One week after urging Bank of America clients to keep "taking chips off the table" - despite stocks ignoring the highest CPI print in 3 years and blowing through to new record highs, and then also ignoring the very hawkish FOMC, Warsh's first - until "tighter financial conditions peak once Warsh turns hawkish at the July 29th FOMC", in his latest rather brief Flow Show note (available here to pro subs), BofA's Michael Harnett summarizes the current market landscape with the letter V for Victory, Votes and Vigilantes, with markets needing the latter two for the biggest tech bubble since 2021 to burst.

We start with Victory: