For a guy who has so often touted the stock market’s performance as a measure of his own prowess, Trump has been the bears’ best friend lately. We’re certainly not complaining, as our downside targets are being tagged one after another.
The 10Y has gained a spectacular 7.7% in the nine months since our bottom call last September.
Futures are now off about 6.5% since our April 30 top call and are closing in on our next downside target.
USDJPY is closing in on our 108.50 target.
RBOB is closing in on our 1.76 target.
COMP, having already reached our SMA200 target, appears likely to tag our 7391 target.
Even AAPL has compliantly continued to sink toward our next lower target.
The big win would be VIX…but the other factors have been so effective in driving stocks lower that VIX is still languishing in the teens. Perhaps not for long…
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