The past few days have seen an escalation in the battle between market forces and Trump’s tweet-driven algos. Trump and his minions are desperate to see stocks make new all-time highs and have issued a steady stream of breathless trade and tax-related pronouncements possessing little substance but great influence on the algos.
The algos have, so far, been happy to ignore stronger than expected economic data which would ordinarily argue against an FOMC rate cut next week.
With futures backing off their earlier highs, it remains to be seen whether Trump’s campaign can prevail. If not, it’s a very long ways down. About 200 points, to be precise.
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