In case there were any holdouts who didn’t believe that the market had priced in a positive outcome to the US-China trade talks, today’s market activity should erase any remaining doubts. Today’s slide, spurred by a series of strongly worded tweets from President Trump and a quick Chinese retaliation, is exacerbated by the market’s bounce on Friday afternoon.

Friday’s bounce, which took the S&P 500 Index (SPX) from a 1.5% loss to a small gain, was precipitated by positive trade comments from Treasury Secretary Mnuchin and the President. That day’s activity would normally be considered very bullish, as the index completed a chart pattern know as an outside reversal (aka bullish engulfing candle). The pattern occurs when an index or stock closes above the previous day’s high after trading below the previous day’s low. We also saw the VIX Index collapse from 20 to 16 after trading above 23 on Thursday. A 20% one-day decline in VIX is exceedingly rare and can be interpreted as nervous investors turning much less risk-averse in a hurry.

That’s what makes today’s decline especially painful. SPX opened around last week’s lows and headed south throughout the morning.VIX rallied over 30% to trade above 21. Risk aversion returned with a vengeance as Treasury yields plunged and the Yen and Swiss Franc rallied against the dollar. Markets that had shrugged off the geopolitical risk of a trade war had to make an about-face.

Investors feel jilted. We have received almost constant reinforcement of the idea that the trade talks were going well. Seemingly every Monday, and on various other days throughout the week, equity markets had a positive tone based on comments – often unsourced – that the trade talks were progressing nicely. The past two weekends have brought the opposite – tweets from the President that upended the positive trade mentality.

Traders find geopolitical risk to be particularly difficult to price. The recent swings reflect that difficulty. It is entirely possible that a positive outcome to the negotiations can be salvaged, and that would likely be a market positive. In the meantime though, many investors feel bamboozled by the happy trade talk that had pervaded the market zeitgeist. A jilted market is never a happy one.

Oh, and if that’s not enough, a whole class of investors in rideshare darlings LYFT and UBER are asking themselves similarly uncomfortable questions.