The S&P (https://www.cnbc.com/2026/07/10/the-stock-market-looks-pretty-cheap-based-on-future-earnings-expectations-dont-be-fooled.html), but that spread between 28x trailing and 21x forward is *exactly the problem*, not the solution. The market is assuming consensus earnings estimates hold—which means it's pricing in zero revisions, zero margin compression, zero macro deterioration. That's not bearish; that's delusional. Watch bank guidance this quarter.

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