Trump Gong Show Two Years Later

Tuesday this week marks two years ago exactly since Trump's election. When the news broke, Melania burst into tears and S&P futures crashed limit down. The overnight selloff of course got bought with both hands when gamblers quickly figured out that unfettered corruption was the order of the day. Nevertheless, it turns out that Melania's initial instinct was right. Global markets are not impressed by Trumptopia...

First off, the bigger, fatter, uglier bubble is now imploding on a daily basis, in conjunction with higher bond yields which are blowing out due to the highest Treasury bond issuance since the depths of the Global Financial Crisis. As the free money club borrows their way to prosperity. 

Y2K 2.0 in broad daylight is well underway:

The U.S. Trade deficit is 2008 wide:

U.S. Industrials have been imploded by trade wars

The U.S. reflation trade (Financials, Energy, Transports) is deflating 

World stocks have been monkey hammered by the Donny tax cut:

EM Credit imploded by higher U.S. bond yields and the dollar rally:

Global real estate shellacked by reduced liquidity

U.S. market breadth imploded

New lows expanding

Otherwise, all good...