The latest December BofA fund manager survey results are out. Cash levels have dropped to 3.31%, below 3.6%. Historically, when it falls below 3.6%, the average global stock market return for the following month is -2%. U.S. stock margin leverage is also nearing levels seen in July 2007, and the VIX is at an extremely low level. Time to stay defensive on U.S. stocks. BTC's rebound is a bit awkward. It has a strong foundation for a rebound on-chain, but with potential volatility in U.S. stocks, let's see if it can hold the November 21 low. If it holds, it could really follow the rebound pattern of January-March 2022. BTC QQQ MSTR