Last week, the market was all about one word: run. In just five days, it plunged from the peak straight to the bottom. This wasn’t a pullback, not a correction—it was leverage liquidating leverage, stop-losses triggering stop-losses. By Friday afternoon, the sell-off wasn’t pricing in fundamentals anymore; it was pricing in fear itself. Then the weekend came, and… nothing happened. No blow-ups, no black swans, no new bad news. This morning, the market bounced back. It’s not a V-shaped recovery—it’s the market asking a deeper question: Was last week’s crash driven by fundamentals, or was it just a chain reaction of leverage unwinding? Big difference. If it’s the latter, and this week’s CPI and FOMC don’t deliver fresh blows, the bears are in trouble. The rebound could be just as fast as the drop. My take today: Last week’s low feels like a short-term bottom. This isn’t the return of a bull market—it’s just that the selling pressure has temporarily run out. I wouldn’t dare call this the so-called ‘big bottom,’ but I also wouldn’t chase shorts here.