{"id":240844,"date":"2026-03-27T12:57:55","date_gmt":"2026-03-27T16:57:55","guid":{"rendered":"https:\/\/ibkrcampus.com\/campus\/?p=240844"},"modified":"2026-03-30T04:28:12","modified_gmt":"2026-03-30T08:28:12","slug":"no-more-words","status":"publish","type":"post","link":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/ibkr-market-insights\/no-more-words\/","title":{"rendered":"No More Words"},"content":{"rendered":"\n

(Today\u2019s theme song by Berlin<\/a>)<\/p>\n\n\n\n

Things change quickly in today\u2019s markets.  When I wrote yesterday\u2019s piece<\/a>, completed before 11 AM EDT, stocks had tried to gamely bounce off their lows.  I later emerged from several hours of meetings to discover that bounce had failed miserably.  After the close, the President announced a 10-day extension of the ceasefire, which seemed intended to bolster nervous markets.  Post-market futures bounced, but as of this morning, traders are not mollified. Rhetoric isn\u2019t doing the job.<\/p>\n\n\n\n

Last Friday we asked whether there was indeed a \u201cTrump Put\u201d, and if so, what was its strike<\/a>.  On Monday, after an early Truth Social post<\/a> announcing a 5-day pause in bombing Iran\u2019s infrastructure, we felt confident in asserting<\/a> that the strike on that hypothetical put was revealed to be either 6,500 on the S&P 500 or 4.45% on the 10-year Treasury yield.  (Frankly, that should have been 4.40%, but we\u2019re in the right ballpark.)  After discussing that topic in a media interview on Tuesday<\/a>, a well-respected market veteran suggested that a 4% 2-year yield might be more appropriate, which was indeed a highly plausible suggestion.  That\u2019s the problem with nebulous \u201coptions\u201d \u2013 the strike is far from explicit.<\/p>\n\n\n\n

As the week wore on, the early ceasefire enthusiasm faded, and after yesterday afternoon\u2019s sloppy close we found ourselves with SPX below 6500, the 10-year above 4.40%, and the 2-year just below 4%.  Although the timing of the ceasefire extension might have been coincidental, I doubt it.  I believe that once again, it was an attempt to exercise that mythical \u201cTrump Put.\u201d  But this time it had no lasting benefit.  Why not?<\/p>\n\n\n\n

We noted yesterday that there was a noteworthy upside skew<\/a> to SPX options, implying that traders were hedging against the risk of a significant rally, writing:<\/p>\n\n\n\n

Few investors, no matter how concerned they may be about the prospects of higher oil prices bleeding into broader price pressures and economic malaise, want to risk being caught wrong-footed in the event of a ceasefire or similar resolution.<\/em><\/p>\n\n\n\n

The post-Liberation Day reversal is still quite fresh in investors\u2019 minds, so even though we remain mired in a notable medium-term downtrend, traders who are willing to trade the market from the short side do not want to bear all the risk of a similar updraft.  There is a \u201cright-tail\u201d risk, so to speak, and options pricing continues to reflect it. (That said, those same options are also pricing in no shortage of \u201cleft-tail\u201d risk.)<\/p>\n\n\n\n

Skews for SPX Options Expiring April 2nd<\/sup> (top), April 17th<\/sup> (middle), May 15th<\/sup> (bottom)<\/em><\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Source: Interactive Brokers<\/em><\/p>\n\n\n\n

The immediate problem for traders is that the rally attempts that occurred earlier this week failed at their attempts to breach the 200-day moving average.  This is problematic for several reasons: the 200-day never offered meaningful support on the way down, yet offered resistance on the way up; the 200-day is the lone trendline that is not pointing lower; there are few obvious levels of significant support for several hundred points; and as we are about to complete our fifth straight weekly decline (barring a stunning late reversal), the pattern of lower highs and lower lows is now well established.  I know that not everyone is a fan of charting, but it is quite apparent that SPX has rolled over after a long, solid upward move.<\/p>\n\n\n\n

SPX 10-Months, Daily Candles, with 50-day (top), 100-day (middle), and 200-day (bottom) Moving Averages and Horizontal Line at 6520<\/em><\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Source: Interactive Brokers<\/em><\/p>\n\n\n\n

Hence, having failed to achieve anything more than a brief respite from the nascent downtrend, mere jawboning isn\u2019t doing the trick today.  Now-wary investors want and need something more concrete.  A temporary pause, while better than outright hostilities, is just that \u2013 temporary.   The message currently being sent by the markets is that a series of short-term respites that seem timed to assuage their fears are no longer sufficient. <\/p>\n\n\n\n

