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With The Dow on course for its longest losing streak in 8 years, albeit remaining modestly off its record highs and still significantly on the year, traders are anxious that President Trump's plunge-protecting-tweets appear to have stopped working, along with the guru-creating BTFD strategy that has worked so well for every Tom, Dick, & Harry home-gamer playing the stock market.
As Bloomberg reports, three weeks after the president rekindled the trade war with China, sending the Dow into a 4% tailspin, traders are growing increasingly impatient for their dose of White House succor.
Donald - Selkin - Market - Strategist - Newbridge
“It’s beginning to feel lousy,” said Donald Selkin, chief market strategist at Newbridge Securities Corp.
“I own stocks. Of course you’d like to see some kind of a stop to this downtrend we’re in now.”
Stocks - Headlines - Trump - Tariffs - Goods
Stocks have been rattled by trade-related headlines ever since Trump hiked tariffs on Chinese goods earlier this month. Since then, there’s been a ****-for-tat escalation, with China retaliating, the president targeting Chinese tech companies and China subsequently warning of its unwavering resolve to fight.
This has sparked a collapse in 'hope' for a trade deal with China-sensitive stocks underperforming the market by the most since January 2017.
Decline - Traders - Tweet - Headline - Re-run
And as the decline accelerates, traders become ever more hopeful that a well-placed tweet, or leaked optimistic headline, will trigger a re-run of January/February's panic-bid short-squeeze meltup once again.
“He’s not afraid to use his...
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