When Doge rallies 19% while QQQ sinks and Treasury yields stay put, what's really going on—risk appetite surging or just noise? The signals feel mixed. Tech stocks bleeding red suggests risk-off flows, yet here's Doge climbing hard. Treasuries flat-lining doesn't scream either direction. You've got altcoins catching bids when equities get hammered—that's typically the move when markets rotate into speculative territory. But QQQ tanking could just as easily mean broad risk aversion is kicking in, and Doge just being Doge. The disconnect between these three tells you something's shifting, though pinning it as purely "risk on" or "risk off" gets fuzzy when the usual correlations break down like this.