Generally, I like to focus on what will happen, rather than what happened, because people reading this already know what happened. But I found last week so confusing/disturbing/annoying on so many levels, that I think it is worth revisiting what happened. We saw narratives come and go, turn on a dime, and shift almost “willy nilly.” Certainly, price action seemed to influence the narratives as much as the other way around. All of this came on the back of reaching “all-time highs,” which we wrote about last weekend in A Retrospective of All-Time Highs. On the week, the S&P 500 ... A Market Only a Mother or AI Could Love