If you had told me that crude oil would rally +56% in 49 trading days and that the S&P 500 would make new all-time highs in that environment & only be down -2.5% from those ATHs, I wouldn't have believed you... Especially with 10Y Treasury yields making ~3 year highs. But that's the exact environment we're in. Crude since July 2, 2026: +56% S&P 500 since July 2, 2026: +2% Also... Bitcoin since July 2, 2026: +29.6% Given the context of the rally in crude oil and yields (as a result of geopolitical tension + resilient macroeconomic data), risk assets have actually performed extremely well. Personally, I think that context is important. In fact, I think it's signal.(Caleb Franzen)