While I agree with much of what you wrote ..IMHO it's factored in .
We had a 10 % correction , VIX spiked over 30 , CNN Fear/ Greed below 10 ...all classic signs of risk off sentiment .
No doubt we could get a retest ...but this isn't 1973 . We are energy self sufficient , AI is driving productivity etc ...while certain industries while face short term set backs ( jet fuel spiking = more expensive airline tickets etc ) US economy will power thru .
Biggest risk for UNCY ( besides FDA ) IMHO is Trumps 100% tariff on imported brand drugs
JMO
Yes ...I'm also wrong a lot :--)
Kiwi
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