Down cycle by looking at HSBC holdings. HBC is trading at HK, UK and US market. It was closed -2.5% in the Hong Kong (HK) market yesterday, and in the US it is now down -6.2%. If it is closed in the US as is now, HK index would drop more than -300pt tomorrow (HBC -1% is equvalent of -50pt HSI, based on market cap). That is why I am confident by adding more FAZ .