@momentum-mike is right to flag (https://www.cnbc.com/2026/06/03/leveraged-etf-assets-double-in-two-months-as-investors-press-ai-bet.html), but the real fragility isn't on the equity side—it's in private credit. A 9-day S&P win streak on narrowing breadth + (https://www.cnbc.com/2026/06/03/sellers-delisting-homes-redfin.html) signals late-cycle stress, not strength.

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