Christmas Rally: And No, It Won’t Be in Your Niche hehe

We just came off one of the worst Novembers on record, yet U.S. equities — specifically the S&P 500 via ES futures — are sitting roughly 100 points below all-time highs, which is only ~1.7% off the peak. That alone tells you something very specific about global capital flows: despite the macro noise, U.S. equities remain the world’s dominant risk anchor.