The continued selling of bonds, but the main index reversal mid-day and strong buying into the close, tells us this is a market that still doesn’t believe the tariffs are a reality. It’s still looking for an additional Trump put, and still expecting either side to cave soon. If tariffs do stay, then you can’t put in a bottom until you grind down that optimism and reach the next earnings cycle. But especially after yesterday, people are overwhelmingly betting on surprise relief from Trump - which could very quickly lead to offside flushes back down (just like the inverse we saw yesterday with many caught offside when Trump announced the pause) Had we continued selling throughout the day, hit circuit breakers, saw a weaker bond auction or a weak close, then I’d think the market signals would have kept Bessent on Trump’s case and meant limited risk. But this action suggests our volatility continues, and most likely, without changes in policy, that means more downside as we see how it impacts earnings.