$BTC - Bitcoin was artificially weak and presented a buying opportunity around $109k, with expectations it will outperform gold as defensive havens rotate to risk assets
$IWM - Small caps are showing a multi-year cup and handle pattern and are poised to accelerate after years of underperformance relative to mega-caps
$USD - The dollar is positioned for a bullish reversal with record short positioning and potential for US economic outperformance narrative to strengthen
$AI - If real rates turn negative again, conditions would be set for a full euphoria tech bubble in AI stocks
$HOUSING - Housing market showing best sales numbers since 2022, indicating economic recovery
Bearish:
$BONDS - Bonds are unattractive with massive treasury supply coming and unclear demand, as $7.3 trillion in money markets will be forced to rotate into risk assets as rates fall
$OIL - Oil price weakness is bullish for broader markets as it eliminates 2022-type inflation scenarios and enables Fed accommodation
$GOLD - Gold appears to be locally topping after a 15% rally, with rotation expected from defensive havens to risk assets