Is it a bear market?
— DEATH CROSS ALERT – PLEASE READ! —
It’s what we are all wondering after another horrible week. So, let’s face it head on. Are we entering a bear market?
The prophets of doom are out in force:
Should we join in the hysteria?
It’s tempting. Misery loves company. But before we grab the sackcloth and ashes let’s take a dispassionate look at what is happening.
- SPY reached an all-time high of $612.93 (19th February)
- Lowest close: $572.71 (6th March)
This is a drop of 6.6%.
So are we in a bear market?
When bear markets start
A drop of 6.6% is not at all nice, but let’s keep it in context. Are we in a bear market? The thresholds are:
- Correction (-10%): $551.64
- Bear Market (-20%) $490.34
So, we are not yet at a correction, and definitely not in a bear market. You can read more about bear markets here.
What about the ITM OUT Signal?
If the market keeps falling at the same rate it looks as though a death cross will occur around $575 – which, you will note is above both the Correction and the Bear Market thresholds.
Will it happen? I don’t know. I notice that this is the first time SPY has traded below the 200 day SMA since the end of October 2023. That is, I think, significant. But how significant?
Trading below 200 SMA
Look at what happened the last time it dropped below the 200 SMA also in October 2023: it traded below it for 8 days, then continued its bull run for the next 16 months.
I am not trying to talk down the seriousness of a 6.6% drop; it is nasty. But it is not disastrous.
Big Drops Happen
They’ve happened twice in the last year. Remember August last year? (2024?) We had a drop of 8.4% then a new high within 6 weeks. Remember April last year? We had a drop of 5.3% then a new high within a month.
I am not saying that this is definitely going to happen again, but we have to be aware that big waves are a normal part of trading, and we mustn’t panic but keep a close eye on what is happening.
What About ITM Performance?
We got into the ITM trade at $437 and if we meet a death cross at $575 then SPY will have gone up 32% and at 50% leverage, we will have made 64%, more if you were using a higher leverage. Not a bad trade!
Late entries to the trade
Of course, it is not all good news for people who have joined us recently – if you were unlucky enough to start trading the day the market hit an all time high and we do hit a death cross around $575 then you will have a 12% loss which is not nice.
I feel bad about this happening to anyone. The ITM results are based on people being in it for the whole trade, from golden cross to death cross. However, if people miss the golden cross what should they do? If they wait for a death cross so that they can start on a ‘new’ golden cross they may be waiting for years. Bull markets can last a long time, here’s a blog on this: Riding The Bull.
I can’t predict exactly when the market is going to hit its high. I can only tell you what works statistically from golden to death cross.
Remember
- All bear markets start with a correction
- Not all corrections turn into bear markets
To The Markets
Another nasty week; it feels as though we have been repeatedly smacked with a wet fish. I have made the daily charts a little larger than usual so that we can see more context. What immediately strikes you is: where’s the bull market?
We’ve been trading sideway now since August last year, seven months now, which makes all the hype about the market being overvalued, in a bubble, unsustainable levels seem a bit hollow.
SPY Charts
I have zoomed out a bit so that we have more context for checking what is happening. You can see that we are down to the level of the high from July 2024, which was revisited in August and proved to be a resistance level. SPY finally pushed past it in September and then it provided support in October and November.
So, the big question is: will it provide support again? The next few days should tell us.
On the longer term chart it’s not a very pretty picture. Not only are we definitively out of our uptrending trading range we are out of the sideways trading range that I drew in last week.
Not a nice chart at all.
You may be wondering why the chart does not show us down at the July and August levels we talked of above. That is because this is a weekly chart, and the high of the week. Here’s the last 6 months on a daily chart:
And here they are on a weekly chart:
You can see that they are quite different. On the weekly chart, the open and close are from Monday morning and Friday afternoon, so they will show everything else as an intra-week trade.
SPYG Charts
As for SPY, I have zoomed this chart out so we have more context. Its not a very nice chart; we have dropped through both support levels at 88 and 84, and are now right down on the next one at 82. If it doesn’t hold the next one is 76 – but we will be out by then I think. It looks as though a death cross will happen around 84 and we will be out of the game until things look a bit brighter.
On the long term chart, it is also a dismal picture; we have dropped out of the trading range for the fist time in 15 months. Not pretty.