This is especially so when we consider that the longer it takes until the situation is resolved, the more lasting the effects.  For starters, it takes weeks for oil tankers to reach Asian and European destinations from the Persian Gulf, so the more time that elapses, the longer it will take the bottleneck to resolve.  Futures markets are saying this explicitly, with Brent futures expiring one year from now reflecting about $15 higher prices than prevailed prior to hostilities.  Throw in the fact that farmers have to bear the costs of higher fertilizer prices whenever the calendar says they need to plant, along with the potential impact of constrained helium availability on already tight semiconductor supplies, and we find ourselves staring at a series of consequences that are difficult to resolve in the near-term \u2013 and certainly not fixable via executive order (like tariffs) or soothing rhetoric.<\/p>\n\n\n\n

Brent Futures Term Structures, Today (yellow), 2-Weeks Ago (green), 1-Month Ago (magenta)<\/em><\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Source: Interactive Brokers<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Things change quickly in today\u2019s markets.\u00a0 When I wrote yesterday\u2019s piece, completed before 11 AM EDT, stocks had tried to gamely bounce off their lows.\u00a0 I later emerged from several hours of meetings to discover that bounce had failed miserably.\u00a0 After the close, the President announced a 10-day extension of the ceasefire, which seemed intended to bolster nervous markets.\u00a0 Post-market futures bounced, but as of this morning, traders are not mollified. Rhetoric isn\u2019t doing the job.<\/p>\n","protected":false},"author":4,"featured_media":240848,"comment_status":"open","ping_status":"closed","sticky":true,"template":"","format":"standard","meta":{"_acf_changed":true,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[14700,18,6,8,9,26,3],"tags":[3876,10995,4231,4574,12209],"contributors-categories":[13576],"class_list":["post-240844","post","type-post","status-publish","format-standard","has-post-thumbnail","category-ibkr-market-insights","category-macro","category-north-america","category-region","category-securities","category-text-articles","category-traders-insight","tag-geopolitics","tag-market-volatility","tag-oil-prices","tag-options-trading","tag-stock-market-today","contributors-categories-interactive-brokers"],"pp_statuses_selecting_workflow":false,"pp_workflow_action":"current","pp_status_selection":"publish","acf":[],"yoast_head":"\nNo More Words | Traders' Insight<\/title>\n<meta name=\"description\" content=\"Things change quickly in today\u2019s markets.\u00a0 When I wrote yesterday\u2019s piece, completed before 11 AM EDT, stocks had tried to gamely bounce off their...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.interactivebrokers.com\/campus\/wp-json\/wp\/v2\/posts\/240844\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"No More Words | IBKR Campus US\" \/>\n<meta property=\"og:description\" content=\"Things change quickly in today\u2019s markets.\u00a0 When I wrote yesterday\u2019s piece, completed before 11 AM EDT, stocks had tried to gamely bounce off their lows.\u00a0 I later emerged from several hours of meetings to discover that bounce had failed miserably.\u00a0 After the close, the President announced a 10-day extension of the ceasefire, which seemed intended to bolster nervous markets.\u00a0 Post-market futures bounced, but as of this morning, traders are not mollified. Rhetoric isn\u2019t doing the job.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/ibkr-market-insights\/no-more-words\/\" \/>\n<meta property=\"og:site_name\" content=\"IBKR Campus US\" \/>\n<meta property=\"article:published_time\" content=\"2026-03-27T16:57:55+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-03-30T08:28:12+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2026\/03\/quiet-featured-img.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"563\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Steve Sosnick\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Steve Sosnick\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\n\t \"@context\": \"https:\\\/\\\/schema.org\",\n\t \"@graph\": [\n\t {\n\t \"@type\": \"NewsArticle\",\n\t \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/ibkr-market-insights\\\/no-more-words\\\/#article\",\n\t \"isPartOf\": {\n\t \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/ibkr-market-insights\\\/no-more-words\\\/\"\n\t },\n\t \"author\": {\n\t \"name\": \"Steve Sosnick\",\n\t \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#\\\/schema\\\/person\\\/31988d9596575a63ddc53e92049a2549\"\n\t },\n\t \"headline\": \"No More Words\",\n\t \"datePublished\": \"2026-03-27T16:57:55+00:00\",\n\t \"dateModified\": \"2026-03-30T08:28:12+00:00\",\n\t \"mainEntityOfPage\": {\n\t \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/ibkr-market-insights\\\/no-more-words\\\/\"\n\t },\n\t \"wordCount\": 832,\n\t \"commentCount\": 2,\n\t \"publisher\": {\n\t \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#organization\"\n\t },\n\t \"image\": {\n\t \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/ibkr-market-insights\\\/no-more-words\\\/#primaryimage\"\n\t },\n\t \"thumbnailUrl\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2026\\\/03\\\/quiet-featured-img.jpg\",\n\t \"keywords\": [\n\t \"geopolitics\",\n\t \"market volatility\",\n\t \"oil prices\",\n\t \"options trading\",\n\t \"stock market today\"\n\t ],\n\t \"articleSection\": [\n\t \"IBKR Insights\",\n\t \"Macro\",\n\t \"North America\",\n\t \"Region\",\n\t \"Securities\",\n\t \"Text Articles\",\n\t \"Traders' Insight\"\n\t ],\n\t \"inLanguage\": \"en-US\",\n\t \"potentialAction\": [\n\t {\n\t \"@type\": \"CommentAction\",\n\t \"name\": \"Comment\",\n\t \"target\": [\n\t \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/ibkr-market-insights\\\/no-more-words\\\/#respond\"\n\t ]\n\t }\n\t ]\n\t },\n\t {\n\t \"@type\": \"WebPage\",\n\t \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/ibkr-market-insights\\\/no-more-words\\\/\",\n\t \"url\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/ibkr-market-insights\\\/no-more-words\\\/\",\n\t \"name\": \"No More Words | IBKR Campus US\",\n\t \"isPartOf\": {\n\t \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#website\"\n\t },\n\t \"primaryImageOfPage\": {\n\t \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/ibkr-market-insights\\\/no-more-words\\\/#primaryimage\"\n\t },\n\t \"image\": {\n\t \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/ibkr-market-insights\\\/no-more-words\\\/#primaryimage\"\n\t },\n\t \"thumbnailUrl\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2026\\\/03\\\/quiet-featured-img.jpg\",\n\t \"datePublished\": \"2026-03-27T16:57:55+00:00\",\n\t \"dateModified\": \"2026-03-30T08:28:12+00:00\",\n\t \"description\": \"Things change quickly in today\u2019s markets.\u00a0 When I wrote yesterday\u2019s piece, completed before 11 AM EDT, stocks had tried to gamely bounce off their lows.\u00a0 I later emerged from several hours of meetings to discover that bounce had failed miserably.\u00a0 After the close, the President announced a 10-day extension of the ceasefire, which seemed intended to bolster nervous markets.\u00a0 Post-market futures bounced, but as of this morning, traders are not mollified. Rhetoric isn\u2019t doing the job.\",\n\t \"inLanguage\": \"en-US\",\n\t \"potentialAction\": [\n\t {\n\t \"@type\": \"ReadAction\",\n\t \"target\": [\n\t \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/ibkr-market-insights\\\/no-more-words\\\/\"\n\t ]\n\t }\n\t ]\n\t },\n\t {\n\t \"@type\": \"ImageObject\",\n\t \"inLanguage\": \"en-US\",\n\t \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/ibkr-market-insights\\\/no-more-words\\\/#primaryimage\",\n\t \"url\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2026\\\/03\\\/quiet-featured-img.jpg\",\n\t \"contentUrl\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2026\\\/03\\\/quiet-featured-img.jpg\",\n\t \"width\": 1000,\n\t \"height\": 563\n\t },\n\t {\n\t \"@type\": \"WebSite\",\n\t \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#website\",\n\t \"url\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/\",\n\t \"name\": \"IBKR Campus US\",\n\t \"description\": \"Financial Education from Interactive Brokers\",\n\t \"publisher\": {\n\t \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#organization\"\n\t },\n\t \"potentialAction\": [\n\t {\n\t \"@type\": \"SearchAction\",\n\t \"target\": {\n\t \"@type\": \"EntryPoint\",\n\t \"urlTemplate\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/?s={search_term_string}\"\n\t },\n\t \"query-input\": {\n\t \"@type\": \"PropertyValueSpecification\",\n\t \"valueRequired\": true,\n\t \"valueName\": \"search_term_string\"\n\t }\n\t }\n\t ],\n\t \"inLanguage\": \"en-US\"\n\t },\n\t {\n\t \"@type\": \"Organization\",\n\t \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#organization\",\n\t \"name\": \"Interactive Brokers\",\n\t \"alternateName\": \"IBKR\",\n\t \"url\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/\",\n\t \"logo\": {\n\t \"@type\": \"ImageObject\",\n\t \"inLanguage\": \"en-US\",\n\t \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#\\\/schema\\\/logo\\\/image\\\/\",\n\t \"url\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2024\\\/05\\\/ibkr-campus-logo.jpg\",\n\t \"contentUrl\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2024\\\/05\\\/ibkr-campus-logo.jpg\",\n\t \"width\": 669,\n\t \"height\": 669,\n\t \"caption\": \"Interactive Brokers\"\n\t },\n\t \"image\": {\n\t \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#\\\/schema\\\/logo\\\/image\\\/\"\n\t },\n\t \"publishingPrinciples\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/about-ibkr-campus\\\/\",\n\t \"ethicsPolicy\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/cyber-security-notice\\\/\"\n\t },\n\t {\n\t \"@type\": \"Person\",\n\t \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#\\\/schema\\\/person\\\/31988d9596575a63ddc53e92049a2549\",\n\t \"name\": \"Steve Sosnick\",\n\t \"description\": \"Steve is the Chief Strategist at Interactive Brokers. He has held numerous roles in the organization since joining Timber Hill, IBKR\u2019s predecessor, in 1995 as Equity Risk Manager and an options market maker. He developed and implemented automated trading strategies for stocks and options before moving into his current role. Steve has guest authored several columns in Barron\u2019s and made numerous live on Bloomberg TV and Radio, CNBC, Yahoo Finance, Fox Business, and several other media outlets in North America, Asia, Australia, and the Middle East in addition to being quoted frequently in print and electronic media. Prior to joining Interactive Brokers, Sosnick held senior trading roles at Morgan Stanley, Lehman Brothers, and Salomon Brothers, where he completed the firm\u2019s famed training program.\",\n\t \"sameAs\": [\n\t \"https:\\\/\\\/ibkr.com\"\n\t ],\n\t \"url\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/author\\\/steve-sosnick\\\/\"\n\t }\n\t ]\n\t}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"No More Words | Traders' Insight","description":"Things change quickly in today\u2019s markets.\u00a0 When I wrote yesterday\u2019s piece, completed before 11 AM EDT, stocks had tried to gamely bounce off their...","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.interactivebrokers.com\/campus\/wp-json\/wp\/v2\/posts\/240844\/","og_locale":"en_US","og_type":"article","og_title":"No More Words | IBKR Campus US","og_description":"Things change quickly in today\u2019s markets.\u00a0 When I wrote yesterday\u2019s piece, completed before 11 AM EDT, stocks had tried to gamely bounce off their lows.\u00a0 I later emerged from several hours of meetings to discover that bounce had failed miserably.\u00a0 After the close, the President announced a 10-day extension of the ceasefire, which seemed intended to bolster nervous markets.\u00a0 Post-market futures bounced, but as of this morning, traders are not mollified. Rhetoric isn\u2019t doing the job.","og_url":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/ibkr-market-insights\/no-more-words\/","og_site_name":"IBKR Campus US","article_published_time":"2026-03-27T16:57:55+00:00","article_modified_time":"2026-03-30T08:28:12+00:00","og_image":[{"width":1000,"height":563,"url":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2026\/03\/quiet-featured-img.jpg","type":"image\/jpeg"}],"author":"Steve Sosnick","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Steve Sosnick","Est. reading time":"5 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"NewsArticle","@id":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/ibkr-market-insights\/no-more-words\/#article","isPartOf":{"@id":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/ibkr-market-insights\/no-more-words\/"},"author":{"name":"Steve Sosnick","@id":"https:\/\/ibkrcampus.com\/campus\/#\/schema\/person\/31988d9596575a63ddc53e92049a2549"},"headline":"No More Words","datePublished":"2026-03-27T16:57:55+00:00","dateModified":"2026-03-30T08:28:12+00:00","mainEntityOfPage":{"@id":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/ibkr-market-insights\/no-more-words\/"},"wordCount":832,"commentCount":2,"publisher":{"@id":"https:\/\/ibkrcampus.com\/campus\/#organization"},"image":{"@id":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/ibkr-market-insights\/no-more-words\/#primaryimage"},"thumbnailUrl":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2026\/03\/quiet-featured-img.jpg","keywords":["geopolitics","market volatility","oil prices","options trading","stock market today"],"articleSection":["IBKR Insights","Macro","North America","Region","Securities","Text Articles","Traders' Insight"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/ibkrcampus.com\/campus\/traders-insight\/ibkr-market-insights\/no-more-words\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/ibkr-market-insights\/no-more-words\/","url":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/ibkr-market-insights\/no-more-words\/","name":"No More Words | IBKR Campus US","isPartOf":{"@id":"https:\/\/ibkrcampus.com\/campus\/#website"},"primaryImageOfPage":{"@id":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/ibkr-market-insights\/no-more-words\/#primaryimage"},"image":{"@id":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/ibkr-market-insights\/no-more-words\/#primaryimage"},"thumbnailUrl":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2026\/03\/quiet-featured-img.jpg","datePublished":"2026-03-27T16:57:55+00:00","dateModified":"2026-03-30T08:28:12+00:00","description":"Things change quickly in today\u2019s markets.