What the market currently lacks is not confidence, but the ability to see the window of the future clearly. The real issue with this non-farm payroll report is not how bad the data is, but that it has completely disrupted the rhythm, rendering all predictions invalid.

The data isn't particularly bad, and expectations of rate cuts can't save the situation. It can't be said to be particularly good either; at this price level, risk assets can't hold up. For the Federal Reserve, this is the most awkward situation.

The US stock market closed with technology still struggling to hold on, and the only macro short position left is Japan's rate hike. The new Federal Reserve chairperson will be announced soon, and the new appointee will definitely be aligned with Trump.

The period around Christmas when liquidity is tightest, combined with institutional year-end rebalancing and clearing, should be the window for a rebound. Recently, there has been ongoing talk about tokenization in the US stock market, and infrastructure is also being improved, which is gradually becoming clearer. The next phase should focus on the tokenization direction, which might be the true narrative.