Earlier today, we brought you “We’ve Gone From ‘Get Out Now’ To ‘You Have To Be In It To Win It’ In 24 Hours“, in which we highlighted some excerpts from former trader Richard Breslow’s latest daily missive. His overarching point was that no one knows what’s going on no matter how hard they try to convince themselves otherwise.
While Richard did a decent job of communicating the idea that everyone is clueless, Donald Trump was much more succinct this afternoon while speaking at an event in White Sulphur Springs, WV. Have a listen:
trump summing up this month so far… pic.twitter.com/SBWf5Z7zMl
— Walter White (@heisenbergrpt) April 5, 2018
And in order to ameliorate any confusion he might be causing by going off script, he’ll literally throw the script away entirely:
So that’s how Trump was feeling this afternoon, how are you doing?
If you bought the dip first thing yesterday morning, you’re doing pretty goddamn well, because if you look at the Dow, we’re now a ridiculous 1,000+ points off the Wednesday opening lows:
Third straight day of gains for stocks after Monday brought the worst start to any Q2 in 89 years:
Have a look at gold since the China retaliation news hit overnight on Wednesday:
Treasurys fell – 10Y yields are back up to 2.83, just in time for AHE to beat tomorrow morning and bring inflation fears back to the forefront (that’s not a prediction – it’s just a throwaway quip – unless it turns out to be right, in which case I’ll say it was a prediction):
European shares had their best day in a long – long – time as equities across the pond played catch up to Wednesday’s rally on Wall Street which largely played out after European markets were closed. Best day for the Euro Stoxx 50 since the Macron bounce:
Basic resources and tech rallied the hardest as recent laggards recovered:
The ebullient European session came on the heels of a relief rally in Asia. Japanese shares were up nicely and the Nikkei is sitting near a three-week high:
Oh, and the lira is all to fucking hell. It hit a fresh record low on Thursday amid more political turmoil and although the losses briefly abated after Deputy PM Mehmet Simsek pledge to continue to serve the country “until our last breath”, it’s a shitshow:
Of course this all comes back to Erdogan and his batshit crazy views on interest rates. It also doesn’t help that he’s hell-bent on killing Kurds wherever he can find them. Last weekend, he accused anyone who suggests that rates should be higher of being “a source of every evil in an economy.” You get the idea.
Finally, for your moment of zen, here’s the longer clip of Trump’s press conference from which the soundbite above was taken, along with Katy Tur basically just throwing up her hands at the end while marveling at the sheer absurdity of it all…
— MSNBC (@MSNBC) April 5, 2018