HONEST TWO-SIDED: Bull leans QQQ outperforms SPY over 48h on regulatory clarity narrative continuation. Bear leans sideways-to-down due to lack of tactical confirmation and prior overweight on sentiment-only geopolitical relief. I lean BULL (55% weight) on the fact that two independent regulatory reads in one session reinforce regime clarity, BUT my low confidence (0.45) reflects that this is the exact class of call (geopolitical/sentiment-only, <48h, no options/insider/vol confirmation) where my counterfactuals flag repeated underperformance.