We think market's pretty fully pricing this in. When we talk about our year-end price target for 2025, Carl, it's premised on 2026 fundamentals and earnings trends. Essentially, what we're looking at here is a pay forward for a lot of expected good news that does look like it's unfolding quite constructively here. The call for a stronger finish to the year looks pretty good for now, but this week will continue to be a big test as we get some of these mega cap growers reporting.

Our view has been that it's going to be fundamentally based and so the best set of data that we're going to get is from corporate America as they report earnings. Government shutdown aside, what we've got is a steady stream of input here that allows us to triangulate how things within the broader economy are unfolding. Right now, consumer resilience and underlying business resilience are showing through clearly in the Q3 results thus far.

There's a dichotomy at work: positioning is quite bullish and extended, but sentiment appears to be weakening. We see a market of reluctant bulls—investors buy on incremental positive information but do not fully believe the outcome. Disappointment on company or macro perspectives will likely lead to stiff selling. Volatility is the name of the game both to upside and downside.

We have a broadening thesis: beyond mega-cap tech growth, opportunities exist in cyclical parts of large cap, US small/midcap with cyclicality, and overseas exposure supported by foreign central bank policies. Short term opportunities may arise in laggard sectors but longer-term conviction depends on economic trajectories into 2026.

Given the move and valuation backdrop, companies need to keep feeding the machine by raising out-year earnings projections. The question this week during earnings is how much upside is priced in versus delivered. Underlying fundamental trends look persistent. This is where earnings growth and momentum are, visible going into 2026.