A Sea of Red Hits

These last two days were again another head fake with light volume.

Good afternoon:

Tariffs will go into effect this evening at midnight, and the market has already reacted fast and furious in after-hours trading.

Today’s light volume squeeze was yet another head fake.

I emphasize that investors need to prepare for a retest of the 5,500 level - and the possibility of more pain and outflows due to broader concerns about the U.S. economy and the impact of tariffs on consumer spending.

I’ll have more on this tomorrow, but we remain Red for now.

We will require a significant policy change. The iShares 7-10 Year Treasury Bond ETF (IEF) rebounded from today’s selloff in the last 30 minutes as money flows back into safe-haven assets.

Apple (AAPL) has flown under its 20-day moving average again, shedding 6% in the last hour. We’re still in the early innings of the 2025 trading year…

I’m off to dinner with my family.

Cheers,

-G-