QQQ Charts
As for SPY, QQQ has dropped through what we were hoping was going to be support (500) – but no; it has now dropped below the June high intraday – it has not closed below it, but it isn’t looking good.
The death cross (if things keep on going) looks like it may happen around the 496 level.
On the longer term chart, we can see that not only have we dropped out of the trading channel (blue) the longer term uptrend (burgundy) we drew in last week has also been pierced. Not a good sign.
VIX Chart (Volatility)
The VIX has popped up and is out of low-volatility territory.
ITMeter
The week ahead
The Fed Chair, Powell, has been talking again (doesn’t he ever shut up??) and last Friday said that the central bank would ‘maintain a patient stance on interest rates.’ In other words, no interest rate cuts in the near future. So, the futures have dived.
Sigh.
He did acknowledge that the US economy ‘remains in a good place’.
The next Fed meeting is on 18 – 19 March, but I am pretty sure that nothing will change at it.
Tariffs dominate the financial press, and the uncertainty around them is causing everyone to be nervous.
I wish everyone would settle down and just ‘play nice’. But I don’t think they will take any notice of what I want!
The Futures
I notice they are not quite as dreary as they were an hour ago – but they are still not very nice.
Death Cross
It is possible that we will be getting a death cross in the near future – if we do, I will post here. You do not need me to tell you, of course, you can follow it on the charts. <heathercullen.com/stock-charts> which has the daily candlestick chart and the instructions on how to put the 10 and 200 SMAs on it.
Yes, we have bad weeks
Everything seems to be rather dismal right now. I went away for a few days to the south coast – and it rained, the temperature yesterday was a max of 18, that’s a cold winter’s day here in Aus. It is supposed to be summer (OK, well, just into autumn. Even so!)
Here’s what it is supposed to look like:
Here’s what it actually looked like:
I wish I could wave a magic wand and make everything OK. And while I have been writing this I have just had, by registered post, a speeding fine from Italy!! Only 8 months ago. And I’m due at the dentist in an hour, filling needs to be replaced. Fun, fun, fun.
All I can say is fingers crossed for a better week!
Heather
51 Responses
I found a couple issues with your 2024 edition of your book “In the Money Bull Market”. I can’t give you page numbers because I have the Kindle version and they won’t match what is in the printed version. 1) In Chapter 5 there is a page in the “Your First Account” section that shows SPY prices and share values. The share value for the $320 price of SPY is wrong. It should be $9920, not $12,400. 2) In Chapter 11 it appears like you changed your definition of Time Value. In the original definition in Chapter 6, it was the “extra you are willing to pay for the option, over and above the intrinsic value” divided by the price of the option times 100. In Chapter 11 you didn’t provide a new definition, but the chart in the “Backtesting Parameters And Criteria” section uses ((Effective Price – Current Price)/Current Price) * 100.
Hi James;
1) Yes, you are right, there is a typo on page 125 where I say ‘SPY is $320 so the 31 shares are worth $12,400 (31*$320) which equals $9,920. It was the duplicate of the value of the dot point 2 above. However, it shows clearly what the calculation is, so I don’t think I have misled anyone.
2) The definition of time value does not change – the option price is the intrinsic value + time value. If intrinsic value is it’s intrinsic (inherent) worth then the rest of what you are paying for is time – hence time value – and another way of explaining it is ‘the extra you are paying for the options over and above the intrinsic value’.
In the table I was using the example with SPYG trading at $69.38. If I bought a $35 strike for $34.80 then the effective price (what I would be paying if I exercised the option) is $35+$34.80 = $69.80, which is $0.42 over the current price hence the time value. And remember, the option value changes from day to day so the time value does also.
h
I guess I wasn’t clear in my description. I was referring to the percentage calculation, not the actual value in $. In Chapter 6, time value percentage is shown as the percentage of the option price. In Chapter 11, it is the percentage of the current price of the ETF. So the term “Time Value” is used loosely. Which percentage calculation does ITM use when it says to seek out time values less than a couple percent?
Hey Jim, I opened the backtesting again to check the exact formula – but just about lost the will to live! Everything references everything else.
I’m going away for the weekend, I need a break from this for a few days, and now that we are outof the market it seems like a good time.
How about you remind me in a week or so?
h
No problem, and I will remind you. Have an enjoyable, much deserved break and don’t get any more speeding tickets. lol
Thanks Jim!
