Trump Bump turns Trump Slump
The Trump Bump has turned into what is now the “Trump Slump”. It is not coming full circle and no one really sees it coming. It has taken over 2 years to work off the market euphoria that was injected at the 2016 election and you will see in the chart below what that looks like when the high runs out...
Goldman Sachs was one of the names that benefited the most from the election results and kicked off the 2016 bull. When GS was above 250 I said that the election area would likely be tested again. And now we are here.
Let’s look at the XLF and the SPX now.
Where do you think they will end up going to? You guessed it, the 2016 election area...As you can see there is still more downside to come. I am expecting a full fledged vicious bounce back into the 2650 area on the SPX only to roll over again and test this election area. No reason to buy anything long term here folks as these lows will likely be tested.
Published by Hey I'm Snuffles
on
Hopefully it will cool down but I am truly not confident in that ^^.
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Yup everyone thought more money was better but the crash was inevitable considering how much cheap money was being pumped into the economy and the stock market in particular.
Indeed!
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