Dow just crashes through 25,000. Congrats! Big cuts in unnecessary regulations continuing.
— Donald J. Trump (@realDonaldTrump) January 4, 2018
The above tweet is one of my favorites.
Posted January 2018, the president seems to take credit as the Dow Jones Industrial Average “crashes through 25,000” because of his “big cuts in unnecessary regulations continuing.” Plus, as a bonus, an inappropriate use of the word “crash.”
This is an example of what traders call “tempting the market gods.” This almost never works out in one’s favor.
Unfortunately for the rest of us, the Dow has now “crashed” through 25,000 (to the upside and downside) 13 times since January 4. Someday, it will “crash” through a 14th time, as it currently sits (at this writing) at 24,688. See below for what an updated Trump tweet would look like.
This President seems to revel in violating norms; typically, the occupant of the Oval Office know that tempting the market gods is done at their peril. Spiking the football on any market milestone always comes back to bite you. POTUS seems to be learning this the hard way . . .