Why Fears are Overblown

Fears are Overblown Fundamentals Under-Appreciated

- Since April the S&P has had three 3% corrections, the market isn't as bubbly or euphoric as they say.

So far the S&P 500 has posted the best Profit Margins in over 15 years

Whats AHEAD ?

Jobs report for Visibility

FISCAL Liquidity

- Big Beautiful Bill
- TGA spending ahead
- Trade Deals Ahead

Monetary Liquidity

• The Feds Balance Sheet must increase from here

• The Interest Rate cutting cycle is early

Economic Liquidity

- 2026 AI Spending = 500bn (MSFT, META, AMZN, GOOG)
- ISM Expansion Ahead

- Fears are Overblown
- Fundamentals improving
- Macro Cycle improving