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“I always tell the truth. Even when I lie.” – Al Pacino

Below is a snippet of commentary from today’s Morning Lineup. Start a two-week trial to Bespoke Premium to view the full report.  

To view yesterday’s interview on CNN’s OutFront, click on the image below.

After three strong days for stocks following the plunge to start the week, the week looks to be ending on a down note following the publication of an interview by Time magazine with President Trump. The interview took place on Tuesday, so the comments are for intents past their shelf life based on the White House news cycle, but they reinforce the notion that when it comes to this Administration, policy is a moving target.

Earnings news was mixed overnight, but the most high-profile report came from Alphabet (GOOGL), and the stock is trading up in response. The only economic report on the calendar is Michigan Confidence. Investors will be watching the inflation expectations component of that report. Even as it has become incredibly polarized based on political leanings, the general trend has been higher, which the Fed doesn’t want to see.

Day-to-day volatility in the market has picked up since late February, and the historic 9.5% rally from April 9th sticks out like a big middle finger. That big gain also overshadows a nearly impressive run of three straight daily gains of 1.5% or more in the S&P 500. Outside of the big gain on 4/9, any of these days would have qualified as among the best days in the last six months, but having them occur on a back-to-back-to-back basis is extraordinary.

As impressive as the daily gains have been, yesterday’s rally only took the S&P 500 back to levels it opened at right after the Liberation Day ceremony in the Rose Garden and then the level it traded up to on 4/9. For bulls to breathe easier, we’ll need to see the market maintain its momentum and break above this resistance, which happens to coincide with the downtrend line from the February high.