This equities bull market is young relative to prior bull markets - yet this is not a good place to allocate into equities for the long tem. Would like to see a deeper dip for that. For traders though this is a good spot longs, as the fog lifts around China and the Govt shutdown, while the Fed is about to cut again. Moving on to gold and precious metals, these are undergoing a parabolic run - there's still room ahead based on fundamentals, but should be expecting very large drawdowns coming out of nowhere. They are deep into traders' territory, as opposed to long-term investors territory. Crypto on the other hand is on the opposide side of the spectrum, in investors' territory after the recent leveraged wipe-out. The exit liquidity event would come in 2026, with a dovish Trump Fed helping lift all assets higher.(Alex Krüger)