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Trump denies the Washington Post story... stay vigilant.

Dear Fellow Expat:

I’m not trying to blow your email inbox up. But we had a positive signal change in the early trading period… and now it’s starting to selloff. What’s happened?

First, Trump denied that the Washington Post got it right on trade.

This morning, WaPo reported that Trump would move away from full-scale tariffs. Instead, they said he’d move toward targeted import taxes on specific industries.

Trump came out hot at 9:15 a.m. this morning. I had said we should wait to hear what he said, and he didn’t stray. Yahoo! reports that Trump said the WaPo report “incorrectly states that my tariff policy will be pared back. That is wrong."

Shocker.

At the same time, institutions used the news to propel stocks higher. Momentum was intense for two solid hours. Bitcoin rallied to $102,500. Then, the selling started.

We’re seeing increased weakness on the cyclical at the moment and trending down again toward equilibrium on our readings. Keep an eye on Carnival Cruise (CCL) and Norwegian Crui…