'Robin Hood of Wall Street' says be wary of Trump's advice to buy stock-market dip

[mahatmakanejeeves]

Disclaimer: This is just one person's thoughts. He could be wrong.

‘Robin Hood of Wall Street’ says be wary of Trump’s advice to buy stock-market dip

Published: Dec 26, 2018 9:32 a.m. ET

By BARBARA KOLLMEYER
MARKETS REPORTER

What’s one more worry for stock markets, when the list is so long already? ... But here comes one more. Treasury Secretary Steven Mnuchin, who has morphed into the spotlight after his tweet over liquidity assurances from all the big bank honchos backfired, may have run afoul of POTUS. CNN says “Mnuchin is under the gun,” over POTUS’s worries about the economy and stocks, even though the White House denies any trouble is brewing for the high-ranking cabinet member.

It adds to an ever-growing roll-call of worries dogging this market — a government shutdown, fears of a slowing economy, earnings concerns, Fed/White House acrimony and an increasingly unpredictable U.S. president, who made holiday headlines by questioning a 7-year old’s belief in Santa Claus. Even impeachment is a worry for some.

But this market is a bit of a hard sell lately, and Monday’s shocking Christmas Eve meltdown is proof of that. Of course, with volumes thin over the holidays, the question remains as to whether big players will try to right the ship after the New Year. ... And would they even listen to POTUS himself, who told investors to buy the dip in Christmas Day comments to reporters in the Oval Office? “I have great confidence in our companies. We have companies, the greatest in the world, and they’re doing really well. They have record kinds of numbers. So I think it’s a tremendous opportunity to buy. Really, a great opportunity to buy,” said the commander in chief.

That comment raised alarm bells for Gregory Mannarino, a trader, who refers to himself as the “The Robin Hood of Wall Street,” and provides our call of the day. ... “Our president has made it exceedingly clear that he is not happy with what the Federal Reserve is doing. He’s been screaming from the rooftops how he feels this will affect the stock market in a negative way, our economy in a negative way, but now he’s telling us to buy this dip in the stock market?” says Mannarino, who got his start at Bear Stearns and is also a doctor. ... He says what POTUS won’t tell investors is that they should be looking at the debt market and the yield curve that is “pointing towards a recession and a lot worse than that.”
....

[Yonnie3]

1. IMO - anything t'Rump says is irrelevent regarding investment.

Especially when it comes to a buy decision on my part. Just look at his track record!

Irrelevant also means ignorant in 'rumps case.

[mahatmakanejeeves]

2. I'd be running in the opposite direction too.

And good morning to you.

[Yonnie3]

3. Mornin'

I recall a proposed signal for selling. I can't recall who proposed it, but it went something like, "when you see the brokerage firms advertising for grandmas to open accounts for grandchildren, you know the market is oversold."

It worked like a charm in 2000 when I sold all my GE employee stock. I doubt I'll ever be so lucky with timing again.

[no_hypocrisy]

4. Reminds me of * telling everyone to "go shopping" right after 9/11.