Brian Levitt

But financials, healthcare, and discretionary have seen losses year-to-date despite positive revisions.

She doesn't like that setup where expectations are ratcheted up, but multiples are not reacting positively.

And she has a point because that's sort of one of her bear market signposts.

She's got like these 10 things that are red flags and seven of them have now triggered.

70% of her bear market, which is the average that they've observed at prior market peaks.

So the comparison that she's harping on is February of 2000, which for you and I is very ominous.

Very ominous.

We know what went on then.

Last thing from her before I get your reaction.

So she is saying high PE stocks led low PE stocks by a wide margin, which is a sign of excessive speculation.

That's one of her triggers.

Another trigger –

Lofty long-term growth expectations, breaching levels consistent with equities being more vulnerable to disappointment.

So that's that last point I made.

The sell side indicator hasn't been triggered yet.

That's where the strategists get all bulled up.

But that has gotten worse because they're chasing the market, quite frankly, with their targets.

But she's talking about this dispersion, tech versus everything else, and then inside of tech.

like AI tech versus software or every other.

And that is reminiscent of the peak of the market in February 2000.