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Passive ETFs are hiding a bear market in stocks. That may sound like a strange statement when you look at major stock market indexes hovering near all-time highs. However, much like an iceberg, what we see on the surface hides much of what lies beneath.

"Speculative" is a word that aptly sums up the year 2021. The question that remains, however, is whether we have seen the peak in that speculative behavior, or will 2022 continue the trend?

"Speculative" is a word that aptly sums up the year 2021. The question that remains, however, is whether we have seen the peak in that speculative behavior, or will 2022 continue the trend?

"Small caps," or small-capitalization companies, could be in trouble next year if signs from the NFIB survey are correct.

"Small caps," or small-capitalization companies, could be in trouble next year if signs from the NFIB survey are correct.

"Wipe Out" is an appropriate description of what is happening beneath the calm surface of the bull market. As we head into the end of the year, many are hoping for "Santa to visit Broad and Wall." However, those hopes are not just about adding to this year's already excessive annual gains. Instead, for many, it's the hope to recover some brutal losses.

"Wipe Out" is an appropriate description of what is happening beneath the calm surface of the bull market. As we head into the end of the year, many are hoping for "Santa to visit Broad and Wall." However, those hopes are not just about adding to this year's already excessive annual gains. Instead, for many, it's the hope to recover some brutal losses.

The market is disconnected from everything. Throughout history, there are correlations you would expect to hold constant between the market, consumer confidence, and the economy. Currently, after a decade of zero interest rate policy, massive amounts of liquidity, and financial supports, the market has become detached from reality.