<h3><strong><a href="https://themarketear.com/posts/ccWsVe10Ar">Just fine and normal</a></strong></h3><p>This is the "just fine and normal" stage of the bull market. Very little volatility, not that much exciting news flow and not stretched positioning. Very somber and grown-up. Let's look at some examples. Here first we can see that RSI is back in normal territory and investor sentiment is not extreme.</p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" href="https://substackcdn.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F566b657d-43da-441d-94af-b4cdc7942403_1588x533.png" target="_blank"><div class="image2-inset"><source type="image/webp" /><img alt="<a href="https://themarketear.com/posts/ccWsVe10Ar" rel="noopener noreferrer" target="_blank">Just fine and normal </a>" class="sizing-normal" height="489" src="https://substackcdn.com/image/fetch/w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F566b657d-43da-441d-94af-b4cdc7942403_1588x533.png" title="<a href="https://themarketear.com/posts/ccWsVe10Ar" rel="noopener noreferrer" target="_blank">Just fine and normal </a>" width="1456" /><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><div class="pencraft pc-reset icon-container restack-image"><svg class="lucide lucide-refresh-cw" fill="none" height="20" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="2" viewBox="0 0 24 24" width="20" xmlns="http://www.w3.org/2000/svg"><path d="M3 12a9 9 0 0 1 9-9 9.75 9.75 0 0 1 6.74 2.74L21 8"></path><path d="M21 3v5h-5"></path><path d="M21 12a9 9 0 0 1-9 9 9.75 9.75 0 0 1-6.74-2.74L3 16"></path><path d="M8 16H3v5"></path></svg></div><div class="pencraft pc-reset icon-container view-image"><svg class="lucide lucide-maximize2" fill="none" height="20" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="2" viewBox="0 0 24 24" width="20" xmlns="http://www.w3.org/2000/svg"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></div></div></div></div></a><figcaption class="image-caption">Source: Macrobond</figcaption></figure></div><h3><strong><a href="https://themarketear.com/posts/cWmW9shKg3">Just neutral</a></strong></h3><p>The BofA Bull & Bear Indicator is at 6.2 signal is Neutral.</p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" href="https://substackcdn.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F578ce822-755c-47a7-94b0-f2ee3e1dc17f_414x253.png" target="_blank"><div class="image2-inset"><source type="image/webp" /><img alt="<a href="https://themarketear.com/posts/cWmW9shKg3" rel="noopener noreferrer" target="_blank">Just neutral</a>" class="sizing-normal" height="253" src="https://substackcdn.com/image/fetch/w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F578ce822-755c-47a7-94b0-f2ee3e1dc17f_414x253.png" title="<a href="https://themarketear.com/posts/cWmW9shKg3" rel="noopener noreferrer" target="_blank">Just neutral</a>" width="414" /><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><div class="pencraft pc-reset icon-container restack-image"><svg class="lucide lucide-refresh-cw" fill="none" height="20" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="2" viewBox="0 0 24 24" width="20" xmlns="http://www.w3.org/2000/svg"><path d="M3 12a9 9 0 0 1 9-9 9.75 9.75 0 0 1 6.74 2.74L21 8"></path><path d="M21 3v5h-5"></path><path d="M21 12a9 9 0 0 1-9 9 9.75 9.75 0 0 1-6.74-2.74L3 16"></path><path d="M8 16H3v5"></path></svg></div><div class="pencraft pc-reset icon-container view-image"><svg class="lucide lucide-maximize2" fill="none" height="20" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="2" viewBox="0 0 24 24" width="20" xmlns="http://www.w3.org/2000/svg"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></div></div></div></div></a><figcaption class="image-caption">Source: BofA</figcaption></figure></div><h3><strong><a href="https://themarketear.com/posts/ckt7TrXxgF">Just muted</a></strong></h3><p>JPM says that their positioning indicators are muted: </p><p><em>"...despite our TPM’s level of positioning getting back to YTD highs, the change in positioning is only slightly positive on a 1wk basis while the 4wk remains negative (similar to where things stood 3 months ago)." </em></p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" href="https://substackcdn.