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Stop looking for the "cycle top" in your 2021 playbook.
The consensus is that we're supposed to top out any day now.
But the data says the higher ATHs aren't coming until 2026.
Why? Because the liquidity cycle is different this time.
We have $7.7 trillion sitting in money market funds.
"Dry powder" that hasn't even begun to rotate into risk assets.
As interest rates soften and M2 continues to hit record highs, that cash is going to hunt for a home.
The precious metals rally was the appetizer; the crypto rotation is the main course.
If you’re calling for a top while $7 trillion is still on the sidelines, you’re not reading the room.