And speeding tickets – well, its Aus, lots of very long open roads and cruise control (boring, I know). The roads in Europe are much more tempting.
h
Here is your reminder. 🙂
Jim
Hi Jim
don’t know why I put it off – the answer was right their in the backtesting documentation!
Here are the parameters, time value highlighted, and here’s the link to the backtesting:https://heathercullen.com/backtesting/
1 D3 Start Acc Starting Account value (replicates to AM5)
2 D2 MA1 Smallest SMA
3 D3 MA2 Largest SMA
4 G2 Strike % Strike as % of current price
5 G3 Reset at % Roll up if drops below
6 J2 Time Value Time value of option as % of SPY price
7 J3 Whitespace% SMAs apart for cross confirmation
Hope this clears it up.
h
The SPY 10/200 cross is about $572. Price at time of exit is about $553. Top about $613. About a $60 point drawdown, thats 10%. Can’t you suggest something better?
Hi Michael,
I have tested many combinations and the one that works best over time (around 110 years) is the 10/200 SMA. I agree that with a more sensitive one – say the 5/15 SMA cross it would limit losses – but it also whips you in an out of trades, usually having to buy back at a higher price.
I’ve just tested it again, some examples:
Starting with $1k in 1993, using 50% strike and 1.2% time value:
5/20 SMA you would trade 164 times, with a win/loss rate of 64/100, and average win / loss of 5% / 3%. Your account would be worth $3,493 – way less than the market return.
The 5/100 SMA: 66 trades, win/ loss trades: 24/42 win loss profits 12%/3% End: $22,015
10/20 SMA: 130 trades, win / loss trades 49/81, win / loss profits 5% / 3%: End account: $7,924
10/100 SMA: 49 trades, win / loss 21/28, win / loss 14%/4%, end account: $54,385
10/200 SMA: 28 trades, win/loss 15/13, win / loss 16% / 3%, end account $127,549.
You can see the pattern: having a tighter ‘stop loss’ (by which I mean a shorter long term SMA i.e. 200 for ITM) we trade less, have more profits and keep our losses to a minimum. To beat the market we have to have a minimum X/100.
I understand that it is frustrating not being able to get out at the top, and I know it is a natural reaction to want to blame someone – but remember that the profit is measured from the buy price to the sell price, not the market top to the sell price.
So, no, I can’t think of anything better – but please feel free to fill me ihn on a better way.
h
13 March 25
I got out after it pierced the 200 ma. Since I was one of the late arrivers it tagged me with 10% lost… My question to you is now that we’re sitting on the sidelines what would determine a bear market? 10% is a correction – what would be the telltale indicator that we’re heading lower. It would have to be something significant for us to leave the safety of the sidelines.
r
Hi Randy – I’m just going to do a special blog post that will hopefully answer all your questions. If it doesn’t please get back to me.
h
Thank you Heather. I will stick with the plan. I have confidence in ITM. Lost a bit of money this past couple of weeks. But I’ll get it back. Hope you stick with the blog. Your wisdom is very helpful. I appreciate everything you are doing.
HI Andy – yes, the market has been awful. Unfortunately we have just hit an OUT signal, and I’m just going to send out an alert.Thank you for your kind words!
h
We crossed over 27 on the .VIX, historically that has been a good place to buy. Not every time but statistically a good bet.
Hi Kate – I’ll have to check that out. Have you checked it out going back?
It sounds interesting, thank you for the heads up, I must have a look.
If I’m sitting on the sidelines I might as well be doing something!
h
Heather, thank you for doing this blog! Your books are great but this blog provides the confidence to keep going.
HI David – I just wish the market was better!
It has been pretty awful these last few weeks – and just going to put out a death cross alert.
But thatnk you for your kind words!
h
Hello Heather,
Just came across your publications recently and I’m currently reading the Aussie version of ITM.
I thought the below list might make you feel a little better about all the current doom and gloom.
Compiled by ChatGPT:-
Historical U.S. Stock Market Performance in Years Ending in “5”:
1905:
– Recorded a modest positive return (early data suggest a low to moderate gain).
1915:
– Also experienced modest gains during an era of gradual economic growth.
1925:
– A strong year amid the Roaring Twenties, reflecting robust market optimism.
1935:
– Marked a significant rebound as the market recovered from the depths of the Great Depression.
