US EQUITIES - trading the consensus 美股 - 交易市场共识 Market sentiment has kicked off 2026 on a very strong note. Our Risk Appetite Indicator has accelerated to ~0.9 – a 96 th percentile reading historically and the highest level since early 2025. At these levels, small pullbacks tend to become more frequent and outsized equity returns are rarer. But elevated risk appetite on its own is not a sell signal – when the macro backdrop is supportive, optimistic regimes can persist for longer than most expect. 市场情绪在 202 ...