Are US stocks entering a "structural late stage"? 6 data points:



1. Mag7 accounts for 40%+ of SPY
2. Market cap/GDP exceeds 200%
3. VIX sustained <20 long-term
4. Retail options volume at new highs
5. Buybacks slowing
6. Credit spreads widening

None is fatal individually. Stack all 6 together? Full position with no hedge = swimming naked
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