Reciprocal tariffs started last night. Markets remain hesitant as financial conditions tighten, but agree with Newton that near-term probabilities favor a rally.

NO VIDEO TODAY: I am on a continental flight today so unable to record a video

The fact that President Trump signed the executive order for 104% tariffs for China is not positive, but it was also mostly expected. Every single day since tariff "Liberation Day" has brought news events triggering market moving bouts of volatility. In today's session (Tue), equities initially surged >4.5% before reversing into the close -1.5%, or a total intraday move >6%.

The weakness began late morning as Whit...

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