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If Nobody Sees It, It Didn’t Happen
If a tree falls in the forest and nobody's around to hear it, does it make a sound?
The market vers
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Or, as I noted in a comment on Revisionist History:
“Meanwhile I notice that volatility is creeping back up today, though when it comes to our friends the robo-traders, one flower does not make spring.”
SPX up just slightly from last Thursday’s close before NFP. Friday didn’t happen, or that dip below the 20DMA buying opportunity
My take is that Friday’s route was due to the activation of the worldwide ban on trade (the implementation of the long-threatened and often delayed tariffs that Trump has been trying to push forward since Liberation Day). Lost among the headlines was the fact that the tariff implementation date was moved from the 1st to the 7th, with the reasoning that it gives time for Customs to figure out how they are actually going to implement the complex web of tariffs. I think the trading machines went into the TACO trade subroutine, but I don’t see Trump reversing this one, since he has spent so much time talking about how great it (he) is. Thursday could be a bad day for Mr. Market, especially if any of the Penguins mention the possibility of reciprocal tariffs. I am disappointed that Congress doesn’t put up any fight against Trump’s Really Bad Ideas, but I find it hard to believe that every world leader is going to smooch the Big Beautiful Orange End.