Wednesday, August 23, 2017

Trumponomics meets Mr. Market

Mid-week market update: As the stock market staged a bounce yesterday, it was still exhibiting a pattern of lower highs and lower lows. After the close, the market ran into a dose of Trumponomics that spooked the market and pushed the index below its 50 day moving average.

Notwithstanding Trump's fiery rhetoric about Charlottesville and immigration policy, which are beyond the scope of this publication, two details of his speech served to tank the market. First, his threat to shut down the government by holding up debt ceiling negotiations if his Wall was not funded did not do the bulls any favors. As well, his comment of "I don't think we can make a deal", when referring to NAFTA raised the specter of tariff walls.

The full post can be found at our new site here.

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