Current state of the market:  

1. The Nasdaq 100 is officially in correction territory  
2. Gold prices are up +50% over the last 13 months  
3. Oil prices are down -20% over the last 2 months  
4. 10Y Note Yield is down -60 bps over the last 2 months  
5. Crypto has erased -$1 trillion over the last 2 months  6. Markets now expect 3 interest rate cuts in 2025 

📉 The market is pricing-in a US recession.