New York — Sal Ranna works as a technical analyst at one of the largest hedge funds on Wall St. He’s studied charts and price action for several decades which has allowed him to call some major tops and bottoms. But one thing his analysis can’t seem to account for is a flurry of tweets from President Donald Trump.
“Technical analysis is mostly an art which attempts to analyze and predict human behavior,” says Ranna from behind a bay of monitors. “But the President has a propensity for going on these unhinged tweet storms which can affect stock prices. Take for example Facebook. Last week it was forming a classic ‘cup and handle’ pattern with everything lining up for a major breakout. Then Trump goes on a tirade about how they stole the election from him and how Zuckerberg needs to be put in jail. The stock went crazy and we lost a ton of money.”
Ranna continued showing one example after another or solid technical analysis completely derailed by one tweet after another. “Honestly I’m looking forward to having him out of office I’m pretty sure Joe Biden doesn’t even know how to use a phone let alone Twitter.”
At the time of this writing markets were down sharply after Trump left his phone unlocked in his pocket and tweeted a bunch of gibberish.