LOCKED MI2 Chart Point: We Aren’t There Yet

Occasionally, whenever we feel masochistic, we turn on CNBC to get a sense of how Wall Street’s cheerleaders are feeling, and obviously, after the election, their mood was utterly effusive! Yet, over the last couple of months, as stocks have weakened and they have woken up to the reality of the Trump agenda, the tone has followed the classic stages of grief: from disbelief to anger and, this week, sadness.