Yesterday's ETF action was wild – we're talking $11 billion in flows. Big chunk went straight into US equities, but here's the interesting part: treasuries and gold caught some serious bids too. Risk-on and safe haven plays both heating up? Classic.

The real entertainment? Watching traders pile into $TQQQ like there's no tomorrow. That leveraged conviction is something else. Now yeah, not every issuer reports same-day data, but enough do that you can read the room pretty well.

SPY's sitting 80 basis points down in pre-market right now. Could be a bumpy session ahead. Market's clearly still figuring itself out after that inflow surge. Let's see if buyers show up or if we're in for more chop.