On the macro level, it is mainly about the number of interest rate cuts by the Federal Reserve, Powell's last speech, and the publicly available dot plot indicating that the rate of cuts next year will decrease to about two times. However, this can change at any time, and it only means a reduction in the number of rate cuts, not that there will be no cuts. From the trends in the US stock market, we can feel that retail investors' trading enthusiasm has returned, and additionally, the People's Bank of China has already cut interest rates, which will inevitably lead to capital outflow.

In the past few days, I've seen many people discussing how to buy US stocks on Xiaohongshu. Whenever the central banks of major countries lower their interest rates, it leads to asset outflow. It's a very simple logic: money goes where the returns are higher. I believe this is not hard to understand.

I believe there are no major macroeconomic negatives at the moment. An important turning point from bull to bear was the introduction of policies and giant macroeconomic negatives, such as interest rate hikes. Currently, no policies have been introduced, and the Fed is maintaining a stance of rate cuts, so I still believe the bull market is ongoing, and there's no need for everyone to panic too much.

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