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The police in Hong Kong are being encouraged to crack down harder and harder on pro-democracy demonstrators that Beijing dubs "terrorists." Cracking down is not working.
Five G is about massive digitization for pretty much everything and it's simply not believed.
A pullback now would be very simple, easy and logical, but the market seldom makes it simple, easy or logical.
The market is disconnected from reality. But for now, the U.S. Fed is in full easing mode and the liquidity boost should show up in the economic data over the next few months.