SPENGLER: The Stock Market Is Sending a Message to Trump: This Is the Wrong Kind of Tech War. “As things stand, America is likely to lose the tech war with China. The stock market should be sending a message to President Trump. U.S. semiconductor stocks are down 20% in the past month, and the broad market has been in freefall for a week. This is a war we can win, by mobilizing American ingenuity to produce technology that will crush the competition. No-one ever won a war by trying to stop someone else from doing something. I’m an Always Trumper, and I want the president to win another term. But he’s risking the U.S. economy and his re-election chances on a poorly-conceived offensive.”

Spengler makes some interesting points, but I’m not convinced. Over the long term the stock market hews closely to reality, but over the short term, the almost any new element of uncertainty can create a panicked herd mentality.