US stocks have finally started a decent pullback, with the storage and semiconductor sectors seeing larger declines. If US stocks never fell, it would actually feel a bit dangerous. This time, using the hype around interest rate hikes to clear out sectors that were severely overcrowded with leveraged long positions is quite good.

I still believe there's a high probability that in the second half of the year, after the Iran situation concludes, we'll return to the track of interest rate cuts 😆. Large capital doesn't flee that quickly; we'll need to watch the specific movements for another week or two.