It’s a new day in America filled with optimism and excitement. Yesterday, President Trump declared, “The Golden Age of America Begins Right Now.”

In that regard, it's different from recent inauguration days filled with optimism and hope. 

Most elections in my adult lifetime had an element of a Greek play: If we hung on long enough, the ghost in the machine would swoop in and save the day. At this very moment, however, it feels like we (the American people) are the ghost in the machine, and salvation is in our destiny and starts in act one.

For those who watched my Town Hall last week, today feels like the start of something great that could last beyond the four-year presidential term.

The promise is that the nation will become stronger by making government slimmer and more efficient.

The promise is that Americans will have more opportunities when our allies and foes do not take advantage of us. The promise that set America apart from the very start – pulling yourself by the bootstraps – is back.

No more fixation on attacking success and making it more accessible for all.  Machiavelli wrote that it is better to be feared than loved if you cannot be both. There is a feeling of love in America and dread among those who would look to harm America.

Yesterday was also Martin Luther King Jr. Day, and I’m thrilled that we will stop looking backward, focus on the future, and judge each other by the content of their character.

Friday’ Momentum

The market improved sequentially as the week progressed, culminating in a powerful session on Friday. Buyers wanted to get in ahead of the Inauguration Day and the notion of a new Golden Age for America.

Heat Map

Immensely encouraging market breadth on Friday will lure lots of sideline cash.

Tariffs Coming, but Not Yet

Equity futures were higher in part due to the tariff pause, but there is also a sense of urgency that could spark a feeding frenzy of buying, especially in “Mag Seven” names.

Today’s Session

There are competing forces at work this morning. The obvious animal spirits, from Main Street to Wall Street.

Meanwhile, there is continued anxiety over trade tariffs.

Comments

We are the ghost in the machine! The import of turning the page from the past four years can't be overstated. Charles gave me hope for a new gilded age with last week's town hall and then when I heard him say today that his sister-in-law, who voted for AOC, voted for Trump, I became more confident than ever that as the ghost in the machine, we the American people, can pull ourselves up by our bootstraps to build lasting success. Michael Mayone on 1/21/2025 3:30:26 PM

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