Uncertainty Is Back and We’re Sticking to the Sidelines for Now
Trump’s “no deal with Iran needed” is pushing oil and Treasury yields higher.
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Adding to the pressure being placed on the overall market as the shares of Nvidia (NVDA) slump further, oil prices are back on the rise and Treasury yields are doing the same following a post on Truth Social by President Donald Trump that a deal with Iran is not needed. Trump is also threatening to double tariffs on goods from Mexico if the country did not stop “migrant caravans preparing to head to the US.”
So much for those renewed expectations for peace talks, at least in the short term, and that renewed uncertainty is what we are seeing play out, pushing equity futures even lower on Thursday and strongly suggesting the market’s footing remains soft at best.
Even though we made multiple moves over the last few days, the net effect still left the Portfolio with more than 11% cash on hand, which will help insulate us in the short-term and allow us to make additional moves when greater clarity arrives.
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At the time of publication, TheStreet Pro Portfolio was long NVDA.
