Chaos as Trump confronts the fake news press

Advertisement

This is going to be a LONG four years.

A succinct synopsis from Greg Michalowski at Forexlive:

He walked into the room late and stood on the side. A speaker spoke about how corrupt the press was – to the press – and then introduced the Vice President.

He introduced the President-elect and there was some applause (I assume from staffers. I have never heard applause at a press conference, nor an introduction. They normally just walk in).

It felt like a campaign rally. That was just the beginning. In his opening remarks he blasted the pharma industry (down goes the stock market). He could not help but talk about Hillary. He DID not talk about infrastructure spending or repealing regulation.

His legal counsel talked about what the President elect would do with his businesses and investments. There was talk of Russia and Putin. He also had a shouting match with a CNN reporter who pleaded to ask a question. Trump pointed at him and said “You are fake news” and flatly refused.

The King was in his court and he was in charge. The presser was like no other.

Its come to light that besides the press there were only Trump staffers and aides to fill the room, hence the applause.

This was the first press conference from Trump in six months and in between we’ve seen him move markets with his incessant Tweeting, but if as President he makes these conferences more frequent (with less CNN, more Breitbart one assumes), than the volatility will go sky high!

Advertisement

Here’s a micro look via ZH at what happened, starting with biotechs slammed on one offhand Trump comment:

Tech stocks love Trump: 7th day in a row of positive closes for Nasdaq, 4th day of record highs…

Yields tumbled as Trump spoke and were pushed lower on a very strong 10Y auction but everything bounced back in the late afternoon…but bonds ended the day unchanged.

The Dollar was clubbed like a baby seal as Trump disappointed those looking for details… hit 2017 lows then bounced to unch for 2017 before fading…

The Mexican Peso was the poster-child of Trumpian chaos as it crashed to record lows, ripped on Dollar’s drop, then collapsed back down on trade comments, then rallied again… – still closed at record lows…

As the dollar plunged, crude ripped higher – totally ignoring the spike in production and inventories…

Let’s make volatility great again. Actually I penned the term “The Great Volatility” many moons ago here at MB and for traders and sharp investors alike, the next four years will provide many, many opportunities.

Advertisement