Currently, the market sentiment in the United States is on the verge of extreme panic. AAI's sentiment survey shows that the proportion of bearish individuals in the market has risen to the seventh highest level in history. In this situation, the trend of U.S. Treasury prices is highly likely to have begun a reversal process. Generally speaking, market sentiment serves as a contrarian indicator. However, this time is quite special; the S&P index is less than 5% away from its historical high, while Buffett's cash holdings have surged to an all-time high. This undoubtedly sends a strong signal, as the saying goes, 'When Buffett is afraid, I am afraid.' At this moment, do not act rashly; wait for the momentum to end.