On Christmas Day, president Trump had a simple message for Americans: BTFD. They chose to sell instead.
As we noted earlier, in a presser following his address to U.S. armed forces members on a Christmas Day video conference call, Trump told reporters “we have companies, the greatest in the world, and they’re doing really well. They have record kinds of numbers. So I think it’s a tremendous opportunity to buy. Really a great opportunity to buy.“
Alas, following the historic Christmas Eve rout which saw the S&P plunge the most ever on the shortened pre-Christmas session, Americans are clearly not seeing the market as a “tremendous opportunity to buy” and are instead selling futures with the E-mini sliding off the gate when futures trading resumed at 6pm, down as much as 1.1% and touching a session low of 2,316.75 in an early burst of selling before rebounding in what appears to be a session with absolutely no liquidity.
And while it is safe to say that already record low liquidity is even more abysmal than usual, with the Plunge Protection Team now active, the president himself urging Americans to buy stocks, and with hedge funds desperate for at least a little bounce into the final 4 sessions of the year, if stocks still can’t stage even a tiny relief rally it will be safe to say that the bear market has indeed arrived.