They believed Trump would usher in a new era of deregulated, pro-growth, "art of the deal" business friendly economic nirvana. Yet that narrative has been unceremoniously tossed aside as Trump's deal making prowess has not matched expectations. Trump's failure to pass the health care bill has turned unrealistic optimism into dejected pessimism.

Recent market action has been dominated by the unwinding of the "Trump reflation trade." Suddenly everyone is dumping equities and greenbacks, while chasing US fixed income higher.

As I am still getting my bearings, I don't have any profound insight into this move. But I wanted to take a moment to point out a possible way to play this "Trump trade" unwind that might be slipping under the radar.