The Rhythm of Repricing

Why Duration, Conviction, and Discomfort Shape the Edge

The market doesn’t move in straight lines. It pulses. It recoils. It explodes.

The market keeps repricing optimism, then pessimism. Then pessimism. Then optimism. In a predictable and volatile rhythm.

And last week? It confused everyone. This week. More of the same.

We went from “the world is ending” to full-blown short devastation in five trading days. The Nasdaq ripped 7 percent. The S&P 500 surged 5 percent. The same crowd that was curled up in a ball two weeks ago is now debating whether they missed the start of a new bull run. Even SPY has flipped positive for the year before yesterday’s puke.

Price forced the narrative to adjust. Again. And then price forced that narrative adjustement to adjust. Again.

And yet, while that short-term chaos played out in headlines and charts, something more important was happening underneath. A shift in the composition of risk. A reordering of duration. A subtle but sharp change in who was getting funded and who was getting ignored.

For premium members only. Happy Memorial Day all.