The market’s action doesn’t seem to prove the president’s assertion, says Nigam Arora. :
President Trump said Wednesday that “so-called ‘rich guys’” may be “speaking negatively” about the stock market to profit from its decline. Trump’s tweet came after billionaire investor Stanley Druckenmiller said the risk-reward relationship in stocks has never been worse. Trump didn’t identify Druckenmiller in his tweet, and there’s no evidence that the professional investor recently short-sold equities. • The chart shows that the stock market opened below the resistance zone in May, and that after repeatedly bumping against it, it failed to make a deeper penetration.