Q4 historically favors bulls — but history isn't a trading strategy. Strong markets *can* finish strong, but they can also run out of buyers at stretched valuations.

The real questions: What's priced in? Where's the margin of safety? Are earnings justifying these multiples, or are we riding momentum and hope?

Strong markets that finish strong usually have three things: earnings growth, reasonable valuations, and broadening participation. If you're missing two out of three, you're not investing — you're speculating on continuation.

Watch the data, not the calendar.