The direction of securities markets in the second half of 2026 will be shaped less by corporate fundamentals and sustained earnings structures than by two forces that have until now been treated as secondary variables: debt-financed investment — credit leverage — and the direction of short selling. These two sectors, which once functioned as peripheral investment variables, are set to amplify destructive force as primary market drivers. Derivatives, which ought to function as risk management instruments, are being repositioned as aggressive platforms for profit extraction.
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