If you bought the "wow, Trump is actually going to win" dip in S&P (SPY) futs on November 9 and then watched as your trade panned out spectacularly over the short span of just 16 hours, then I congratulate you.
If you stuck around and played the subsequent reflation trade, then you made yourself quite a bit of money.
The wave investors rode following the election was all about cross-asset correlations. More specifically, the reflation narrative found expression in negative stock/bond return correlations and positive correlations between USD (UUP) and rates (TLT)/stocks.
Those correlations held through the end of the year and then began to break down for a variety of reasons, including questions about where rate differentials are headed (i.e. how long will they remain unequivocally USD favorable?) and weak dollar rhetoric from the Trump administration. …