But I don’t get to watch much television. Primarily because of documents. I’m reading documents. A lot.
— Donald Trump, ca. November
On Monday morning, it kinda seems like maybe the President eschewed his traditional “document study” time in favor of a heavy dose of Fox News, because what emanated from his Twitter feed starting promptly at 7:02 ET and continuing at regular intervals for the next three hours was right out of the Alex Jones/right wing conspiracy playbook.
There was Mexico, the “caravans”, the FBI, the DoJ, NAFTA, and of course Amazon.
Calling it “unhinged” would be to grossly understate the case.
Another horrific day for Amazon thanks to the President’s tweets – this was the fourth time this year the shares have fallen 4% or more:
Stocks plunged across the board – the Nasdaq is now red for year:
Worst start to a Q2 in 89 years:
It looks like the 200-DMA might be out of the running to replace Jerome Powell:
New fed chair is fired. S&P 500 FALLS BELOW 200 DAY MOVING AVERAGE
— Walter White (@heisenbergrpt) April 2, 2018
VIX hit a 25 handle for the first time since March 23:
Big-cap tech still stretched valuation wise compared to the broader market:
Nasdaq 100 forward P/E vs S&P 500 would seem to imply the big guns won’t be the first to get valuation support. pic.twitter.com/HdU0aR6IOK
— Luke Kawa (@LJKawa) April 2, 2018
The Amazon “VIX” is spiking:
Specs caught offsides (largest net long in five years based on latest CFTC data):
USDJPY dove in the risk-off move, reversing some of last week’s rally:
Remember when everyone was worried about 3% on 10s? Me neither…
Intel plunged on reports Apple is set to use their own chips in Macs (Stifel was out defending the shares). At one point, INTC was down 9%, its worst intraday loss in more than two years:
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