What looked like a melt-up… turned into a gut punch. But under the surface, strength is still fighting through.
Yesterday, felt like a classic market bull trap.
The 20-Year Auction Reaction
We came in hot. $QQQ was bouncing from the open to 522, just a few points shy of all-time highs. $SPY wasn’t far behind. After a near +23% run off the April lows, the tape had that melt-up energy. Everyone was nodding. People were bullish again. Even I was leaning in.
Then 1PM hit.