DJT has some 'splaining to do. He got us into this mess, so he'd better hurry up and get us out of it. The market has been merrily heading toward new highs until today. I guess nobody believes he won't capitulate at some point, but when? Welcome to the orange hair-trigger world. Recent market behaviour has given us a lesson in humility. The linkage between the front page and the business pages seems irreparably broken. As I wrote a few weeks ago, the S&P 500's elevated level

When two opposing forces have equal power, a stalemate occurs. That sums up risk markets today. Investors find themselves torn between two conflicting motivations: continue playing the AI-driven bull market strength or sound the retreat amid rising rates and slowing economic growth. This dynamic has created a stalemate in investors' risk appetite, leading to a trading range market. Earnings are rising at the fastest pace since the post-COVID recovery period. The price-earning

The fog of war has finally descended on Wall Street. After a narrowly based snap-back, markets are poised to contract once again as the second sober thoughts of higher-for-longer oil prices dampen economic hopes and, by extension, risk appetite. The stalemate over the Strait of Hormuz is less a Black Swan event than a 'known unknown'. And investors have seen oil price spikes driven by geopolitical factors before. With Trump as its progenitor this time, I see it more like an O