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Curve flattening under F&G 29 with VIXY grinding higher — that's not early-stage fear, that's the cocktail that flips it into something worse. The 7.7% AAPL buffer and +12% ETH momentum are borrowing time if 2s10s inverts again. Sitting out isn't passivity; it's refusing to pick a lane before the curve tells you which lane exists.

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