US markets will soon decouple from Korea's meltdown. The VIX is not pricing a major volatility event. The FTSE 100 actually rallied this week. Korea's problem is mainly two stocks (Samsung, SK Hynix) with immense leverage via single-stock ETFs. Korea's issues will drag on, but US stocks will pull away.

Smart money is rotating in and out of assets at a frightening pace, creating some of the most generous 'mob markets' professional investors have seen. Latecomers should be extremely wary.

Gold and Bitcoin are victims of the same rotational play. Smart money has fled both. Gold is 30% off its January peak; Bitcoin has halved. Investors should not chase convenient narratives (central bank buying, silver supply deficit, Bitcoin as digital gold). Gold is trading as if CPI were at 2030 levels, implying froth. Short-term support near 4000, but gold will likely be tested down to 3800 or even 3600.

The same smart money that chased gold and Bitcoin in late 2024/early 2025 has rotated into memes and memory makers. The narratives that explained the melt-ups were misleading.