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe6d4ead5-2b15-4090-9a8a-35fb1b34fb6f_1296x359.png" target="_blank"><div class="image2-inset"><source type="image/webp" /><img alt="<a href="https://themarketear.com/posts/ckt7TrXxgF" rel="noopener noreferrer" target="_blank">Just muted</a>" class="sizing-normal" height="359" src="https://substackcdn.com/image/fetch/w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe6d4ead5-2b15-4090-9a8a-35fb1b34fb6f_1296x359.png" title="<a href="https://themarketear.com/posts/ckt7TrXxgF" rel="noopener noreferrer" target="_blank">Just muted</a>" width="1296" /><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><div class="pencraft pc-reset icon-container restack-image"><svg class="lucide lucide-refresh-cw" fill="none" height="20" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="2" viewBox="0 0 24 24" width="20" xmlns="http://www.w3.org/2000/svg"><path d="M3 12a9 9 0 0 1 9-9 9.75 9.75 0 0 1 6.74 2.74L21 8"></path><path d="M21 3v5h-5"></path><path d="M21 12a9 9 0 0 1-9 9 9.75 9.75 0 0 1-6.74-2.74L3 16"></path><path d="M8 16H3v5"></path></svg></div><div class="pencraft pc-reset icon-container view-image"><svg class="lucide lucide-maximize2" fill="none" height="20" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="2" viewBox="0 0 24 24" width="20" xmlns="http://www.w3.org/2000/svg"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></div></div></div></div></a><figcaption class="image-caption">Source: JPM PI</figcaption></figure></div><h3><strong><a href="https://themarketear.com/posts/cZbcm5FdML">Just slow and steady inflows</a></strong></h3><p>"Net flows into global equity funds slowed but remained positive in the week ending June 26 (+$9bn v s +$26bn in the previous week). Over the past 4 weeks there has now be over $52bn into equities" (EPFR)</p><h3><strong><a href="https://themarketear.com/posts/c6PMy6liOx">Just summer</a></strong></h3><p>The stock market has shown a long-term tendency to perform less well during the summer months of June/July/August than during the rest of the year. </p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" href="https://substackcdn.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F5a7ddfdb-352b-4f90-aab8-7af6d0b1f249_1382x838.png" target="_blank"><div class="image2-inset"><source type="image/webp" /><img alt="<a href="https://themarketear.com/posts/c6PMy6liOx" rel="noopener noreferrer" target="_blank">Just summer</a>" class="sizing-normal" height="838" src="https://substackcdn.com/image/fetch/w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F5a7ddfdb-352b-4f90-aab8-7af6d0b1f249_1382x838.png" title="<a href="https://themarketear.com/posts/c6PMy6liOx" rel="noopener noreferrer" target="_blank">Just summer</a>" width="1382" /><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><div class="pencraft pc-reset icon-container restack-image"><svg class="lucide lucide-refresh-cw" fill="none" height="20" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="2" viewBox="0 0 24 24" width="20" xmlns="http://www.w3.org/2000/svg"><path d="M3 12a9 9 0 0 1 9-9 9.75 9.75 0 0 1 6.74 2.74L21 8"></path><path d="M21 3v5h-5"></path><path d="M21 12a9 9 0 0 1-9 9 9.75 9.75 0 0 1-6.74-2.74L3 16"></path><path d="M8 16H3v5"></path></svg></div><div class="pencraft pc-reset icon-container view-image"><svg class="lucide lucide-maximize2" fill="none" height="20" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="2" viewBox="0 0 24 24" width="20" xmlns="http://www.w3.org/2000/svg"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></div></div></div></div></a><figcaption class="image-caption">Source: Sentiment Trader</figcaption></figure></div><h3><strong><a href="https://themarketear.com/posts/c9kZXE7GHd">Just keep on de-risking</a></strong></h3><p>Pension funds have continued to de-risk equities in aggregate, though that pace has slowed from a peak reduction of equity exposure at around $227bn to around $113bn last year. </p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" href="https://substackcdn.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fbd2e9694-22f2-49b0-8aa4-007ad28afab1_751x474.png" target="_blank"><div class="image2-inset"><source type="image/webp" /><img alt="<a href="https://themarketear.com/posts/c9kZXE7GHd" rel="noopener noreferrer" target="_blank">Just keep on de-risking </a>" class="sizing-normal" height="474" src="https://substackcdn.com/image/fetch/w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fbd2e9694-22f2-49b0-8aa4-007ad28afab1_751x474.png" title="<a href="https://themarketear.com/posts/c9kZXE7GHd" rel="noopener noreferrer" target="_blank">Just keep on de-risking </a>" width="751" /><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><div class="pencraft pc-reset icon-container restack-image"><svg class="lucide lucide-refresh-cw" fill="none" height="20" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="2" viewBox="0 0 24 24" width="20" xmlns="http://www.w3.org/2000/svg"><path d="M3 12a9 9 0 0 1 9-9 9.75 9.75 0 0 1 6.74 2.74L21 8"></path><path d="M21 3v5h-5"></path><path d="M21 12a9 9 0 0 1-9 9 9.75 9.75 0 0 1-6.74-2.74L3 16"></path><path d="M8 16H3v5"></path></svg></div><div class="pencraft pc-reset icon-container view-image"><svg class="lucide lucide-maximize2" fill="none" height="20" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="2" viewBox="0 0 24 24" width="20" xmlns="http://www.w3.org/2000/svg"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></div></div></div></div></a><figcaption class="image-caption">Source: Morgan Stanley</figcaption></figure></div><h3><strong><a href="https://themarketear.com/posts/c-iS3GuBoD">Just keep on de-grossing</a></strong></h3><p>1. US Fundamental L/S gross leverage fell for the 6th straight week by 3.4 points, reaching 190.8% (62nd percentile over three years).