Liberation Day Tactical Update

Or when to sit on your hands

We are hours away from the Trump tariffs announcement. Let’s do a quick tactical update on the US stock market.

TLDR:

The past two days have been quite strong for the stock market. Monday was a quarter-end, and we saw a lot of mechanical buying from funds rebalancing, as well as from option flow—namely the JPM collar roll. I wouldn’t read too much into th…