The Trump Put is undefeated

The President of the United States judges himself — seemingly every day — on the value of the Dow Jones Industrial Average.He is a person that can’t stand to see stock markets go down, even for a brief period. He has utterly convinced himself — and not entirely without reason — that American progress is whatever number is on the index, preferably with non-stop record highs.Just after Liberation Day, Treasury Secretary Scott Bessent declared “it’s main street’s turn now” but that lasted about three days before the long, slow walkback on tariffs began. Notably, the earliest tariff U-turns were hinted at by Trump in tweets and likely front-run.This is nothing new, I’ve been writing about it since Covid when Trump signed a copy of an intraday reversal on March 13, 2020 at the peak of virus panic. I wrote about it many times when he was running for re-election again.It’s the north star of trading in the Trump era.Now we get the W