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1. Chart of the Week

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2. Software Stocks Premium in P/E Valuation vs. Rest of Market Drops to Even

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3. Software ETF Right on Its 200 Week Moving Average

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4. BETZ Sports and Gaming ETF Falls Back to Liberation Day Levels …Polymarket and Kalshi Competition?

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5. Number of Small Cap Stocks Trading at 10x Sales Back to Normal Levels

The chart-“Despite broader concerns around market valuations, our data on the percentage of Russell 3000 companies trading at 10x price-to-sales does not currently raise red flags,” say Ryan Grabinsky and Jon Byrne at Strategas Securities. “At 7.1%, the reading is among the lowest levels observed in the post-COVID period. That said, it is worth noting that this metric offered limited signal in the run-up to the financial crisis, so we remain mindful of its limitations,” they add.

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6. 2026 Returns S&P Equal Weight +7.5% Above QQQ

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7. Vanguard Value VTV +8% vs. QQQ -2% 2026

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8. Last 12 Months….Euro Trust Currency ETF +14% vs. UUP U.S. Dollar Chart -5%

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9. Americans are Stock Nation vs. Rest of World…Double Percentage of Holdings Versus China/Europe

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10. Older Americans on Phones as Much as Kids

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