Team Trump is taking quite the victory lap as stock markets shrug off the seemingly trivial matters of war in Iran and a global energy crisis and crack through to fresh record highs.
Contracts based on the S&P 500 index, the go-to benchmark of US stocks often gratingly known as “spoos”, are “voting Maga”, according to David Zervos at Jefferies, who adds that doubters have a bad case of Trump Derangement Syndrome, or TDS.
“I realise that it must be super frustrating for all the hyper bearish TDS infused geopolitical gaslighters to see spoos back at record highs,” he crowed in a note this week. “And to be sure, I have no doubt that many of these folks are going to become even more unhinged when this skirmish soon passes and spoos rip further into the green!!”