Early Morning with Dave

Early Morning with Dave

Donald Trump Blinks and Markets Rally

Trump’s new statements lead to an equity rally and gold profit-taking…

David Rosenberg's avatar
David Rosenberg
Apr 23, 2025
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Highlights

• Trump’s new statements lead to an equity rally and gold profit-taking…

• … but this is rhetoric not backed by substance or hard data

• S&P 500 volatility is a 3+ standard deviation event

• The U.S. consumer spending outlook appears bleak

Key Takeaways

• Volatility Indicates Fundamental Bear Market: Ride the roller-coaster. That is the investment advice for the time we are in. Yet another in the long list of headline- and announcement-driven sessions. Down nearly -1,000 points one day; up +1,000 points the next (for the Dow). An endless string of volatility in both directions, which is a tough environment that only happens in fundamental bear markets.

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