According to Gary Black, pre-market bargain hunters rotated into beaten-up tech shares after concerns that the AI-fueled rally since April had overshot, signaling a risk-on tone into the open; source: Gary Black on X, Nov 7, 2025. TSLA shareholders approved a potential 1 trillion dollar pay package for Elon Musk with more than 75 percent of votes in favor, removing an overhang on the stock and improving near-term sentiment for momentum strategies; source: Gary Black on X, Nov 7, 2025. He noted markets are flying partly blind due to limited economic data during an extended US government shutdown, leaving the path for interest rates unclear and complicating risk positioning; source: Gary Black on X, Nov 7, 2025. On valuation, he stated the S&P 500 trades at 22.0 times forward earnings, implying a 4.5 percent forward earnings yield versus a 4.1 percent 10-year Treasury yield, within the range of historic equity risk premiums, tempering fears of stretched multiples; source: Gary Black on X, Nov 7, 2025. For crypto exposure, traders can monitor BTC and ETH for potential spillover from tech-led risk appetite and evolving rate expectations highlighted above, aligning positioning with shifts in macro-liquidity sentiment; source: Gary Black on X, Nov 7, 2025.