The relentlessness of it is so bad that it jars the most steely-veined. That's because it isn't just FANG, it is everything and that's because as I have been writing for the last few weeks, there are only a handful of sectors that don't have real issues to them.
The Chinese news, for example, takes us back to where we were before the Treasury Secretary, Steve Mnuchin, told us not to worry because we would avoid a trade war. If that's the case then why did they put the tariffs on all of those ag businesses. Was Mnuchin wrong?
Then there is a president obsessed with Amazon (AMZN) and Jeff Bezos. We know if he cared about the market as his judge he would never be going after Amazon in what is only a totally reckless way. Let the process make Amazon pay more. It was the process that gave them this deal with the Post Office. What the president, foolishly, doesn't understand in all of his pique is that the Post Office needs Amazon more than Amazon needs the Post Office as either UPS (UPS) or FedEx (FDX) would be happy to get that deal that Amazon gave to the Post Office. The bizarre way our president deals with these issues has worn us down. He doesn't want the facts to get in the way of a good story.
So we take what we can off the table -- as we have done in Action Alerts PLUS, finally free from restrictions only because I attempted to take a vacation -- and we watch the stocks sell off and wait for better opportunities. We have sold for weeks on end and are now ready to pick. But the fact is, if tomorrow is another presidential rant against Amazon we know that the days when he cared about the stock market are over and the averages have just become another form of fake news for an increasingly isolated President of the United States.