Into FOMC, markets priced cuts and friendly guidance, or “long-term still bullish but short-term could be bearish.” The upside was tight; the downside tails were wide if Powell disappointed. Post‑speech, the uptrend resumed, then excess greed was sold into Friday’s close. The breeze still blows with the bulls, but the weather’s unstable. Cuts keep the path up, but tails are fatter. The path of least resistance is still up, but if you want to play offense you need discipline: stay long, rotate to relative value on dips, keep cash in hand, and pay yourself on strength. Now the question hangs: how much higher can this go, and how long can it last?