Bend the knee for Trump

Bend the knee or be tariffed

A week for the history books. Largest 1-day gain since the GFC – before that, the last time it happened was in 1939 (!). It feels like more and more countries will bend the knee to Trump in terms of tariffs. And the collective bending of the knee of Big Tech at the inauguration now directly pays off as tech will be exempt from China tariffs. Looking at some extreme positioning data, one would conclude that bears also will have to bend the knee soon and that there won't be another low.