🚨 The quiet setup nobody is watching: every bearish signal in the market right now is geopolitical. Not structural. • The Russell 2000 entered correction territory, down 10.9% from its January high. • Gold had its worst month in 40 years. • The S&P dropped four straight weeks. And yet. • Bitcoin is up 12% since the war started. • Small caps surged 3% in a single day when peace headlines hit on March 23. That's not bear market behavior. That's a coiled spring. Small caps now trade at 19.5x earnings vs the S&P at 30x, the cheapest relative valuation in years. Projected earnings growth for small caps is 18.4%. For the S&P, it's 9.8%. The market is positioned for risk-off. But the catalysts are all temporary: war, oil, hawkish Fed posturing. The moment any of those break, the unwind is violent. Bitcoin already figured this out. Small caps are next.