1945:
– Finished positive as the economy transitioned from wartime production to peacetime recovery after World War II.
1955:
– A standout year with gains often reported around +30%.
1965:
– Recorded a solid, moderate performance, approximately +10–12%.
1975:
– Saw a strong rebound with returns in the mid-to-high 30%s.
1985:
– A robust year with gains typically in the mid-to-high 20%s.
1995:
– One of the standout years in recent history, with returns often cited at +30–35%.
2005:
– A more subdued yet positive year, finishing around +3%.
2015:
– Closed with modest gains, roughly +1–2%, despite notable market volatility during the year.
2025 (Current Year):
– While the full-year data isn’t finalized yet, the historical trend offers optimism that this “5” year may also close in positive territory.
Also the Stock Trader’s Almanac by Hirsch is a good fun reference for statistically minded traders like yourself.
Wise words on tonight’s blog
Thank you Michael – I wish they could be about better news!
h
Hey Eric – I love all this stuff – such fun.
But I took the Australian book off the market 3 years ago – how on earth did tyou get it?
And BYW – it wasn’t because it was wrong – just that no-one in Aus seemed interested so I removed it.
I will absolutely check out the Almanac by Hirsch – thank you for the tip.
And since you are from Aus – with thye name Kendall – I went to uni (UWA) with a Tom Kendall – are you related?
x
h
Hello Heather,
I just came across your Aussie version on Amazon and made the purchase on the 18th January (2025). Just revisited the link and it says it’s no longer available. Could this have been old stock and the last copy that I purchased?
Here is the link to the Almanac. I know you will enjoy it.
http://bit.ly/4kIV4gv
Tom Kendall could be a distant relative, but I’d have to check with my cousin. She completed the family tree some years ago.Not a direct relation as far as I know.
Regards,
Eric
Hey Eric – I took it off the Aus market at least 2 years ago!
Im sorry that you got it. It is out of date.
please email me at info@heathercullen.com and I will send you the most recent ITM book.
x
h
HI Eric – just bought the books – $67!!!But looks interesting, thank you for the tip.
h
Thank you Michael – but I wish I had better news about the market – Its pretty dismal!
Going to put out an alert shortly.
h
Hi, I have not yet started the the strategy since the 10MA is already above the 200MA but maybe I will be able to try the put strategy. I have looked at prices of the March 2026 SPY call leaps and the time value of the strike that is 60% of the SPY price is > 2%. What are your thoughts? I don’t like paying that much for DITM leaps. The upside is once you get a bull signal, SPY tends to go up enough to exceed your cost base. Thanks, Bob
HI Robert
I would suggest that you hold fire. The Bear strategy book doesn’t recommend doing bear trades until we are actually in a bear market, and we are quite a way off yet.
I know sitting on the sidelines is frustrating, but we don’t know what the marlet is going to do from here so we have to wait until it tells us.
Sorry – Patience, Grasshopper!
h
Happy Sunday! I am a brand new reader of your material and I just wanted to reach out and tell you that I am thoroughly enjoying your book ITM: Bull Market. I am new to trading and your information is very detailed and easy to follow. I am about to start the ITMS chapter and will likely use this strategy to start. Full disoclosure, I LOVE to day trade. I particularly enjoyed your stance on never borrowing to invest. I currently use a cash account with no margin and have very strict stop losses. I am not doing particularly well with day trading penny stocks at the moment so I am day trading options instead. I do want to be able to grow my wealth in addition to the crazy adrenaline rush of day trading and so far your strategy has stood out because of its limited risk and very simple rules. Because of those, I have tweaked the EMAs (I prefer EMAs over SMAs) to shorter time frames to help me see intraday buy signals with VWAP crossovers. Even in this crap market, I have watched my theory (based on your parameters) correctly signal small intraday breakouts that I can use to make small but quick profits. I finally put that into action with real money on Friday 3/7/25 after a week of tracking QQQ, TQQQ, SQQQ, SPY, and other larger stocks like TSLA, NVDA, META, GOOGL (to name a few) and EVERY TIME the signals worked. On Friday, I day traded three different options buying only one contract to limit my potential losses. I am very happy to let you know that all three were green and the signals (based on tighter time as the Golden Cross in your book) worked beautifully. Do I expect this to happen every time? Of course not, indicators are never perfect and the market has a mind of its own, but now I have a plan. Thanks in large part to your book that I haven’t even finished yet. I am getting ideas on how to be profitable even in a weird market like one. My gains are puny, but that’s all right with me right now. Once I consistently trade this plan with green results (over several months and maybe over the next whole year) then I will look at scaling up my position size to add more contracts. My husband and I are extremely blessed to be in a very good financial situation. Any money I use in trading is for my own personal use at the moment. My goal is to help my husband retire early so we can enjoy the wonderful life we have created. Not many people have it as good as I do, but it also goes deeper than that. It is simply not in my DNA to not work and contribute in anything I do. This has given me a great sense of purpose and accomplishment and it makes me very excited about the future. Thank you for writing your books and being genuine to who you are. Even though we have never met, I can feel that through your material. I hope you have a wonderful rest of your day and upcoming week!
