From the Market Ear:
Comfortably numb
The S&P 500 officially hits 6,600 for the first time in history, now up +36% since its April 2025 bottom. Nasdaq is up ~50% off the April lows. This marks one of the best 5-month stock market rallies in US history. At the same time the exuberant sentiment that we would expect at ATHs is still MIA. Let’s have a look at the latest in terms of positioning and sentiment.
The patient is breaking bad
