Let’s talk about the overall market again. The focus is still on $US10Y and high oil prices. Since last week on the 14th, when I mentioned 'beware of the gray rhino of high oil prices' and suggested taking profits (https://(x.com)/qinbafrank/status/2054874676531519643?s=46&t=k6rimWsEbo2D2tXolYcM-A), the main reasons for the market correction haven’t changed—it’s still these two factors. Tonight, $US10Y has already hit 4.67%, significantly breaking the threshold, so naturally, the market remains under pressure. Yesterday, I also mentioned that the short-term correction isn’t over yet, so patience is key. What will be the signals for market stabilization going forward? Either $US10Y falls back below 4.6%; Or there’s progress in negotiations, and the market sees the possibility of reopening the Strait of Hormuz; Or even better, both happen. In the short term, keep an eye on two things: 1) The market’s reaction after NVIDIA’s earnings report tomorrow. After all, Jensen always gives the market a boost after earnings—it’s practically tradition. 2) On Friday, Walsh officially takes over as Fed Chair. With U.S. bond yields rising sharply, how will he and Besant respond? The last time $US30Y was significantly above 5% and $US10Y approached 5% was back in October 2023. At that time, Powell and Yellen even teamed up with Bill Ackman to intervene and bring it down.