You're definitely seeing that in today's tape. The interesting thing about today's trade was that you didn't see the participation from small caps, which is a little bit worrying. If you're bearish, you look at the overall market structure, highlighting concentration risk. From a technical perspective, the damage the NASDAQ 100 is doing below the 100-day, you're starting to think about those November lows in terms of a technical level as to where we could trade, which wouldn't be great.

At a certain point, it seems like it's become self-reinforcing. It seems like at the moment AI is sort of eating AI. The software names are bringing in AI and that's going to hollow out their businesses. Even Jensen Huang pushed back on it today saying that it's ludicrous. So I think that could be sort of a turning point where you sit there and force companies and people to reassess just how much they're willing to shed risk in this environment. Is it sort of transformative or is it something broader than that where it revolutionizes businesses? I think that's sort of the middle ground that we're in right now and the market is figuring out where it goes from there.

Overall, it's been solid. I think you've had bright spots here, weak spots there. I go back to getting off on an iffy footing with the banks and the financials a few weeks ago. That was sort of seen as the bellwether group laying down a marker. Overall, it's generally pretty constructive. Looking at Google's numbers today, the massive capex guide is reason to be optimistic, even in a down tape. So there's plenty to go off of if you're looking to make an optimistic case about the earnings picture.

I think this is the bigger problem with the tape that is sort of weeding out speculative excess. It's obviously a telling signal for the risk environment right now that the higher beta, frothy areas of the markets are getting crushed, whether that is crypto, Bitcoin trading down to 72,000, or it is the software names. So it's definitely cause for concern that we really haven't seen a pickup in crypto.

I think the pickup in the dollar really goes back to what I said about US data. US data has picked up of late. Manufacturing this week has been strong, services followed that. So there's this broadening picture of US strength, obviously goes back to the Fed statement removing concerns about the labor market. The overarching theme here is that the appointment of Kevin Warsh, while we don't know necessarily who we're getting, it's this removal of tail risks and this dollar risk premium that was sort of embedded in the price and that's coming out offering the dollar some footing.