Hey y’all, Wrapping up a weird week in the markets, I thought it’d be worthwhile to quickly check in where money has been moving over the last few weeks. So I pulled up the SPY’s sector tracker and turned it to the “1 month” time frame. It’s not a pretty picture: 
Consumer staples, kind of the hallmark “flight to safety” sector, is the only sector that is considerably up. And surprisingly, health care, one of the industries people expected to be hit hardest by Trump and his new HHS Secretary, RFK Jr., is staying strong. But everything else is flat or down over the last month. Technology and discretionary spending are unsurprisingly the hardest hit. But the energy sector is interesting. Usually, you’d expect energy to benefit from big drops in technology and other more aggressive plays. But not this time. It might be because tariffs are the watchword on everyone’s mind right now. Take a look at this chart: 
You can see in a glance how much talk of tariffs has increased since Trump’s election, and which sectors are the most worried about it. As I said over on Telegram, there is a strategic advantage to the uncertainty around Trump’s tariff talk. Obviously, he doesn’t want his negotiating adversaries to know whether he’s serious about them long term or not. The consequence of that strategic advantage though is that the American People and Wall Street also don’t know what to expect. And uncertainty is the enemy of prosperity in the stock market. Right now, it seems like the uncertain mood will last for a while longer — but as I’ve said many times, I don’t think Trump will be able to stomach a crashing stock market for very long. He’s already signaled some willingness to retreat from tariff policies and I expect that to continue. For now, relax, and enjoy your weekend! To your prosperity | 
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