We had a hell of a bull run today. Underneath the surface, however, the VIX rose alongside the rally. For anyone feeling FOMO, chasing here is just as foolish as shorting when NQ was below 28K, if not more so. There is indeed room for further upside. But at what cost? Are you willing to pay?

If leverage was used on the way up, now is the time to start looking for opportunities to reduce exposure.

SOXX533.98 managed to close above our key resistance, while NDX29733.16 closed above a key descending trendline. All bullish. The only concerns are the rising VIX and falling oil prices. Yes, falling oil prices are a concern, as lower oil gives Trump more room to escalate, and oil is now only $7 per barrel above its July low.

Unlike before, long-end yields are already at record levels, with US10Y4.615 and US30Y5.172 only 10bp off their highs. The next leg lower in equities is very likely to be accompanied by a sharp surge in yields, as we saw in the final hour last Wednesday. If Trump TACOs his TACO, oil doesn't need to climb back above $100, let alone $120, for yields to print new YTD highs.

We called the bottom and are now deep in the green. Don't get complacent. The final leg of every bull run comes with brutal whipsaw moves that can wipe out generational wealth overnight. Stay vigilant.