– VALUATION MATTERS: The S&P 500 is now trading at 3.2x sales, its highest valuation in history; the S&P 490 trades on 21x P/E (vs avg 15.8x), top 10 on 28.7x (vs avg 20.7x)

– RETAIL vs QUANT ARMY: US retail holds 41% of US equities, fuelled by total margin debt at all tiem highs $1.1trl… CTA’s have a 6:1 sell-to-buy skew on rebal triggers.