Slay Ride

"And then...it hit!"
--Sam the Snowman (Rudolph the Red Nosed Reindeer)

After yesterday's 'Tariff Truce' lift inspired bulls to perhaps get long and ride the Santa Claus Rally sleigh into the new year, the longs had their heads handed to them today as markets took a 3% haircut and closed on their lows.

Some blame Trump tweets implying a tougher stance on Chinese tariff talk. Others continue to blame the Fed's interest rate increase program.

There does seem to be increasing concern (and pockets of evidence) about the economy slowing down--and right fast. It is consistent with the movement we're starting to see in various macro indicators.

Will be interesting to see whether Santa can get his reindeer team back in the air--or whether they will remain grounded.

no positions