My rubric for trading #equities these days:

“The Newhart Tariffs”

“Honey, wake up. You won’t believe the dream I just had…”

The court’s ruling on #tariffs has me thinking of the late, great Bob Newhart, and the classic ending to his second sitcom.

youtu.be/ZgdUWXf8jJk

Weaker ADP hiring, a negative GDP print, and higher prices (PCE) is not a great combo. Throw in some gratuitous Fed bashing, and no wonder futures are plunging.

The good news re UMich Sentiment and 1-Year #inflation expectations: they’re better than feared.

The bad news: they still stink!

This song by Kinky Friedman is an appropriate accompaniment for this morning’s selloff:

This administration supposedly prioritizes balancing our trade deficit. As they go out of their way to revoke student visas and scare off tourists, do they realize that we are exporting valuable services when students or tourists spend money here?

Apparently not…

Mr. Market yawns, checks watch until start of long weekend...

Chair Powell confirmed what we asserted last week: The cavalry (aka #FederalReserve) will not be riding to rescue #Equities. Key:

"The “Fed Put” might still exist, but it won’t be exercised unless the broad economy or the banking system requires it."

www.interactivebrokers.com/campus/trade...

I’ve been watching Sunday shows all morning, and this strikes me as the administration’s response to the #tariff induced selloff:

Animal House - Remain Calm, All is Well! youtu.be/wWBiLeVy45k?fe… via @YouTube