It's hard to think of the S&P 500 as being cheap here

Retail bears are starting to sell down long positions after showing negative sentiment for weeks

During a huge risk-on advance, US High yield spreads have tightened 152 bps since April 7. With spreads now at 309 bps above Treasuries, credit market investors are back to pricing in a very optimistic outlook with no recession and few defaults

Other indications also suggest that hedge funds are still quite short stocks here, per Simon White of Bloomberg

Incredible stat: 98% of Warren Buffett's current net worth of $160 billion came after he turned 65