→ S&P 500 is printing fresh highs
→ Gold and silver are breaking out
→ MicroStrategy “selling” FUD has disappeared
→ Fed is back to buying T-bills
→ Global M2 liquidity is turning up
→ OTHERS/BTC sitting at last cycle lows
→ Trump pushing for 1% interest rates by 2026
→ Pro-liquidity Fed chair likely next year
→ October rally came with zero euphoria
→ Worst Q4 since 2018
→ Yet bears are convinced the bull run is over
→ And somehow believe next year will be even worse
