One Current Market Observation:
April was a masterclass in event-driven volatility. We witnessed one of the most severe sell-offs ever, driven by tariff news, only to see one of history’s sharpest rallies on April 9th after President Trump announced a 90-day pause on most tariffs. The market most recently seems to be discounting economic fears. Don’t play analyst and fight the trend.
One Nugget of Trading Wisdom:
In chaotic markets like April, you are being paid to have your butt in the seat for the next headline. Some markets test your ability to be hands-off, studying… April tested your ability to stay focused and execute a breaking news playbook.
One Reflective Question:
In an environment flooded with headlines, policy shifts, and social media chatter, how do you differentiate between a material headline versus noise? How can you systemize the characteristics of the best headlines versus those that are noise?
One 1%-Improvement Idea:
Review the various tariff headlines. Are there any “sleeper” tickers that move on a lag, yet make levered moves to certain aspects of a headline?
One Reading Recommendation:
I didn’t think I’d so quickly be quoting a Howard Marks memo again, but this memo truly is a must-read for the current market environment. In his always-objective manner, Howard Marks weighs the pros and cons of the current tariffs. Nobody Knows (Yet Again)
