There are plenty of sharp sticks being waved about, any one of which could pop the bubble.

Stocks Plunge on Greenland Crisis and Soaring Bond Yields, January 20, 2026 4pm
"Stock indexes plummeted on Tuesday, with the S&P 500 and Nasdaq 100 falling to 1-month lows, and the Dow Jones Industrial falling to a 2-week low. Rising geopolitical tensions between the US and Europe over control of Greenland have led to a risk-off mood in asset markets. President Trump’s push to take over Greenland is reviving fears of trade confrontations between the US and its European allies, with little sign of de-escalation. ...
Rising bond yields also weighed on stocks on Tuesday. The 10-year T-note yield jumped to a 4.75-month high of 4.31% on Tuesday, driven by concern about an independent Fed and negative carryover from soaring Japanese government bond yields. ...
The Supreme Court on Tuesday did not issue a ruling on challenges to President Trump’s reciprocal tariffs. The court did not say when it will issue its next opinions, meaning it will likely be at least another month before ruling on the tariffs, as the court begins a four-week recess. "
barchart.com - Stocks plunge on greenland crisis and soaring bond yields