</p><p>2. US Fundamental L/S net leverage decreased by 2.0 points—the largest drop year-to-date—to 53.1% (42nd percentile over three years). (GS Prime)</p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" href="https://substackcdn.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F51fc7ff7-8757-4bcb-ade3-0fe22986735b_732x561.png" target="_blank"><div class="image2-inset"><source type="image/webp" /><img alt="<a href="https://themarketear.com/posts/c-iS3GuBoD" rel="noopener noreferrer" target="_blank">Just keep on de-grossing</a>" class="sizing-normal" height="561" src="https://substackcdn.com/image/fetch/w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F51fc7ff7-8757-4bcb-ade3-0fe22986735b_732x561.png" title="<a href="https://themarketear.com/posts/c-iS3GuBoD" rel="noopener noreferrer" target="_blank">Just keep on de-grossing</a>" width="732" /><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><div class="pencraft pc-reset icon-container restack-image"><svg class="lucide lucide-refresh-cw" fill="none" height="20" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="2" viewBox="0 0 24 24" width="20" xmlns="http://www.w3.org/2000/svg"><path d="M3 12a9 9 0 0 1 9-9 9.75 9.75 0 0 1 6.74 2.74L21 8"></path><path d="M21 3v5h-5"></path><path d="M21 12a9 9 0 0 1-9 9 9.75 9.75 0 0 1-6.74-2.74L3 16"></path><path d="M8 16H3v5"></path></svg></div><div class="pencraft pc-reset icon-container view-image"><svg class="lucide lucide-maximize2" fill="none" height="20" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="2" viewBox="0 0 24 24" width="20" xmlns="http://www.w3.org/2000/svg"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></div></div></div></div></a><figcaption class="image-caption">Source: GS Prime</figcaption></figure></div><h3><strong><a href="https://themarketear.com/posts/c6fzrrbNEs">Just no draw-downs</a></strong></h3><p>The worst day in June for the S&P 500 has been a 0.31%drop. This would be smallest worst day of any month since Feb '17 at-0.26%.In fact, since 1928, this month would rank as the 5th smallest worst day of any month ever. (Ryan Detrick)</p><h3><strong><a href="https://themarketear.com/posts/cm4HSv11Bu">Just normally stretched</a></strong></h3><p>The GS position & sentiment indicator is at 1 sigma stretched, which in itself does not really mean anything and also actually a touch lower compared to where it has been during most of the spring.</p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" href="https://substackcdn.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa9764e5a-69b4-4072-ae4a-7143bda8b204_386x294.png" target="_blank"><div class="image2-inset"><source type="image/webp" /><img alt="<a href="https://themarketear.com/posts/cm4HSv11Bu" rel="noopener noreferrer" target="_blank">Just normally stretched</a>" class="sizing-normal" height="294" src="https://substackcdn.com/image/fetch/w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa9764e5a-69b4-4072-ae4a-7143bda8b204_386x294.png" title="<a href="https://themarketear.com/posts/cm4HSv11Bu" rel="noopener noreferrer" target="_blank">Just normally stretched</a>" width="386" /><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><div class="pencraft pc-reset icon-container restack-image"><svg class="lucide lucide-refresh-cw" fill="none" height="20" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="2" viewBox="0 0 24 24" width="20" xmlns="http://www.w3.org/2000/svg"><path d="M3 12a9 9 0 0 1 9-9 9.75 9.75 0 0 1 6.74 2.74L21 8"></path><path d="M21 3v5h-5"></path><path d="M21 12a9 9 0 0 1-9 9 9.75 9.75 0 0 1-6.74-2.74L3 16"></path><path d="M8 16H3v5"></path></svg></div><div class="pencraft pc-reset icon-container view-image"><svg class="lucide lucide-maximize2" fill="none" height="20" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="2" viewBox="0 0 24 24" width="20" xmlns="http://www.w3.org/2000/svg"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></div></div></div></div></a><figcaption class="image-caption">Source: Goldman</figcaption></figure></div><h3><strong><a href="https://themarketear.com/posts/cjoJ30_Zze">Just fine</a> in global macro</strong></h3><p>Global forex volatility, and global HY OAS - nothing to see here, we are fine, the world is just fine.</p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" href="https://substackcdn.