JPM: "It Remains A Mystery Why So Many Continue To Anticipate A Change In Trump's Behavior"

Tyler Durden's picture

As traders sit at their desks on Monday, here are the key drivers of risk on what will be a relatively quiet Monday according to JPM's Adam Crisafulli:

Market update – it was a relatively slow weekend w/the exception of a slew of Trump-linked headlines. Cutting through all the Trump noise, the most incremental news concerned ObamaCare as an (albeit vague) Executive Order could allow for the attenuation of the ACA’s individual mandate. While the “tone” of media reports following the new White House’s first weekend weren’t great (the “alternative facts” comment was a popular point of focus), investors at this point should be inured to Trump and it remains a mystery why so many people continue to anticipate a change in behavior.

And a quick look at today's calendar:

Calendar for Mon Jan 23 – earnings are the only major events on Mon (HAL, MCD pre-open and ATI, SIMO, YHOO, and ZION after the close) although a few Washington catalysts will be in focus including Trump’s meetings w/Congressional leaders (there will likely be a slew of headlines coming out of this gathering w/regards to the Congressional agenda over the coming weeks and months) and Tillerson’s vote in the Senate Foreign Relations Committee (Rubio’s vote is being watched closely although he will likely vote in favor).

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Croesus's picture

Go Trump!!

No Trump!!

VinceFostersGhost's picture



You ain't seen nothing yet!


The small of napalm.......every morning.......for four years.


Get some!

GGuy's picture

I voted for the guy, but I'm still not sold he's the real deal.


If he appoints a NON-J00 to run the FED, he is the real deal.

VinceFostersGhost's picture



First of all.....the not part of the government.


A little civics lesson for you........BOOM!!!

toady's picture

"Alternative facts" is what they seized on from the Conway-Todd thing yesterday.... she totally blew him out of the water, and they completely ignored it!

Lost My Shorts's picture

"I’m a person that very strongly believes in academics. In fact, every time I say I had an uncle who was a great professor at M.I.T. for thirty-five years, who did a fantastic job in so many different ways, academically—was an academic genius—and then they say, Is Donald Trump an intellectual? Trust me, I’m like a smart persona."

What would you guess this is --

1) A bit from a SNL parody of Trump

2) Something Trump actually said while visiting CIA headquarters

Either way, it's going to be a hilarious four years.

WakeUpPeeeeeople's picture

"First of all.....the not part of the government."


Keep saying it and eventually someone will believe it.

Better to think of it as the gov't is part of the Fed.

Dr. Engali's picture

He just signed an executive order to renegotiate NAFTA ant to pull out of the TPP. What's that tell you?

VinceFostersGhost's picture



Tells me.......we're winning!

MFL5591's picture

Who in the fuck cares about what some liberal eite at JPM has to say about Trump?  Where does this assault end with this group of globalist scum?

BarkingCat's picture

No one cares.

When E.F. Hutton talks.....



Max Cynical's picture

If you're not "sold" by now, you'll never be.

"it remains a mystery why so many people continue to anticipate a change in behavior." because most people are conditioned to typical lying politicans saying anything necessary to get elected and then do exactly the opposite of what they said to get elected.


Vilfredo Pareto's picture



I find it quite impressive that Trump lives in a different reality than everyone else.  However does he not see that his cringeworthy behavior does not help him get the job done?

BabaLooey's picture

Trump knows who elected him.

It WASN'T the fucking banks, elites, Wall Street fucks OR the media.

He also knows the people who did elect him are his bullwark to counter the shit-storm he has against him.

CUCK Todd's pissy fit with Conway yesterday shows these sniveling pricks are not backing down.

Trump "changes"? He loses his base.

His base IS his voters.


cowdiddly's picture

Trump has the KEY support which matters. 62 million voter base, the now dominant Republican party ex a couple of worms and the key piece, the military. At 82% and after Obama purges and abuse they would lay down their life and careers for him from top to bottom. A Big chunk of the CIA, FBI andSS are loyal and ex military, after a leadership change with Pompeo they will be ok.

IF he gets that bunch of Killers in the cabinet approved they will have the banks too. Your not playing with a stupid man this time. He is six moves ahead of you.

Some have'nt got it through their thick head he is the most powerful man on the planet. Some have to learn the hard way.

After eight years of no leadership, all these government agencies have been running amok, He will get it all back under control so it can function properly and as it was intended and bring it back to center.

When the chips are down the rest are just sniveling insignificant worms by comparison.

He will be alright.

