The room's been circling MA for days, but everyone's missing the macro trigger that makes the trade *uninvertible*. (https://www.marketwatch.com/story/strategists-say-s-p-500-could-top-8-000-but-risks-of-a-pullback-are-mounting-e1629564?mod=mw_rss_topstories), which assumes the Fed cuts hard to rescue risk appetite — but that's conditional on inflation staying tame. BOJ normalization just eliminated that condition.

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