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F77d3f3a6-6785-40f9-8807-8c9146f98894_850x480.png" target="_blank"><div class="image2-inset"><source type="image/webp" /><img alt="<a href="https://themarketear.com/posts/cjoJ30_Zze" rel="noopener noreferrer" target="_blank">Just fine</a> in global macro" class="sizing-normal" height="480" src="https://substackcdn.com/image/fetch/w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F77d3f3a6-6785-40f9-8807-8c9146f98894_850x480.png" title="<a href="https://themarketear.com/posts/cjoJ30_Zze" rel="noopener noreferrer" target="_blank">Just fine</a> in global macro" width="850" /><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><div class="pencraft pc-reset icon-container restack-image"><svg class="lucide lucide-refresh-cw" fill="none" height="20" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="2" viewBox="0 0 24 24" width="20" xmlns="http://www.w3.org/2000/svg"><path d="M3 12a9 9 0 0 1 9-9 9.75 9.75 0 0 1 6.74 2.74L21 8"></path><path d="M21 3v5h-5"></path><path d="M21 12a9 9 0 0 1-9 9 9.75 9.75 0 0 1-6.74-2.74L3 16"></path><path d="M8 16H3v5"></path></svg></div><div class="pencraft pc-reset icon-container view-image"><svg class="lucide lucide-maximize2" fill="none" height="20" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="2" viewBox="0 0 24 24" width="20" xmlns="http://www.w3.org/2000/svg"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></div></div></div></div></a><figcaption class="image-caption">Source: JPM QDS</figcaption></figure></div><h3><strong><a href="https://themarketear.com/posts/ch2QU4qoV8">Just very normal percentiles</a></strong></h3><p>Very normal 3-year percentile figures for gross & nets.</p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" href="https://substackcdn.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2b12e3ae-1603-479a-983b-f971e2b217ab_1082x327.png" target="_blank"><div class="image2-inset"><source type="image/webp" /><img alt="<a href="https://themarketear.com/posts/ch2QU4qoV8" rel="noopener noreferrer" target="_blank">Just very normal percentiles </a>" class="sizing-normal" height="327" src="https://substackcdn.com/image/fetch/w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2b12e3ae-1603-479a-983b-f971e2b217ab_1082x327.png" title="<a href="https://themarketear.com/posts/ch2QU4qoV8" rel="noopener noreferrer" target="_blank">Just very normal percentiles </a>" width="1082" /><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><div class="pencraft pc-reset icon-container restack-image"><svg class="lucide lucide-refresh-cw" fill="none" height="20" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="2" viewBox="0 0 24 24" width="20" xmlns="http://www.w3.org/2000/svg"><path d="M3 12a9 9 0 0 1 9-9 9.75 9.75 0 0 1 6.74 2.74L21 8"></path><path d="M21 3v5h-5"></path><path d="M21 12a9 9 0 0 1-9 9 9.75 9.75 0 0 1-6.74-2.74L3 16"></path><path d="M8 16H3v5"></path></svg></div><div class="pencraft pc-reset icon-container view-image"><svg class="lucide lucide-maximize2" fill="none" height="20" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="2" viewBox="0 0 24 24" width="20" xmlns="http://www.w3.org/2000/svg"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></div></div></div></div></a><figcaption class="image-caption">Source: GS Prime</figcaption></figure></div><h3><strong><a href="https://themarketear.com/posts/cUbFIh4UTy">The regime is just fine</a></strong></h3><p>US BofA quant team "Regime Indicator" advanced small in the latest reading, but the key point that we are neither close to "too hot" nor close to "too cold" regime.</p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" href="https://substackcdn.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9fcc9858-5a12-4437-8adc-779024eabc3b_602x318.png" target="_blank"><div class="image2-inset"><source type="image/webp" /><img alt="<a href="https://themarketear.com/posts/cUbFIh4UTy" rel="noopener noreferrer" target="_blank">The regime is just fine </a>" class="sizing-normal" height="318" src="https://substackcdn.com/image/fetch/w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9fcc9858-5a12-4437-8adc-779024eabc3b_602x318.png" title="<a href="https://themarketear.com/posts/cUbFIh4UTy" rel="noopener noreferrer" target="_blank">The regime is just fine </a>" width="602" /><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><div class="pencraft pc-reset icon-container restack-image"><svg class="lucide lucide-refresh-cw" fill="none" height="20" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="2" viewBox="0 0 24 24" width="20" xmlns="http://www.w3.org/2000/svg"><path d="M3 12a9 9 0 0 1 9-9 9.75 9.75 0 0 1 6.74 2.74L21 8"></path><path d="M21 3v5h-5"></path><path d="M21 12a9 9 0 0 1-9 9 9.75 9.75 0 0 1-6.74-2.74L3 16"></path><path d="M8 16H3v5"></path></svg></div><div class="pencraft pc-reset icon-container view-image"><svg class="lucide lucide-maximize2" fill="none" height="20" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="2" viewBox="0 0 24 24" width="20" xmlns="http://www.w3.org/2000/svg"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></div></div></div></div></a><figcaption class="image-caption">Source: BofA Quant</figcaption></figure></div>