RBC's McElligott Says Beware Of The "Goat Rodeo"

Charlie McElligott might be getting his way. RBC’s Managing Director and Head of US Cross-Asset Strategy has been watching for a mean reversion, and Thursday, with the S&P 500 down nearly 18 points near lunchtime trading, he is getting it. What could be one of the triggers for today’s market losses? It could be what McElligott calls Wednesday’s “goat rodeo,” also known as President-elect Donald Trump’s press conference.

Charlie McElligott

Charlie McElligott expected “Presidential tone” but was disappointed

There are of course many factors that can be driving Thursday’s sell-off. But McElligott’s most colorful point of potential causation is what he thinks was yesterday’s surprise.

Trump had not held a press conference since...