Q3 Winners & Losers: winners... bitcoin 43%, oil 42%, software 18%, Mag7 11%; losers... zero-coupon bonds -15% (Chart 3), semis -11%, industrials -10%, Korea -8%. Zeitgeist: "Rates don't matter when you're curing cancer." The Price is Right: best of times, worst of times... tighter financial conditions crushing equity breadth... 400 SPX stocks trading below 50dma, 300 stocks <200dma as market trading "long artificial intelligence" (NDX), "short artificial irrelevance" (SPW), confident MAG7, AI, biotech (Cha ...