The current bull run is based on the assumption that the Fed has successfully slayed the inflation dragon. In fact a famous researcher JL Steno  indicated the dramatic drop in yield recently is almost equivalent to 4 rate cuts already. This would be fine if indeed inflation does continue to drop. However, Steno pointed out that inflation story may not be over whilst the market already factored in the perfect conditions (& powered by liquidity). 

This leaves us very vulnerable to any surprises. Past the new year's rally, we may get surprises not in line with this perfect conditions. Be prepared for a drastic move in the other direction. At this level we should not FOMO in