A GREY SWAN PUBLICATION | Thursday April 10, 2025 | Ripple Effect — April 10, 2025 The S&P 500 logged a gain of over 9% yesterday, as President Trump adjusted his tariff stance. While increasing the tariff rate on China to a whopping 125%, he put a 90-day pause in place for any country that had yet to declare a retaliatory tariff. We’re so back, right? Well, not so fast. As your financial advisor will remind you, some of the market’s best one-day returns often center around bear markets. With Monday’s market low being down more than 20% from the highs, we’re in a bear market until proven otherwise. And with the tariff news not going away, it’s not time to blindly buy stocks expecting new highs just yet. Market history is on the side of the bears here. Except for a drop lower in 2020, every other day the S&P 500 has jumped more than 9% in a day has been met with a lower low. In other words, yesterday’s jump was likely a bear market rally. Markets are likely to trend lower in the days ahead. The good thing about yesterday’s rally? It prevented a few overly leveraged funds from getting margin calls, and provided a stealth bailout to the strained Treasury market. But we’re not out of the woods yet. Addison Donald Trump has cheated death. He’s overcome insane and criminal vote rigging. And survived every indictment and impeachment thrown at him. But his next move could make him a legend – and perhaps the most popular president in U.S. History. Former Presidential Advisor, Jim Rickards says, “Trump is on the verge of accomplishing something no President has ever done before." And if he’s successful, it could kick off one of the greatest wealth booms in history. We recently sat down with Rickards to capture all the key details on tape. For the moment, you can watch this interview free of charge – just click here. | P.S. As always, your cheerful reader feedback is welcome: feedback@greyswanfraternity.com (We read all emails. Thanks in advance for your contribution.)
How did we get here? Find out in these riveting reads: Demise of the Dollar, Financial Reckoning Day, and Empire of Debt — all three books are now available in their third post-pandemic editions. You might enjoy one or all three.  (Or… simply pre-order Empire of Debt: We Came, We Saw, We Borrowed, now available at Amazon and Barnes & Noble or if you prefer one of these sites: Bookshop.org, Books-A-Million or Target.)
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