Don't be fooled by the market: what's rising now isn't confidence, it's courage

Many people say the market is restoring confidence, but a more accurate way to say it is—it's restoring risk appetite.
What's the difference?
Confidence comes from certainty,
but right now—there isn't much certainty.
The current rally, essentially, is:
👉 "Everyone thinks there won't be major issues in the short term, so they dare to buy"
This is a "courage-driven" market, not a "fundamentals-driven" one.
The problem is, courage—
comes quickly, and leaves even faster.
Once any variable appears:
* Negotiation breakdown
* Escalation of military friction
* Unexpected events
The market can instantly switch from "optimistic mode" to "risk-averse mode."
So what you're seeing now in the rise is more like:
Dancing in a minefield, but the music hasn't stopped yet. #美伊局势和谈与增兵博弈