Long time and knowledgeable New Yorkers like myself are hardly phased anymore by Trump's
thoroughgoing egomania. But, some of us were surprised by how far he went off the rails this
Tuesday in his improvised and morally distorted press conference in the lobby of the Trump
Tower. He lost his business councils of prominent CEOs and has senior GOP elected officials
questioning his fitness to be a successful president. What was surprising was that it all happened
live and in full public view. Decent, conscientious folks (including a number of investors) have
been exhausted by the ugly melee in Charlottesville on Sat. past and its troubling aftermath,
stoked by Trump himself. The stock market took a drubbing again today as some traders started
to question how thin the ice is that they have been happily skating upon. SPX Daily
The market has slipped into mild corrective mode with support at SPX 2400 and I am certainly
not clear on whether market players will quickly move to correct the damage or whether
more traders and investors will want to trim positions further and sit back to see if the current
troubling political shit storm settles down. God knows, they have already given this guy the
benefit of the doubt.
Trump's competence and fitness to be president is finally coming to the fore as a factor at a time
when serious economic and financial issues are going to hit the calendar soon after Labor Day.
Folks want to see the Trump Team's fiscal programs and hopefully intelligent outreach to the
Congress and do not want to see him consumed by bitching over Confederate statues and
symbols of a war fought over 150 years ago. Lasting damage has been done to his reputation
but his guys have to fight like hell now to get him back on the rails.
- Peter Richardson
- Retired chief investment officer and former NYSE firm partner with 50 plus years experience in field as analyst / economist, portfolio manager / trader, and CIO who has superb track record with multi $billion equities and fixed income portfolios. Advanced degrees, CFA. Having done much professional writing as a young guy, I now have a cryptic style. 40 years down on and around The Street confirms: CAVEAT EMPTOR IN SPADES !!!