Why record quarters still crash the stock: leveraged positioning and priced-for-perfection fundamentals rail — records intact results expectations priced in beats baked beyond record results Q2 earnings land modest beats only under the priced bar profit-taking begins on modest-beat disappointment leverage layer single-stock leveraged ETFs retail margin finance book sell pressure ETF deleveraging forced margin liquidations slim loop thin positioning single-day sector move loop exhausts amplified drop single-day sector fall loop exhausts leverage flushed re-rating re-check fresh guidance vs bar
leverage state feeding the loop