White House Stock Market Warning
CNBC reported more fun quotes from Secretary Ross today. He also said, "There will be some hiccups along the way."
Hiccups? He knows. That's not very bullish. We need to take heed.
We don't remember the White House ever warning Wall Street for impending downside. Anybody remember that? That makes it tough to be bullish.
As you know we turned cautious on markets last Monday thanks to these trade issues. That was after being big tech bulls for a while. On Monday we said, "We've had monster moves in our Buys if you've been following us.... This accelerated uncertainty is a as good a reason as any to step aside."
On Wednesday we expected a "tough next few days" for stocks specifically tech stocks. Tech stocks have huge exposure to China.
For now we see stocks in a technical downtrend over the last week or so and the macro news is confirming that downtrend.
We don't have positive earnings news to save the day for about another two weeks so the trend looks down ahead.
When the White House flat out tells you watch out stock market I think it's fair to take heed. It confirms our first cautious notes from last week after being bullish for a while.
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