Today, the global fake reflation trade got smoked by Forrest Trump. As if it needed any help, as it was already rolling over. The news breaks with the cycle. Every multinational on the planet will now be scrutinized for their exposure to trade retaliation. The Dow's biggest loser today was Boeing. Which happened to be the Dow's biggest gainer for the past year. Steel stocks which have the market cap of a gumball machine, rallied.
Never fear, there's so much horse shit in here, there has to be a pony somewhere:
S&P 500 profit estimates at the end of the cycle have the veracity of a Magic 8 ball. Forward profit estimates are right now turning back into a pumpkin:
"Aw fuck, not this again!!!"
And all of the car-salesmen-turned-investment-advisors, say, "whoops we fucked you over again".