Markets (business) as usual: the pain of selling low and buying high

As usual, fear (emotions) is not your best friend ..

The S&P500 is already +14.3% above the low (according to intraday prices) and only 2.6% below the Liberation Day’s tariff announcement.. see Figure 1.

The situation on Tesla and Bitcoin looks interesting – it’s still “almost the same trade”. Tesla is +0.8% above Liberation Day, and Bitcoin +11.6%! See Figure 2.

In the case of the 10Y UST yield, the Liberation Day level is 13 bps lower - see Figure 3.

Gold is 5.4% above Liberation Day and 3.5% below the ATH - at closing prices, but 5.6% below the intraday ATH of $3500 - see Figure 4.

EURUSD is still quite high... as much as 5% above Liberation Day and as much as 10.9% above the January 2025 low - see Figure 5.

And some food for thought:

“I will tell you how to become rich. Close the doors. Be fearful when others are greedy. Be greedy when others are fearful.” - Warren Buffett