Hi Lauren – you make is sound like so much fun im thinking of trying it again. I have on day trading accoutnt with TradeDirect365 that I haven’t even logged into fo 2 yers – maybe I will resurrect this and try!
Thank you for teking the time to cotact us, the very best of luck with your trading – and do keep us posted on your wuccesses!
h
Hi Heather, Now that a death cross is possibly right around the corner, I am brushing up on my rules! I am curious, do you have backtesting data with the new .3% white space rule? I would like to see an example of when to jump out and when to jump in. I am currently holding 1 SPY and 2 SPYG trades. Thank you!
Heather,
Retired several long term long positions with substantial capital gains. I may be doing more of the same this week. Trump wants to bring back Americans gilded age. He believes the key is to have tariffs replace income taxes. Currently he appears very committed to this idea. My strategy is to reduce my positions, buy income, and wait for good entry points. Who knows, maybe he stops the war, drops the tariffs, and balances the budget. Somehow, I don’t think that is happening.
Larry
HI Larry
I am at a loss to know what is going on politically. I can see the end points (or I think I can) but the short-term machinations have me scratching my head.
The current charts look terrible – but I notice the volume is up so we may be close to capitulation. Who knows? I don’t but I hope so!
h
Thank you so much for doing this blog!!!!! It is a tremendous help! Especially with the current state of the market.
Hi Gregory
yes, trading isn’t all wine and rosses!
Its lovely when it is gong your way, but nerve-wracking when going the other way.
But luckily the good times exceed the bad, just as we have to make sure our profits are bigger than our losses.
Hang in there (and watch for the death cross)
h
the way things are shaping up we should be crossing the 200 sma this week… with that said do immediately start a bear market or do we wait for a confirmation ( if there is one )? i remember the faster moving average crossing the 200 day mov average in a 10% bull market correction.
I guess that’s my question… what’s your criteria for declaring a bear market or a bull market for that matter?
r
HI Randy, if we get a death cross this week (and it is confirmed, as the 10SMA and the 200SMA actually cross not just nudges) we sell our positions and hold cash.
We may be at the end of a bull market, or we simply may be in a big bear trap. When we get out there are 2 possibilities:
1. It the end of the bull market and we are on the sidelines in cash.
2. It was a bull trap and as soon as we see the next golden cross we will get back in again.
IN any case, we don’t start a bear trade until we are well and truly in a bear market which wont be for a while yet (if it happens)
Hope this helps
h
Greetings from Maui, it is sunnier here. Thanks as always for sharing your work. Since I am on the beach in Maui all of the following is from memory so sorry if I make any mistakes. I think right now Scott Bessent is more important than the Fed. Bessent needs to refinance what, 75% of the US federal debt this year. And hopefully at longer term but lower rates. I may be cynical but I think they are being erratic on purpose. If people flee the stock market in my brokerage you automatically end up in short term government bonds. Hey presto rates come down. I think the markets will stay down as they play brinkmanship on the budget and furiously refinance the debt.
Maui! How lovely! I’ve been on Oahu and the big island but not Maui. It looks lovely. I agree that we are not seeing the strategy for refinancing, it seems very convoluted, and cant (I don’t think) be separated from the rest of the overseas things going on.
If they are willing for the stock market to go down – and that may well be their strategy – then we have to make sure we are well out and watching from the sidelines.
I somehow get the feeling that this would not be in their interests – people would be unhappy, business would definitely be unhappy – the may be choosing this a s short term measure well, I hope anyway. Not being privy to the working’s of Besent’s mind – or Powell, for that matter.
