You can't get momentum going on all stocks unless oil is going higher, the Fed is on hold and we have positive momentum in talks with China.
Tuesday we started with all three and by the end of the day we were left with the Fed being on hold and even as I see lots of green on my screen I know better than to get complacent if China's still in play in a major way.
Let me tell you what I am hearing is the big sticking point in the talks with China. Given how untrustworthy the Chinese have been over the years I think that the president's hardest line trade folks are unwilling to lift the tariffs until after they see compliance. In fact, they recognize that the tariffs are moving trade away from China and that puts the pressure on the Chinese to not renege on anything that they agree on.
Of course, the Chinese would rather not do a deal at all if there's no removal of the tariffs, so you have a real standoff.
As far as oil? We can see that's trading with Chinese probabilities: you get hope, you get higher crude. Trade snags? Crude goes lower.
And that's how things unraveled today from a very strong start.
Will You Have Enough Money to Retire?
Want to learn about retirement planning from some of the nation's top experts? Join TheStreet's Robert "Mr. Retirement" Powell live in New York on April 6 for our Retirement Strategies Symposium. For a limited time, tickets are available for $99 for this full-day event. Check out the agenda, learn about the speakers and sign up here.