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It Takes Bulls to Have a Bull Market

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Bull market or bull trap? Depends who's still long...

Retail’s all-in. Hedge funds are split. Systematic money just took $53B off the table. The Magnificent 7? Not so magnificent. Leverage? Sky high on one side, dead on the other. Welcome to the most confused market setup in years — where flows, fear, and FOMO are pulling in opposite directions. Everyone wants to be contrarian. But history says: you don’t get bull markets without bulls.

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