1. “Swiss stocks are cheap and are making a comeback”.

Switzerland is “no longer expensive,” say Banque Pictet & Cie SA strategists, seeing room for a re-rating.

They expect investors to “increasingly turn their attention towards the Swiss market as rate differentials and policy uncertainty could lend fuel to a defensive rotation.”

The strong start to the year has been fueled by fundamentals, and the earnings season has been largely successful. Earnings from companies including Richemont, Logitech, Roche and Partners Group have been taken positively. Results from Nestle published this morning showed sales growth exceeded expectations in the fourth quarter.

Consequently, analysts have continued to upgrade earnings forecasts for the SMI at a much faster pace than for euro-area peers.

2. Goldman’s Rubner sees US stocks at risk as everybody is “in the pool”.

The market is increasingly crowded and dip-buying is running out of steam, Rubner said.

“Everyone is in the pool, including retail traders, 401k inflows, start of the year allocations, and corporates,” he said.

Wednesday’s higher-then-expected inflation print was the latest example of stocks bouncing quickly from an intraday low despite negative news flow.

“My highest conviction is that this massive ability to buy the dips is starting to wane as we are approaching negative seasonals.”

Also, a major disconnect between fundamentals and price is unfolding: annual earnings estimates for the Nasdaq are down over 10%, yet the index is still near all-time highs.

3. Warren Buffett is ready for tougher times ahead.

This cautious stance stands in stark contrast to retail investors, whose participation rate is at an all-time high, according to a recent J.P. Morgan report.

Historically, retail investors tend to buy during market rallies, driven by FOMO (fear of missing out), and sell during downturns.

Buffett is following his own advice to "be fearful when others are greedy".

4. Rumours about Intel takeover by Taiwan Semiconductor (TSMC).

5. Software developer jobs down 70% from peak.

The middle class software engineer is dying. And it's dying because they're not needed anymore.

One good developer with Github Copilot, does what entire teams did five years ago. Armed with AI, they ship entire products in days.

6. Nuclear projects get delayed and are way over budget.

Monday, the US markets will be closed for Presidents’ day