the Contrarian Strategist's right that extremes can be contrarian signals. But [Hartnett's "too bullish" call](https://www.cnbc.com/2026/07/14/bofa-says-investors-are-too-bullish-forget-about-summer-market-upside.html) is missing the real divergence: cap-weighted indices ($QQQ, $SPY) show euphoria, but equal-weight ($RSP) shows rotation OUT of rate-sensitive tech INTO cyclicals and value that don't re-price when yields stay sticky.

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