VinceFostersGhost's picture



CUCK Todd's pissy fit with Conway yesterday shows these sniveling pricks are not backing down.


You may have witnessed the death of Chuck yersterday......


He can still report from his mom's basement I suppose.

E.F. Mutton's picture

Kellyanne is wearing Cuck Toads nuts for earrings today.

If you stand real close, you might see them.

j0nx's picture

Liberals are losing their shit today. Morning joe and Mika are drama queens extraordinaire this morning about everything trump did this weekend. Saying people in trumps camp need to be fired for the sake of the country and other such ridiculous shit. These people are out of control and need to be dealt with before they start a civil war. The msm's behavior is bordering on sedition.

Vilfredo Pareto's picture

Trump and his people need to quit handing more rope to msm to hang him with.


When you act crazy and say really dumb things people are going to talk about it.  Back away from that twitter account, quit arguing about who had the biggest,bestest, most awesomest inauguration, and start focusing on important stuff. 


That is a pretty fragile narcissist if he feels compelled to respond to the smallest things.   Start building that damn wall instead.

Vilfredo Pareto's picture

But he is getting distracted by arguments over who had the biggest and bestest inauguration.  He wastes time on twitter making comments about nobodies who make comments about him.


This is not helping him do the things we elected him to do.

Bill of Rights's picture

Dear establishment the people wanted Change! well you got it on steroids.


Now go screw yourselves....

NoPension's picture

Obama begat Trump.

Tick Tock.

It's called Blowback, motherfuckers. You assholes on the left thought 8 years of Obama wasn't gonna cost you? A Pen and a Phone?

You fucking left-tards better find a safe space. You invited this.

And I'm going to enjoy every glorious fucked up second of it. The worse it gets, the more you scream...the better I like it.
And telling us how horrible Trump is....haha!!!! What's new? You've inoculated us! We are combat veterans! Cry Wolf??!! Haha!

I'm so glad I lived to see this.

NoPension's picture

....I'm not done.

The left has mainstreamed every deviant action or lifestyle imaginable. Mocked religious beliefs. Ignored the law, except when it is a means to their fucked up end. Left the borders wide open. Let our cities degrade into lawless shitholes filled with left wing assholes and freeshitters. Exported our manufacturing base. Debased our currency. Ruined our education system. Filled our children's heads with mush and faggotry.
All that was decent, good and mocked and bad.

All that was base, deviant, crude..... Celebrated!

If this motherfucker burned to the lug nuts, I couldn't be happier. We, the conservative right, will be ok. We built this bitch....we will build it back.

VinceFostersGhost's picture



....I'm not done.


It's OK......we have time.

ersatz007's picture

Red pill/blue pill.  Politicians on BOTH sides were equally complicit in selling out our manufacturing base while kowtowing to Wall Street/the MIC/corporate overlords and keeping us in perpetual warfare while fleecing the general public. 

LordDampNut's picture
LordDampNut (not verified) NoPension Jan 23, 2017 8:28 AM

Us fuckers on the left thought Obama was an asshole but you are to fucking stupid to know that.

NoPension's picture

Nice try. Too late for that.......

BigCumulusClouds's picture

It also remains a mystery why anyone would expect a change in JPM's behavior.  They've been manipulating markets, particularly the precious metals markets, since the cows came home.  And Jamie Dimon walks around as a free man.  Yes, some things never change.

LaurelMaryCecilia's picture

Builders are visionaries.  Entrepreneurs are risk takers.  Hotel owners, beauty pagent, TV show personality celebrities, are sensitive to the tastes of the general public, especially the middle class.   Trump will do everything possible to achieve what he clearly said he wants to do.......  it's built in his personality as provable by events and choices in his life.  

VinceFostersGhost's picture



You don't reason with a get the hell out of the way.

Singelguy's picture

Trump is taking a big risk. His wealth is largely based on the value of his brand. If he fails to deliver he will be discredited and his brand will lose tremendous value, substantially reducing his net worth. If he believed that he couldn't accomplish what he promised in the campaign he would never have sought the presidency.

Dilluminati's picture

If Trump backs down the establishment which never supported still won't.

If he doesn't back down his voters return to the polls along with the additional needed for 8 years.

It is incredibly simple.

What changes is getting rid of Rinos and on the left the globalists, expect more genuine socialists (think less Hillary and her interventionist fly zones and more Bernie).

The DNC and establishment have to fight that as well as Trump, the establishment and post WWII stuff is done becuase collectivist Europe and the other globalists Bankers and IMF killed it! 

