#市场情绪与波动 Looking back on the past, I can't help but feel a surge of emotion. Over the years, I have witnessed countless ups and downs in Christmas markets. In previous years, this time of year was always filled with joy, and investors eagerly anticipated year-end gains. However, this year, it seems that things are quite different.

The warnings from Wall Street analysts remind me of the scenes during the 2008 financial crisis. At that time, the market was also shrouded in gloom, and Santa Claus did not arrive as expected. Looking back now, it appears that history is repeating itself. Investors are increasingly buying downside protection, and the options market is rife with bearish sentiment—these are all ominous signs.

But history tells us that every cycle has its peaks and troughs. Even if this Christmas market is absent this year, it doesn't mean there is no hope for the future. The key is to stay calm and observe market changes carefully. The imbalance in data after the government shutdown and signs of sector rotation are all worth close attention.

Having experienced multiple bull and bear cycles, I understand that market sentiment often becomes more extreme than the actual situation. The current pessimism may actually be a contrarian indicator. The wise approach is to protect oneself while remaining alert to potential investment opportunities. After all, markets always nurture hope in despair and decline in fervor.