Seven days after Liberation Day things are working out just about as expected in the equity markets. Chaos!

Until this afternoon's 90 day delay announcement every rally met supply. Rumors were quickly squashed and the White House vowed to hold the line on anything other than full victory. And just like that, there was a 90 day delay. Would it have been easier to just delay the tariffs 90 days in the first place? Stop overthinking it.

We have 90 days and have undone a lot of the damage done over the last week. It's a welcome piece of new news and one of the items on the 3-step Wish List I shared with Spencer earlier this week. But it doesn't change much. If you were over-levered this morning it might be time to take a little off the table and give thanks. Uncertainty will be back but for now it certainly is nice for stocks to be irrational in the other direction. 

Long-term, China, Vietnam and Indonesia are something of the Big Three in shoes and apparel. I believe but am not sure China and the US are still pushing a combined 200% tariff level. Let's just say a lot of merchants and vendors doing business in the mall are rooting for the Vietnam...