Has the bear market really arrived? Here’s the conclusion first: I don’t think the bear market is truly here! Right now, it’s just a cooling-off period (or you could call it a monkey market/fluctuation period), it’s just that the bears have been more dominant recently. Looking back at history: After the U.S. government shutdown at the end of 2018, the Nasdaq went on to rally 180%. Now we’re seeing a similar script with ‘government shutdown + future quantitative easing,’ and with Powell stepping down next year, there’s a high chance Trump will put his own people in place. Gold is also holding steady in the 3935-4000 range, maintaining its hedging and risk-averse properties. The macro trend is still looking positive. Once issues like U.S.-China relations and the shutdown are resolved, the market will naturally warm up again. xdm, the good days are ahead!