Eerily Calm and Strong For 2nd Straight Day

After being heavily conditioned to expect elevated volatility with unpredictable timing, the past two trading sessions have been tremendous departures from the norm. Both days featured linear, reasonably big  improvements without any singular flashpoints that deserve any more credit than a general sense of cooler heads prevailing on the policy-making front. Indeed, when the week ends with Trump saying "we will be reasonable on tariffs" as opposed to doubling down on triple digit brinksmanship, something has certainly changed and both sides of the market are looking relieved.