We have to stipulate what makes a market really tick these days in a world where we are ruled by tariffs and trade with a Fed sideshow.
Given how much Trump loves this fight, and how he will not back down, the companies that move out of China will get a higher multiple than those that don't.
China is almost out of ammo in the trade war. To us, that might look like we are close to a solution. Don't bet on it.
Trade data out of China should have signaled that they must come to the table, but instead we are fed invincibility.
Increased skepticism was the perfect setup for a better-than-expected jobs report to end the week.
After some choppiness earlier in the year, the employment picture has settled into a very strong place.
The academic argument for the Fed to cut rates based on recent data is nonexistent.
For the major indices, Wednesday offered up a dangerous bearish reversal.
What matters to me is that if people really are disappointed that Powell didn't' cave to the president and they sold futures than they are truly living in a parallel and stupid universe.
What happened with the Fed Wednesday and how to position for what comes next.