For the holiday weekend, BofA's Michael Harnett is out with a quick market update in his latest Flow Show note. The BofA CIO starts off by analyzing the latest "Tale of the Tape" which, as we enter the second half, is split in two: first, there are the Q2 AI/US boom leaders: SOX 88%, KOSPI 64%, biotech 24%, small cap 21%, and banks 17%. On the other end, are the Q2 war/inflation laggards: Saudi -4%, China -10%, gold -14%, bitcoin -14%, energy -15%, defense -16%, oil -31%.

He also notes that the ratio of Treasuries to gold is breaking the 2020s down-trend, which hints at peak inflationary de-globalization.