QQQ - A Classic Bubble Is Starting To Deflate

• We have experienced a classic bubble in the U.S. stock market, with the euphoria phase potentially cresting in late August/early September.
• The bubble is now starting to deflate, though it is hard to decipher right now, as volatility remains very high on a daily and weekly basis.
• Building on this narrative, leading technology stocks are generally now trading below their 50-day moving averages, even with Friday's bounce, and this has been accompanied by passive fund outflows.
• There is a last gasp potential euphoria burst higher over in the broader market, however, the current bull market is getting long in the tooth.
• The end result is there are going to be poor real returns for the foreseeable future in traditional portfolios, traditional asset classes, and assets that have been bid to extremes.

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