Once again, Mr Trump, a regular blackswan (May and several times in August), killed the market by launching a serie of ravaging tweets adressed to Mr Powell who did very well his job and to China, almost declaring war by invoking the state of emergency. The sequence of Friday’s events shows clearly the total loss of confidence by market participants (see chart attached). The reassuring speech of Mr Powell could have cooled down investors in a late summer Friday’s afternoon. Mr Trump’s tweets did the rest. The selloff of the market was widespread and we observed many signs, again, of capitulation by traders and investors. The market is back to early August and repairing the technical damage suffered by the market may take some time. If the strategy of China is to wait next year, expecting that Mr Trump is not going to be reelected, the market and the world economy are going to stagnate a long time and this situation is going to be frustrating for everybody.