Noel Smith expects market volatility to continue, driven by macroeconomic shocks, including tariffs, earnings season, and Fed activity. He predicts a "higher floor" for the VIX, but not a swift return to pre-volatility levels. Smith also sees elevated bond market volatility as a catalyst for further market swings, with few safe-haven assets available. He looks at a "market of stocks" approach, focusing on individual stock picking in a period of increased dispersion.