Creating Liquidity in a Dead Tape

At 8:00 PM ET, President Trump announced a delay in certain tariffs.

The market didn’t care.

No spike, no burst — just a flat tape.

The order book sat balanced, depth on both sides, and no meaningful acceleration in the time-and-sales.

At 8:04 PM, I sent a single-line note: More Tariff Delays: long.

No price target. No paragraph. Just the call.

For the next 1…