“Indefinite exemptions” – sounds a lot like…
“you get an exemption, you get an exemption, everyone gets an exemption”
Markets were spooked early on by chatter than Peter Navarro was hoping to get Cohn’s job, but that all reversed when headlines proclaimed indefinite exemptions for Canada and Mexico from Trump’s tariffs…
FANG stocks fell for the first time 5 days.
The S&P stalled at its 50DMA today…
VIX dropped to a 16 handle (because why wouldn’t you sell vol as Trump starts an incredibly uncertain trade war)…
Treasury yields were lower on the day though they rose after tariff exemption headlines hit…
FX markets were the most volatile today with the Loonie and the Peso surging after headlines proclaimed indefinite exemptions
The Dollar Index ramped back into a congested resistance area and rolled over…
Cryptos had another bad day…
With Bitcoin battered back below $10k…
Nasdaq and Bitcoin have decoupled once again…
Copper and Crude crumbled as the dollar jumped with PMs modestly lower also…
NOTE the plunge in WTI each of the last 3 days has started at the same time of day.
Finally, as a reminder, the economic data is not as rosy as you’re being told (but of course tomorrow’s payrolls print is all that really matters)…
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