Don't you love the way each day has its own discordant "theme?" Thursday was the collapse of commodities, along with some behind-the-scenes saber rattling that then burst forth with President Trump saying there could be some sort of a deal with China.
Friday, we have oil bouncing back, Europe a little stronger and a sense that the President isn't as bellicose.
Of course nothing has really changed at all. It's become a lot like the lead up to Gulf War One where almost every day we heard about a possible peace deal with Iraq and every Friday we rallied huge as shorts came in and covered in case peace broke out during "weekend talks."
There were never any serious talks. We ended up going to war.
How about something fundamental? We had three important earnings reports Thursday night: Autodesk (ADSK) , Ross Stores (ROST) and Splunk (SPLK) . All three were considered disappointing, although I think that there was nothing wrong with Splunk -- and I see it as a buy.
Still, three for three -- the wrong way. Not confidence inspiring.
So let's just say there's not a lot to hang your hat on. Of course, if the Dow Jones Average gets clobbered later in the day, I expect the president to give us one of those "moments earlier" recordings about his great friend President Xi.
I say "with friends like that, who needs enemies?"