Mr. Trump’s tweet threatening increased tariffs on products from China came while the US market was closed–but in plenty of time to affect Monday trading in Asia and Europe.

The tweet has been the occasion, if not the reason, for selling stocks worldwide.

I think the most interesting thing about today–and most important for investors to note–is what panicky investors are choosing to sell.

My experience is that the stocks being sold on a day like today will not necessarily have anything to do with tariffs per se.  Instead, they’ll be the things that the sellers have the least confidence in–stocks they’ve been wanting to sell but haven’t been able, for one reason or another, to pull the trigger on.  In all likelihood, there’s more behind the amounts being sold now.

On the other hand, stocks that traders leave alone–or stocks that there’s enough buying interest in that they go up–are most likely the crown jewels, and are going to continue to be outperformers.

So today may well provide a good roadmap for future relative performance, even if, like me, you don’t choose to participate in either direction.