Earnings resilience, AI-driven productivity gains, and strong balance sheets still favour a grind higher, even if leadership narrows and volatility rises. New highs do not require exuberance, only sustained cash flow growth.
Gold above US$5,000 is plausible but conditional on sustained real-rate compression and geopolitical stress. It is more likely as a spike than a stable regime.
Fed policy reversals may occur, but more as incremental recalibration than dramatic U-turns.
An outright AI bubble burst looks least likely. A valuation reset or rotation is more realistic than a collapse.
Ironically, the true surprise could be “nothing happens”. A year of modest growth and range-bound markets would wrongfoot both extremes.
That said, my vote goes to U.S. equities making new highs in 2026.
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- JohnMitchell·12-26 14:15Spot on! US equities will crush it in '26. Bullish vibes all the way. [看涨]LikeReport