

So how can anyone say we’re at a “global top”… …if the ISM hasn’t even moved above 50 yet? 📌 Above 50 = economic expansion 📌 Below 50 = contraction What we see today is the opposite of a classic market top: • Main Street under pressure • Compressed margins • Expensive credit • Still-weak activity That’s why the narrative makes sense: 👉 The government and the Fed cannot allow the economy to break. They need to save Main Street - and that only happens with: 💧 more liquidity 💵 fiscal stimulus 📉 financial relief 🔑 In past cycles, true market tops happened after a clear ISM expansion - not before. As long as the ISM remains below 50, talking about a structural top is, at the very least, premature.
























