Abracadabra!

A fascinating illustration in this Times article and the included chart of what has happened over the last four weeks. In essence, oil has shot up; equities markets have declined. That trend has been interrupted a handful of times when President Trump has created what are essentially fake news moments. Those temporarily capture markets’ attention before reality set back in. It’s a powerful illustration of the both the power and the limits of what I yesterday referred to as Trump’s “drama-of-the-day spell.”