All I can do Is watch and react. Unsatisfying, but realistic.
Have a great holiday!
h
I am one of the unlucky ones that jumped into ITM recently during market highs. Should I get out at the death cross or wait it out for the bull to return. Of course there is no predicting where the market will go. But that is my dilemma.
Oh, dear Andy, I am so sorry! Yes, if we get a bear definitely get out as per the rules (wait until they have actually crossed, not just touched) and the await the return of the bull.
If it is a horrible bull, then there will be trading opportunities (as outlined in the ITM bear book, but if it is a relatively shallow and long-winded affair like the last one there were few opportunities.
I am sorry about your timing – that’s really bad luck – but after last night’s drops I thinkwe may be seeing capitulation. Here is ChatGPTs take on it probably better than min:
Capitulation:
Capitulation is the point in a downtrend where investors give up and sell their positions, often out of panic or despair. This selling is typically emotionally driven and marks the final stage of a market decline. Capitulation often precedes a market bottom.
Characteristics of Capitulation:
• High trading volume
• Sharp, often dramatic price declines
• Widespread pessimism and fear in the market
• Spikes in volatility indicators, like the VIX
• Price “gaps down” at the open
Significance: Capitulation is often seen as a contrarian buying opportunity because it indicates that the majority of weak hands have exited the market, potentially setting the stage for a rebound.
Hope this helps
h
I admire Heather Cullen tremendously so make no mistake about that. But I follow my own Charts and path. I really enjoy her commentary every week. Although most people I know give me more credit for being smarter than I am, I am not the sharpest knife in the drawer, but I am definitely not the dullest either. I do not assign Bull and Bear Markets and Corrections labels to any percentages (10%, 20%) or any such formula. If we are entering a Bear Market I would suggest the Bear Market started the day after SPY hit its high. We find out we entered a Bear later at the Point when almost no one will disagree we entered a Bear Market. I would point out that the Semiconductor Sector, an important Sector (SMH being the ETF that purports to represent it) in the Bull Market hit it’s high in July of last year and I believe the SMH’s 10 day MA crossed its 200 day MA on Feb. 28th this year. I am not saying abandon Heather’s system at all. Stick with any system you adopt or you will not benefit from its strengths. Live, learn and survive and prosper.
HI Tommy – just had a look at SMH, an interesting ETF, obviously tech, and 34% of QQQ and 15% of SPY. NVIDIA features heavily in both at 7.32% and 5.64% respectively. Haven’t checked the options market, don’t really want to look at any accounts today!
Re the strict definition of corrections and bears – I don’t think that there is anything magical about those numbers, but people do tend to treat them as significant so that is why I follow them.
And good luck with your trading – ITM is only a system, can always be improved!
h
Thanks Girl. Hang in there. It is not wise to jump ship from a System and go to another about the time the Old one started working. I have several systems but I can’t stand losses so I often follow a system and fly by the seat of my pants with rules which often works when losses overwhelm me. If it works don’t fix it.
Thank you Tommy!
h
Dear Heather,
Thank you for your weekly blogs as always. We need to follow the rules of the In The Money strategies. Live well, do good works, keep in touch.
Sincerely,
George Henry
Hey George – yes, karma should be on our side and prompting the market to go up!!
h
Thanks Heather, appreciate the clarity of where we are in the market. If only the financial press provided such clarity.
Hey Blake – yes it is easy to get caught up in the general hysteria – important to keep our heads (although, admittedly, uncomfortable!)
h
Thank you Heather, I find your blogs incredibly useful, even when things are getting bad, in fact particularly when they go bad as now you keep us focused.
Maybe it is because I am an engineer I appreciate the time and effort you put into these blogs, please keep them going, I would even pay a small monthly fee to keep them going as per the Aussie property Boom Bust Bulletin; at least you Aussies aren’t as greedy as the Yanks!!
Thank you Rob, I am glad you found them useful. Obviously, I prefer to write them when things are going our way!
But you can’t have everhting all the time – and last night was particularly horrible, although judging from the today’s volume we may well be getting close to capitulation. Hopefully, but we’ll see.
RE paying for the blog – thank you – but I’m keeping it free as long as possible as it frees me from any obligations – I can wallk away whenever I want to (although not planning it currently_
To me, freedom is all!
x
h