Trump 2.0 Market Starts Today

And now the real work begins... supply-side challenges, refinancing galore. The madness starts now.

Action to Take: Markets face their first real test of the Trump era as policy shifts arrive faster than traders can price them.

We need to stay nimble with hundreds of executive orders in the pipeline and yesterday's tariff comments already rattling futures. Pay close attention to our momentum indicators, which will be more crucial than ever this year. We're entering a challenging period in which policy shifts, record Treasury issuance, and global trade tensions could trigger violent sector rotations with little warning.

If you caught Stanley Druckenmiller on CNBC yesterday, he spoke of the dramatic change in CEO sentiment as we head from ‘the most anti-business administration to the opposite.’ But also warns that with yields at these levels, broad market exposure comes with risks. The key will be picking our spots and avoiding the head fakes.

If the CEOs really are bullish… they will be buying their own stocks. And if they are not buying their own stocks… why are you?

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