Sees more than short covering; a fast unwind of geopolitical risk. Biggest moves in discretionaries, communication services, materials, industrials. Energy taking a big hit with crude oil down double digits. Clear buying behind the move, back over 200-day MA.

Notes it's a two-week ceasefire, things can change daily. Traders heartened by talk of Strait of Hormuz reopening, but tolls are a complication.

Fed minutes give more insight into which governors are on board for tightening/loosening. Gives Fed more breathing room to sit still. Fed funds futures now show ~75% chance for a cut, which was off the table days ago.

Activity is in higher beta space, indicating definite risk-on sentiment.

Seeing some reversion today in materials, industrials. Those hard asset trades (materials, industrials, energy) might be in vogue again. Heading into earnings, spotlight back on tech. Tech and energy saw recent earnings upgrades.

Tech upgrades interesting as analysts haven't pulled back expectations, possibly due to being 'in a cloud'.

Q1 earnings should be fairly stable as conflict began late in quarter. Key will be forward guidance. Market pricing 14-16% earnings growth for year, mostly in back half. Sees repositioning in options, moving away from heavy put buying, FOMO rally potential.

Compares to last year's post-Liberation Day rally; people don't want to miss out.