What was originally a glorious year ended with an ominous shadow. The end of 2024:- The U.S. dollar index once broke through the 108.50 level, refreshing a multi-decade high, and pumped 7% for the year; - Gold held at $2,600, pumping 27% for the year, the second consecutive year of pumping; - Silver pumped 21% for the full year, the best annual performance in five years; - The U.S. stock market fell on the last trading day, but has made a brilliant gain this year. The Dow Jones pumped 12% for the year, the S&P 500 pumped 24%, and the Nasdaq pumped 31% for the year; - BTC rises to $93,000, pump120% for the year; - Brent crude oil pumped 1% on the last trading day, but fell 3% for the year. Overall, the assets that have performed well throughout the year have seen a sell-off in the last few trading days, while the underperforming assets have started a rebound – which looks like a round of position correction with some rotation at this time of year. But if the sell-off in the U.S. stock market intensifies, then this round of position correction will gradually go to extremes. The failure of the "Christmas rally" in the US stock market will weigh heavily on market sentiment. Concerns about overvalued equities and a pause in Fed rate cuts will be amplified and the sell-off will continue. The stock market's problems are rooted in the bond market, and for the first time in history, a 100-basis point rate cut has led to a 100-year Treasury yield rise of 100 basis points. Next is not only the high dollar and Treasury yields, but also the foggy Fed rate cuts and the erratic Trump tariffs. Many traders believe that there will be a pause next year.