1. “The big tech trade is getting crowded", says Deutsche Bank.

2. Goldman’s risk appetite indicator.

Goldman's risk appetite indicator is reaching the highest read since 2021 - the 99th percentile since 1991.
“Looking at comparable episodes since the 1960s, we find that subsequent returns showed more limited upside for the broad equity market with some correction risk."

3. The SaaS comeback trade.

Enterprise software firm ServiceNow's shares are breaking out of their down trend.
Bank of America Global Research reinstates coverage with "buy" rating and sets price objective at $130, implying 36.7% upside to stock's last close.
"We do not believe enterprises can "rip out" ServiceNow, as the platform is too entrenched across large workflows, yet AI could potentially replace some of this work.
If the company executes its AI strategy well, it could emerge as a beneficiary of agentic AI by becoming the enterprise control plane that enables companies to deploy agents in a governed, secure, and auditable manner".

Below: Ready for take-off.

4. Hedge funds are underperforming.

The Global X Guru ETF (GURU), designed to track top hedge fund holdings, has underperformed the S&P 500 since its inception in 2012.

5. China is struggling with overcapacity and deflation arising from soft domestic demand and disorderly, excessive competition.

Almost a year after Chinese authorities warned EV makers to end their fierce price war, discounts keep coming. Throughout 2026, top manufacturers have offered 10% to 15% price cuts in the face of massive overcapacity and declining auto sales.

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