QQQ: MY BIGGEST TAKEAWAY FROM THIS MARKET & WHAT COMES NEXT
I wasn’t getting overly bullish after last week’s $Invesco QQQ(QQQ)$ rally, and I laid out my reasons in detail for subscribers. But I wanted to share some high-level takeaways on where I think the market stands right now.
The rally felt more like positioning and short-covering than a true shift in fundamentals. We’ve seen this pattern before -- markets ripping higher on momentum, but without the structural support that signals sustained upside. The bigger issue for me is that uncertainty is still the dominant force, and April 2 is shaping up to be a critical moment that could dictate the next major move.
The impact is already visible in earnings calls across multiple sectors. Executives in manufacturing, consumer goods, retail, and even tech have flagged uncertainty around trade policy as a primary reason for scaling back expansion plans, pulling back on guidance, and remaining conservative in forward-looking projections. Companies that rely on global supply chains, particularly those exposed to China and Mexico, are in a holding pattern -- uncertain whether to pass potential cost increases to consumers, absorb them into margins, or find alternative sourcing solutions that may carry their own operational risks and inefficiencies.
If that uncertainty drags on, the rally we just saw could lose steam fast. But if we get a clear resolution, even if the outcome isn’t perfect, markets can process it, reposition, and move forward.
That’s why I’ve been hesitant to chase this rally. Until we get clarity, this market is still running on uncertainty, not conviction.
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