iBankCoin
18 years in Wall Street, left after finding out it was all horseshit. Founder/ Master and Commander: iBankCoin, finance news and commentary from the future.
Joined Nov 10, 2007
19,528 Blog Posts

Sunday Night Crash Mode: Trump’s Trade War Bore Poisonous Fruit

Goldman is out with a pleasant note this evening, laying waste to Trump’s claims that the trade war is advantageous to America — because it’s brining in BILLIONS in new tax dollars. According to Goldman, the entirely of the brunt is falling onto the backs of Americans.

Goldman Sachs said the cost of tariffs imposed by President Donald Trump last year against Chinese goods has fallen “entirely” on American businesses and households, with a greater impact on consumer prices than previously expected.

The bank said in a note that the trade war’s impact on U.S. consumer prices is now higher than previously expected, partly because Chinese exporters have not lowered their prices to better compete in the US market

“One might have expected that Chinese exporters of tariff-affected goods would have to lower their prices somewhat to compete in the US market, sharing in the cost of the tariffs,” Goldman said.

Futures are off by 200.

I’m mature enough to know -215 on the Dow futures on a Sunday night means nothing. By the time markets open tomorrow, they could be +200. However, in the off-chance these losses hold and heighten, Le Fly stands to make a large dicked gain in the morning — presently long SOXS, LABD, DRIP, and NUGT. My cash, which is currently at 50%, will be put to good use.

Truth is, you should’ve went away in May. I did warn you and if you’re getting BTFO in this market — you have no one to blame but yourself. Just know and understand, “The Fly” is mastering this market and will making live calls inside of Exodus tomorrow morning. I’d be interested to see if we edge towards oversold tomorrow and might even flip to extreme long if that should happen.

Although it looks ominous now, with Trump’s trade war boring horrible fruits — it’s literally a self-inflicted wound that could be resolved with one press conference and one deal with the Chinese. Be careful about overstaying your welcome on the short side — for when this squall is over — we’re going to springboard higher with an extreme vengeance.

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8 comments

  1. MSGT HARTMAN

    GOLDMAN IS ANGRY BECAUSE THEY’RE HIP DEEP INVESTED IN SLAVE LABOR ASSEMBLY CAMPS.

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  2. ferd

    How many drinks you had?

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  3. snoozemr

    talks have stopped so i don’t see any type of deal in the near future. And Trump has quite some time before he has to worry about the 2020 elections. I see market going red but with the Trump Admin Dog and Pony shit show I’m going cash in cash out daily in my trade account, likely leaning heavily short. But there are some interesting tickers to look at long- if UBER gaps down below 40 it will get interesting. Also like CVX if it falls into its ex div day next week.

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  4. roundwego

    Fat bulls must be slaughtered. Margin call time

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  5. juice

    Trump PAIN before GAIN.

    If China don’t play ball on the Trump-man’s terms, then it will be back to MADE in the USA, i.e. MAGA, rather than MADE in China, i.e. MCGA

    it’s win-win and Trump knows it, so does Xi

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    • Po Pimp

      It’s going to be MADE in Vietnam. Dotard said so himself.

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  6. flea

    “cost of tariffs … has fallen “entirely” on American businesses and households, with a greater impact on consumer prices than previously expected.”

    The index for all items less food and energy rose 0.1 percent in April (SA); up 2.1 percent over the year (NSA).

    GS just talking through their @ss.

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