And with VIX not blowing out, credit spreads being orderly, and P/E's still high, consumer savings all time low, credit card debt all time high, and tariffs still not fully priced this is the kind of thing that can tip you into full market cascade. If the tariffs don't back down, retail gets rinsed. Unlike longer term investors retail panic sells bottoms to preserve cash, and invests with short term cash they need. The "buy the dip sale of a lifetime" mentality is one of the things that made some of the past bubbles so brutal.