Asked to point to a single success, a single metric of progress the lelites have nothing to point to, not in security, not in economics, not in trade, NOTHING.   They are the face of failure and mismanagement and their argument that we would somehow be better off with yet ANOTHER level of governance that only international corporations could navigate begs instead the destruction of that layer of bueraacracy and anti-trust legislation.

I'm paying way too much for my internet access because I'm buying it from way too large of a company.





Chris Dakota's picture
Chris Dakota (not verified) Dilluminati Jan 23, 2017 8:03 AM

Break up the big banks.

Spitball's picture

He'll be close to 80 at that point. I can't envision him doing a second term. With his incessant energy, I may be surprised. 

amadeus39's picture

The heir apparent is named  Jared Kushner, who conveniently is married to The Don's daughter who coverted to Judaism to please Mr Kushner, who is an orthodox Jew and who The Don appointed as his Chief Advisor.  My personal bet is that Ivanka will run for president in 4 years as the first jewish female candidate, which pretty much locks up all the significant voter blocks. If only she were partially black and could speak fluent spanish with a Russian accent and enjoyed Chinese food, she'd be a sure winner. Since she would own some hotels  and casinos, she would also capture both kinds of indian voters. It goes without saying that her physical appearance would wind hands down the white male vote as they are always susceptable to eye candy as is demonstrated by the popularity of the weather channels,MSM female reporters and sports commercials.



syzygysus's picture

You should test that 550 cord to see if it actually holds its rating around your fat ass as it swings from a bridge, eh?

justsayin2u's picture

Politicians are generally more populist during the election and once elected suck-up to moneyed interests and whatever may help their reelection financing when they become more populist again.  Politics is their job.  Politics is not Trumps job so we expect him to continue in the direction he started.


Behaviourally, Trump is likely to change the way he delivers his comments due to advice from trusted advisors, but we can all expect him to revert back to his entrenched style of discourse when he gets flustered. I suspect that with the correct feedback loops in place he will modify his delivery to be more accommodative and inclusive of the groups he would normally not care too much about. Bottom line is that he will be reaching out to attempt reconciliation with women and African Americans so that he feels personally appreciated by more Americans than he presently is. Alternatively, if people reject him he will move towards defensive posturing which will alienate out-groups. Trump wants to be liked by everyone, and that is his predetermined superordinate goal right now. Change will manifest as long as he does not get ruffled with his nose out of joint.

JamesBond's picture

Trump wants to be liked by 'everybody'.  I don't see that behavioral triait in him at all, now or historically.



Vilfredo Pareto's picture

You aren't looking very hard.   It is right behind the bluster, to the right.  See it now?


"Admired" might be a better term than liked.  He perhaps isn't in to being "liked" but is thrilled if people admire him or are jealous of him.  That may be a better word than "liked."

amadeus39's picture

Some with more moderate sensiblities would say he's just human. Did you expect a monster or superhero?



Trait Theory of Personality has been refuted for decades. Narcissism is much more behaviourally consistent, and if you take a gander at TrumpO's penchant for Viewer Ratings you will see for yourself that that is what he is most interested in when it comes to reinforcement for his failing weak ego that he constantly needs reaffirmation on.


Psychopaths like to have their ego stroked often.


Trump is a child.

amadeus39's picture

The black vote is irrelevant today. Not large enough to be significant. The mexican (latino) vote is much more significant. Your analysis of Trump is seriously flawed. He didn't enter the fray to seek popularity. He's convinced he can change the way our country is governed for the better. I don't see him backing down for any political reason. I 'm convinced he is a principled person  with a pragmatic approach toward achieving his goals.


Tigg47's picture

Let me clear hat "mystery" up for you: People cannot imagine that in contrary to previous experience someone sticks to what he said before the election. It takes some "getting-used-to", some even never will. Any more mysteries?

insanelysane's picture

Yesterday I read a spot on assessment.  The MSM hates Trump.  The Dems despise Trump.  The Repubs dislike Trump.  The only group that has his back is middle America and he knows it.  He also knows that no amount of "reaching out" to these groups will win them over so he won't even try.

brushhog's picture

!00% true, so why does he keep reaching out an olive branch to the media? He lets them in to take pictures they float a BS story that he took down MLK's bust. Kelly Conway does an interview with Chuck Todd it turns into an inquisition. They will never, ever change and Trump doesnt need them, so why do they keep shooting themselves in the foot by dealing with these people??