The Trumpster sounded so hopeful at Thursday night’s briefing that one could almost think we’re headed into a summer of baseball, barbecues, fireworks, lawn concerts and kids’ birthdays with piñatas. If only. Still, traders are at least pretending that all of these staples of American life will be returned to us in the foreseeable future. They’ve pushed index futures into a steep after-hours rally, every tick of it supported by short-covering from bears who evidently believe economic reality should count for something. The rest of us should enjoy this simulated state of exuberance while it lasts, since bear rallies are notorious for flaming out just when they start attracting true believers. For you chart-watchers, I’ve adjusted my rally target for uber-bellwether AAPL to 313.58, at which level new record highs of up to 347.27 would not be unthinkable.
Traders Seem to Be Imagining Baseball and Barbecues
Please do not ask trading questions!