Market Call

MARKET CALL: 'There Will Be Flexibility'

Mar 23, 2025 3 min read paid

When President Donald Trump was asked on Friday about his tariff policies, he said: "I didn’t change my mind. I don’t change. But the word ‘flexibility’ is an important word. Sometimes there's flexibility. So there will be flexibility, but basically it's reciprocal." A WSJ article posted at 5:26 pm today is titled "White House Narrows April 2 Tariffs." It

Ed Yardeni
Eric Wallerstein

MARKET CALL: The Best Trump Trade

Mar 16, 2025 3 min read paid

So far among the best Trump trades has been to short the S&P 500 since February 19 through last Thursday (chart). It fell 10.1% over this period. Let's call it the "Trump Thump." We aren't convinced that the correction is over despite Friday's rally and extremely bearish sentiment readings, which tend to be bullish from a contrarian perspective. In

Ed Yardeni
Eric Wallerstein

MARKET CALL: Riding A Bucking Bull

Mar 2, 2025 3 min read paid

In recent weeks, many news headlines have suggested that the US economy is tanking and that so is the Old World Order. So investors are jittery, and a risk-off investment style is back in favor relative to a risk-on posture. They are questioning whether Trump 2.0 might depress the economy before stimulating it because higher tariffs, deportations, and federal job cuts are occurring before tax cuts, deregulation, and lower

Ed Yardeni
Eric Wallerstein

MARKET CALL: Still In Choppy Waters Or Going Over A Waterfall?

Feb 23, 2025 3 min read paid

Our answer to the title's question is that the stock market is still in choppy waters. Admittedly, it felt more like a waterfall on Thursday and Friday. However, the S&P 500 was down only 2.1% and that was from a record high on Wednesday (chart). Our hunch is that sentiment turned very bearish very quickly at the end of last week because investors aren'

Ed Yardeni
Eric Wallerstein

MARKET CALL: Unexceptional Performance Of US Stocks So Far In 2025

Feb 17, 2025 3 min read paid

US stocks haven't been exceptional since Donald Trump won the presidential election on November 5, 2024. That's if the performances on the major country MSCI stock market indexes are measured in local currencies (chart). So far, Trump's tariff turmoil seems to be weighing more on the US, Canada, Mexico, and many other emerging markets than on China and most European countries. That could change

Ed Yardeni

MARKET CALL: Choppy Waters

Feb 8, 2025 4 min read

The major stock market indexes are still up since Election Day despite recent turbulence caused by DeepSeek and Trump Tariffs 2.0 (chart). The former is weighing on the shares of AI companies. However, cloud giants Amazon, Microsoft, and Google remain committed to spending record sums this year to build out their AI capacity. Asked last week about the AI cost efficiencies represented by DeepSeek’s widely followed advances, Amazon

Ed Yardeni
Eric Wallerstein

MARKET CALL: Beware The Front Cover Curse & Trump Tariffs 2.0

Feb 2, 2025 3 min read

We are sure that Forbes magazine has had plenty of cover stories about successful entrepreneurs who survived the front-cover curse and remained successful. However, the magazine has also featured a few rising stars who subsequently crashed and burned. The latest Forbes front cover features Michael Saylor of Microstrategy and is titled "The Bitcoin Alchemist." It's not a ringing endorsement. In any event: We have been warned.

Ed Yardeni
Eric Wallerstein

MARKET CALL: The Trump/Musk/Vivek/Santa Rally

Dec 1, 2024 3 min read paid

For better or worse, Trump's New World Order will certainly be different from Biden's Old World Order. Moreover, the globalists of the World Economic Forum, headed by Klaus Schwab (and Greta Thunberg), are about to be seriously challenged by Trump's anti-globalists. Klaus has been calling for the "Great Reset" including a "stakeholder economy," replacing fossil fuels with solar and wind

Ed Yardeni
Eric Wallerstein

MARKET CALL: Bitcoin Going To The Moon, To Mars, To Infinity & Beyond!

Nov 25, 2024 3 min read

We are increasingly asked about the outlook for Bitcoin. We don't have a clue because it doesn't provide investors with any way to value it. We know that the supply of the cryptocurrency is limited, which is why the supply of alternative cryptocurrencies seems to be expanding as fast as the price of Bitcoin is soaring. However, the increased supply of alternatives doesn't seem

Ed Yardeni
Eric Wallerstein

MARKET CALL: Powell's Latest Pirouette

Nov 17, 2024 3 min read

Fed Chair Jerome Powell is an accomplished danseur. His pirouette's are masterful. He did another such pivot on Friday in prepared remarks for a speech [starts at 19:00] to business leaders in Dallas. He said that, "the economy is not sending any signals that we need to be in a hurry to lower rates." That's what we've been saying since Powell

Ed Yardeni
Eric Wallerstein

Market Call: Trend Spotting

Nov 3, 2024 3 min read

Some of our best friends are technicians. Ed was at Prudential Equity Group at the same time as Ralph Acampora, the renowned market historian and technical analyst. Ralph's analysis often confirmed Ed's fundamental analysis. So in our spare time we like to follow the charts for clues about the future, and we occasionally spot trends that seem to support our forecasts. Currently, we are focusing on

Ed Yardeni

Market Call: Sweep Stakes

Oct 27, 2024 3 min read paid

We still think that gridlock would be the most bullish outcome of the November 5 presidential and congressional elections, making it difficult for the next president to deliver on all the promises he or she made during their campaigns to win the White House. More than half of our Founding Fathers were lawyers. They designed a system of checks and balances that required lawyers to get anything done and even

Ed Yardeni
Eric Wallerstein

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