Tue 29 Apr 2025 - 16:00 BST / 11:00 ET

Financial markets are tearing down shibboleths. Deeply-held beliefs about investing are crumbling one by one

1) The dollar. The dollar has now completely reversed and is back to the 98 level, only slightly below its pre-election level

2) AI. The NYFANG index peaked on Jan 6, 2025 at 150 and is now 95, down -37%

3) China. US hedge fund and retail investors loved Chinese stocks early this year. But the FXI is now down -18% from its March peak

7) Gold. The belief that gold is a bad investment is a shibboleth, what are they thinking?

Belkin's downside targets for stock indexes are significantly lower. Sell and short into brief rallies and get defensive.