Are we wrong not to be max long?

Bullish! Q2 was the bottom

Consensus expects year/year EPS growth bottomed in 2Q.

Source: Goldman

Bullish! Earnings at new highs

Source: Deutsche Bank

Earnings sentiment pointing up

Source: FactSet

The US economic surprise index is near a 2.5-year high

Source: JPM

SPX underperforming "surprises"

Source: JPM

Far from peak...

Source: Bloomberg

Some positioning easing

Source: Deutsche Bank

The Fed has got to be happy with this

Source: ING

Inflation slowdown running ahead of schedule

Source: Haver