'Oh no, a perma bear! He's fighting the bull!' say the newly brave wise guys.
Bite me; we managed a coming bull pivot due (and arrived) in October. Now we look ahead. The UST remains in a bullish stance that paints deflation as the dominant theme beyond punch bowl season.
I remain in bull mode short term, but NFTRH now begins to incorporate a view for beyond punch bowl season. In the markets, looking ahead always works best in the long run.