Tariff plans scaled back modestly, but markets moved way too much. Stocks vs bonds back to levels just before election. No negative growth policies from the new admin priced in at this point. Fade the rip: Long bonds vs. stocks at 50% risk to start.
Bob Elliott
Bob Elliott10.4.2025
Looks like time to start selling the rip. Even with this relaxation of tariffs, the combo of CHN + across the board 10% + sectoral tariffs is still a big drag ahead. Unless you think tariffs are pretty much over, these moves are likely far too positive given what is coming.
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