The “Trump= DOW 25K” Crowd is about to
Get Taken to the Cleaners
by Graham Summers
The markets are completely misreading the Trump Presidency.
Since Trump won the election, the $USD has surged above 100.
The consensus view is that Trump’s Presidency will continue to maintain a strong $USD. This view is beyond incorrect. The surge in the $USD has in fact been based on the Bank of Japan taking advantage of the window between the election and Obama leaving office to aggressively devalue the Yen.
You can see this playing out with the S&P 500 tracking the USD/Yen pair almost tick for tick from election night.
However, this is now ending as the USD/Yen pair has begun to roll over. Meanwhile, the S&P 500 is flirting with new all time highs.
This won’t last much longer. The S&P 500 is on thin ice. And now that Dow 20,000 has been obtained, the door is open to a 10% correction in stocks if not worse.
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