Everyone, Everywhere Now An Expert on the Great Depression...

Ugh... these people...

Dear Fellow Traveler:

The financial markets have reacted gnarly to President Trump's new tariff policies.

We’ve been on top of this from the onset.

As I noted… there have been two distinct parts to this selloff.

The February onslaught began as excess capital (or liquidity) drained from the market. Our Equation turned negative on February 21. Then, on February 24, we confirmed the momentum breakdown when the FNGD (a 3X leveraged ETN that exists solely because of our financialized economy) broke above its 20-day moving average.

From there, we saw markets hit a temporary bottom around 5,500 twice, and the FNGD pushed back UNDER its 20-day moving average.

Then, two Wednesdays ago (March 26), we had the signal go negative AGAIN, and the FNGD went back above (and ripped) well above its 20-day moving average. That was the TARIFF-fueled selloff.