I combined the volatility of my main assets into a single chart with Gemini's help. Overall, the picture is quite clear.

1. Due to Iran issues, the market is pricing in high short-term risks, but across different maturities, the curve is nearly flat, at least indicating that everyone believes the current uncertainty won't disappear quickly.
2. Nasdaq volatility is higher than the S&P, and doubts about tech stocks are not over yet.
3. Pressure in the credit market continues to rise, not to mention the commodity market, where crude oil volatility has surged.
4. Looking at the bond market, safe-haven buying suppresses yields while inflation expectations push yields higher, creating a tug-of-war.
Therefore, from a cross-asset volatility perspective, even if prices are rising, it shouldn't be seen as a trend reversal but rather a rebound.