Welcome to closing bell. I'm Mike Santoli, in for Scott Wapner.

This make-a-break hour begins with another midday fade, followed by another partial bounce.

The index is laboring for a second straight day to hold an early rally and extend Monday's sharp rebound as confrontational trade rhetoric and ambiguous Fed speak flies.

The S&P 500, it dropped as much as 1.6% from its early midday high before

this partial recovery. You now see it up about half of 1%. The Russell 2000 remains an outperformer,

thanks in large part to some of its high-velocity speculative members, though that index is

likewise well below its intraday peak. Semis have been a

bright spot all day, of course, on more AI investment news. You see AMD up 9% on the day.

Though bank stocks, they're mixed, they're actually tilting a little more to the positive side,

aside from Goldman Sachs after across the board strong results from those big Wall Street players.

And Bitcoin, it remains a bit heavy at some point today, trading back toward its low from Friday's Flash correction, which takes us to our talk of the tape.

Was Friday's Air Pocket a one-and-done dip or did it open the way for a more choppy phase of this three-year

bold market? Let's ask New Edge Wealth Chief Investment Officer Cameron Dawson. Cameron, good to see you here. Good to see you. So let's do some tape reading, I guess. How are we thinking about this? We had this unusually calm, steady climb toward all-time highs. We finally get barely a 3% pullback, and now the market is kind of trading in that range, indecisive.

Yeah, we've been stuck just within. toward all-time highs. We finally get barely a 3% pullback. And now the market is kind of trading

in that range, indecisive. Yeah, we've been stuck just within that range. And I think Friday

was a bit of a wake-up call as to how much leverage there was built up in certain pockets of the

market. So certainly within Bitcoin, but as well as within the speculative high beta stocks,

you certainly saw big, huge downside moves.

But you're still in an environment where you have a positioning chase that we think could continue on.

You're just in the 74th percentile of overall that Dota Bank consolidated positioning.

You have earnings that are coming in pretty strong, and you have earnings estimates that continue to rise.

Liquidity still appears to remain

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