The Market Has No Memory, Only Liquidity Matters

The Dow surged over 500 points and the S&P 500 just notched its longest winning streak in two decades — as if the tariffs, the fear, the panic had never happened. Just two weeks ago, everyone was screaming bearish warnings, forecasting a collapse, spreading doom and gloom. Fast forward, and no one even remembers what the panic was about. In two more months, “tariffs” will be as forgotten as Silicon Valley Bank, Evergrande, or even Lehman Brothers. The truth is simple: the market doesn’t care about narratives — it cares about liquidity. Money will keep being printed. Rates will fall. And the story will always shift to fit the chart, not the other way around.