From my perspective, the trend of US stocks since mid April has also been helped by several waves: 1. First, Trump's turn has stimulated the confidence of retail investors. In mid April, I talked about https://(x.com))/qinbafrank/status/1920992310780981284? S=46&t=k6rimWsEbo2D2tXolYcM-A Trump has been acting crazily and repeatedly to the extreme, and has overcorrected. It is meaningless not to pull the market back. In addition, there has been some progress in negotiations with the UK and China, which further boosts confidence; 2. From late April to May, the financial reporting season confirmed that the company's performance was not a problem, growth could still be maintained, and the AI mainline remained strong; Then there is a divergence in economic data, where soft data is poor and hard data is strong. Market confidence continues to recover. 3. In June, data agencies began to decline, https://((x.com))/qinbafrank/status/1932388288566104065? S=46&t=k6rimWSEbo2D2TXolYcM-A has become a part of the sustained purchasing power 4. By the end of June, Trump had bombed Iran, Israel and Iran for a temporary ceasefire in the last two weeks (although the bombing effect was debated by different parties), which essentially restored the leadership position; Then several members of the Federal Reserve Board publicly called out (Waller, Baumann, etc.) to stimulate expectations of interest rate cuts; The expectation of the Federal Reserve relaxing the SLR supplementary leverage ratio for financial deregulation in the future; In addition, the strong financial report of Micron this week has further stimulated market sentiment. 5. Of course, there is also a deeper logic that the scarcity of the three major asset classes in the US stock market, bonds, and foreign exchange varies: 1) The demand for long end US bonds can be replaced by short end US bonds, as well as other assets such as gold and cash; 2) The demand for US dollars can be replaced by non US currencies, digital currencies, and precious metals; 3) But unlike the US dollar and US Treasury bonds, the equity market lacks high-quality assets that can replace US stocks. The "irreplaceability and scarcity" have created a moat for US stocks. European stocks focus on military and luxury goods, while Japanese stocks focus on automobiles, trading companies, and some large manufacturing industries. However, there is actually no market that can truly match the monopoly position of US stocks in the technology field. Some technology stocks in Hong Kong are also good, but the overall volume is still lagging behind that of US stocks. Since mid April, Hong Kong stocks have also absorbed some overseas funds. So even though the market is emotionally bearish on the United States, most of the short selling behavior is reflected in the US dollar and long-term US bonds, which are "irreplaceable" and have made the US stock market attractive again after falling 20% in the short term. Here is the logic behind reviewing the trend of the US stock market over the past two months.