\u00a0 When I wrote yesterday\u2019s piece, completed before 11 AM EDT, stocks had tried to gamely bounce off their lows.\u00a0 I later emerged from several hours of meetings to discover that bounce had failed miserably.\u00a0 After the close, the President announced a 10-day extension of the ceasefire, which seemed intended to bolster nervous markets.\u00a0 Post-market futures bounced, but as of this morning, traders are not mollified. Rhetoric isn\u2019t doing the job.","inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/ibkrcampus.com\/campus\/traders-insight\/ibkr-market-insights\/no-more-words\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/ibkr-market-insights\/no-more-words\/#primaryimage","url":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2026\/03\/quiet-featured-img.jpg","contentUrl":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2026\/03\/quiet-featured-img.jpg","width":1000,"height":563},{"@type":"WebSite","@id":"https:\/\/ibkrcampus.com\/campus\/#website","url":"https:\/\/ibkrcampus.com\/campus\/","name":"IBKR Campus US","description":"Financial Education from Interactive Brokers","publisher":{"@id":"https:\/\/ibkrcampus.com\/campus\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/ibkrcampus.com\/campus\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/ibkrcampus.com\/campus\/#organization","name":"Interactive Brokers","alternateName":"IBKR","url":"https:\/\/ibkrcampus.com\/campus\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ibkrcampus.com\/campus\/#\/schema\/logo\/image\/","url":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/05\/ibkr-campus-logo.jpg","contentUrl":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/05\/ibkr-campus-logo.jpg","width":669,"height":669,"caption":"Interactive Brokers"},"image":{"@id":"https:\/\/ibkrcampus.com\/campus\/#\/schema\/logo\/image\/"},"publishingPrinciples":"https:\/\/www.interactivebrokers.com\/campus\/about-ibkr-campus\/","ethicsPolicy":"https:\/\/www.interactivebrokers.com\/campus\/cyber-security-notice\/"},{"@type":"Person","@id":"https:\/\/ibkrcampus.com\/campus\/#\/schema\/person\/31988d9596575a63ddc53e92049a2549","name":"Steve Sosnick","description":"Steve is the Chief Strategist at Interactive Brokers. He has held numerous roles in the organization since joining Timber Hill, IBKR\u2019s predecessor, in 1995 as Equity Risk Manager and an options market maker. He developed and implemented automated trading strategies for stocks and options before moving into his current role. Steve has guest authored several columns in Barron\u2019s and made numerous live on Bloomberg TV and Radio, CNBC, Yahoo Finance, Fox Business, and several other media outlets in North America, Asia, Australia, and the Middle East in addition to being quoted frequently in print and electronic media. Prior to joining Interactive Brokers, Sosnick held senior trading roles at Morgan Stanley, Lehman Brothers, and Salomon Brothers, where he completed the firm\u2019s famed training program.","sameAs":["https:\/\/ibkr.com"],"url":"https:\/\/www.interactivebrokers.com\/campus\/author\/steve-sosnick\/"}]}},"jetpack_featured_media_url":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2026\/03\/quiet-featured-img.jpg","_links":{"self":[{"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/posts\/240844","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/comments?post=240844"}],"version-history":[{"count":0,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/posts\/240844\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/media\/240848"}],"wp:attachment":[{"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/media?parent=240844"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/categories?post=240844"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/tags?post=240844"},{"taxonomy":"contributors-categories","embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/contributors-categories?post=240844"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}