The dip buyers are hesitant to jump in this morning as the steel and aluminum tariff news has created great uncertainty. There just isn't any way to know yet how this will develop. Not only are domestic users of metals impacted but the potential for foreign retaliation is high.
The market was disappointed this morning that President Trump doesn't seem to be backing down but it would be very surprising if he did so in that manner. Anyone that has followed Trump knows that he will never apologize or admit to mistakes. He will simply change his position and move ahead as if that was always the plan. I expect to see that process begin over the weekend.
I am using the softness this morning to add to a few things like HTG Molecular (HTGM) , Cara Therapeutics (CARA) and Health Insurance Innovations (HIIQ) but I'm doing so very incrementally. Twitter (TWTR) is holding up well in this action and also I added a little to my SPDR Gold Trust (GLD) position yesterday.
Overall technical conditions are oversold but the lack of any strong bounce action shows there is a high level of nervousness and uncertainty. I would not be surprised if we see more downside but I think we will probably see some shifting in the tariff policy over the weekend that will give the market some relief.