August 22, 2018 | Bulls Haven’t Imagined Trump on His Heels

In yesterday’s commentary I underestimated the threat posed by the conviction of two close former associates of Trump. With Michael Cohen and Paul Manafort going down in flames on the same day, it looked like a wet dream-scenario for the tens of millions of Americans who not only wish Trump ill, but who have been praying for his impeachment since Election Day. Trump-haters may get their wish if Democrats take control of the House in November, since that would likely be their first order of business. They would be impelled not only by their acute dislike of Trump, but by the urgent need to push him out of office before he gets a chance to replace Ruth Bader Ginsburg, the Supreme Court’s most likely next retiree, with a conservative jurist. Between now and mid-term elections in November, Trump will be under great pressure to explain himself each day as he is barraged with questions from the press and his many detractors on Capitol Hill.  This cannot but weigh on the bull market, even one seemingly as inured to bad news as this one. If Trump is hounded out of office, it will be as bad for investors as the post-election rally was good for them.

Rick Ackerman August 22nd, 2018

Posted In: Rick's Picks

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