So once again the narrative today is tariffs – with the media pointing to this Trump post on Truth Social – the thing is it came out at 8:46 am and the market opened higher.

Then the media layered it on thick once stocks turned lower, but that is specious or lazy, or both.

What I find interesting is the pullback began moments from Pending Home Sales, and I wonder if that number was leaked because it’s the worst on record.

Meanwhile, rate cut probabilities improved. 

We like raising cash and we never get completely out because nobody is smart enough to pinpoint exact tops and bottoms.