Tim Knight lays out an IPO domino chain nobody else is connecting. SpaceX has stalled since its record debut. Anthropic is champing at the bit to go public. But if their IPO does anything but great, OpenAI is going to be sitting on the shelf for a long time. That sequence matters for the whole market.
Meanwhile Bitcoin peaked at 130K in October and is in the 50s now. Strategy bounced 8% yesterday on a dividend bump from 11.5% to 12% and gave all of it back today. BITI is forming a monster inverted head and shoulders pattern years in the making. Tim's shorts are more than half red on a green day, Kohl's is down 6.3%, XRT is at the top of a reliable range, and the SPY gap that was the last line in the sand for the bears is gone.
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