I'll say it. Friday was just plain awful. It was awful in so many ways. It was awful for the banks. Awful for the industrials. Awful for health care. Awful for the techs.
The market sucked in a huge number of people when the president spoke. It was a straight shot up on low volume but it brought in buyers and then they had their legs cut out from under them,. I saw gains made over many months lost in about twenty minutes.
I know it was only a couple of percent loss but it was the way the money was lost. Apple's (AAPL) fine and then out of nowhere it is down three. Facebook (FB) looks like it is hanging in and then there is a total breakdown. Not a single oversold bounce anywhere except Broadcom (AVGO) and even that couldn't hold,
It was pure paradise if you were short.
So we lick our wounds but we accept the fact that the Russians with Facebook the Chinese with intellectual property and the endless firings at the White House have lent themselves to a period before Nixon went to China even as Trump says the Chinese remain great friends.
It's impossible to fathom and somehow it's as if Trump wants it that way.
Now he is right. The tax cuts and deregulation gave us plenty to be happy about. Maybe we are being greedy thinking we can hang on to a lot of it.
The fact is that this market's rolling back points in a frenetic, nasty no-hope fashion with what feels like a giant neon sign that says an investor and his money are easily parted.