Info Tech - in both $ and % terms - was the largest in more than 10 years (-4.0 z score)."
4. SPX vs. EW SPX. "U.S. equities no longer trading as one index; they're trading as collection of individual stories, raising importance of stock selection/creating much richer backdrop for dispersion/single-stock volatility through earnings".
5. SPX fair value. "For the first time this year, one can justify a bullish view on the S&P 500 using simply consensus earnings estimates and a historically average PE ratio. Against these modest assumptions, the index has 8% upside from here."
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