Lets just look on and enjoy the overnight numbers from Friday and all the winning.
Nasdaq down again, almost 500 points this time. Now down 3000 points (15%) since it peaked on 16th Dec which coincidentally was 2 business days after the US election. Now Trump did state that he would start to bring prices down on his first day in office. Most thought that he meant food prices, not share prices but I don't recall him being specific. I do like the smell of a good correction in the morning.
Many US car prices set to shoot up like a space-x rocket. Not the sh1te cars that nobody wants. Just the good ones. Entirely self inflicted but may be a surprise for US consumers / voters who somehow got the false impression that tariffs would be paid by foreign companies and / or governments and not by US mums and dads. Again, their bad. Tesla down another 3.5% during the trading session and another 1.3% so far after hours. 4.8% so far in less than 24 hours. Elon fanboys now clenched tighter than a fish. Special shout out to analyst Mizuho who put an outperform rating on Tesla at $490 as a special xmas gift for followers. Now $260.
Inflation set to stay high for longer and interest rate cuts go out the window for US mortgage holders. Again self inflicted but I guess most billionaires don't have a mortgage so not really a problem for most who were invited to the inauguration party. Interestingly Trump does have lots of mortgages but after 6 bankruptcies lenders must know thats their problem and not his. Either way I'm sure its all secured with crypto assets like Trumpcoin so can't see a problem
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Meanwhile in sports news Trumps team appears to have scored another home goal with Trumpcoin dropping another 7% overnight and Trump media almost 5% down. This has been a thrilling ride for those that thought it would be nice to see Trumps face on a non-existent coin. Trumpcoin down 74% since Jan when it initially emerged from some orifice in Florida. A 74% loss in just 2 months is impressive but again he did say he would start reducing prices as soon as he got in office. Equally this could just be seen as another tariff. A tariff on stupidity. He did famously state that crypto was a scam so anybody who brought Trumpcoin can only have themselves to blame.
Bitcoin down another 3.3% and down 23% since the bubble peak when Trump was promising to use US taxpayer money to build a strategic crypto reserve. Apparently he didn't really mean actually buying the stuff but rather acquiring it by seizure, like Greenland, and the US capital in 2021. That strategy always works well !
My personal fav right now is LuLuLemon (LULU) down over 15% overnight. I don't read much about LULU but I noticed that they reported what they described as amazing earnings growth and their SP tanked. Sounds like what happens to the US economy when the Whitehouse tells us how successful their initiatives are so I'm just using them as the ticker symbol for the overall US market. LULU is like a groundhog. LULU down about 30% since Trump's inauguration and 15% overnight. NASDAQ down 15% virtually overnight (since the new administration) and maybe LULU's -30% is a predictor of where it ends up.
Anyhow so much fun to be had by all right now. Amazing time to be in the markets with novel economic theory being applied. Just like BITs novel compound action. Wonder if the Whitehouse will release an economic trial results paper at the end of this experiment just before the Fed does the mother of all capital raisings.
Have a good weekend all and lets just enjoy the entertainment. Thats the only way to survive financial markets sometimes. That and being in cash and/or gold.
(20min delay)