"We're entering a bear market." I keep seeing this. So I keep digging into the macro data. And that's not what appears to be happening at all... → QT ends December 1st → RRP drained from $2.5T to basically zero → TGA elevated (any drawdown injects liquidity) → Longest manufacturing contraction on record (26 months) → Net liquidity flattening This is not a bear market setup. This is the setup that comes before a next leg. I think there is a possibility people are reacting only to price, and not the macro.(Dan Gambardello)