This morning seems to be a real case of retail diverging from institutional. Pre-market sell down in equities and bonds, as markets try and price the reality of tariffs, but the 9:30 open brings a glut of retail FOMO who plow into ETFs, mag7 and indexes, worried they are missing out on a recovery rally. These are the kind of moves that can devastate small investors who likely sold in fear at the bottom and now FOMO back in after a big pop.