What you have going on is emotion, combined with crowded trades...

What you have going on is emotion, combined with crowded trades all in the same direction, by people who are emotional and who have no clue as to what is going on and are basically guessing every time they do something and they all do the same thing, together.

The fundamentals will reassert. Those being, record U.S. fiscal expansion (money printing), rate hikes, inflation, balance sheet reduction, sanctions, de-dollarization. (The latter being long-term.)