Forget About the "TACO" Theme...It's Over.

Trump is going to be much tougher with our trading partners going forward

• The Trump Administration may have extended the tariff deadline once again, but assuming this means that the “TACO” theme is a compelling one is a big mistake in our opinion.

• The market is pricing-in the thought that as long as the tariffs are not as big as the Liberation Day proposals, everything will be fine. Is this the correct tact to take?

• Watching the S&P 500 Equal Weight Index.