Shhh! Don’t Tell The Kids—-Party’s Over

The latest tariffs announced last night for Mexico seems to have caught everyone by surprise, especially for those thinking their month end positioning was fairly stable. Hint: it’s not – and that’s a very big problem if it becomes a self-fulfilling negative feedback loop.So in that light let me put up what I see as a possible path for these “markets” if there isn’t some sort of “deal” or emergency action via the Fed et al. To wit:

(Chart Source)