$Trump Media & Technology(DJT)$ One word?
Whipsawed.
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Market review — twelve months on
The first month after Trump’s return was euphoria-driven positioning.
The narrative then:
pro-tariff
pro-fossil fuel
“super-cycle” on defence, oil, industrials
tech AI leadership stays in US
“Bitcoin = freedom trade” re-accelerates
Accordingly:
Tesla +70% in the post-election snapback
Bitcoin >US$100k as the “policy volatility hedge” theme went parabolic
retail influencers pushed the “Trump Trade 2.0” as if it were 2016 again
Twelve months on, the gap between sentiment and delivered outcomes is stark.
The reality now
Asset / Market Position vs post-election high
S&P 500 essentially flat YTD (~+0.13%)
Bitcoin back below US$100k
Tesla gave back the entire “policy beta” pop
US equities vs RoW laggard, not leader
Defence? Not a runaway.
Oil? Never sustained the hyper-bull case.
Fiscal reflation? The curve priced peak-hawk; now markets fear “tight-for-long”.
Instead of a clean “Trump reflation 2.0”, the market received a dense volatility range, crowded narratives unwinding, and poor breadth.
Hence the single word: Whipsawed.
Sentiment oscillated violently — the net return profile did not justify the drama.
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