Things that threaten market liquidity (effective before July 19) 1. Iran (37th mediation attempt failed) 2. World Cup (biggest and longest in history) 3. SOX Philadelphia Semiconductor Index rebalancing (tens of billions in passive sell-offs for top semiconductor and AI stocks) 4. Largest IPO in history—SpaceX, the market will naturally squeeze liquidity for funding 5. Excessive market leverage (mainly concentrated on MU) 6. FOMC dot plot (CPI)