While the bond market has been offering a dose of reality, the U.S. stock market couldn't be more clueless to the heightened risk of a global financial meltdown.
Steadily, the once-revered markets of Brazil, Russia, India and China have become hazardous places to do business.
China has fiddled plenty with the yuan, but has let it strengthen significantly since 2005; the U.S. has brought current weakness in the Chinese currency on itself.
It will take time to determine the impact of new tariffs on consumer prices, business bottom lines and the achievement of a trade deal with China.
The Chinese government has now demonstrated an ability to control the S&P 500, even at the risk of Chinese domestic capital flight.
Room exists for more bounce, but formidable overhead resistance stays at the 50-day simple moving average of the major indexes.
Because of our strong economy with virtually no inflation, we have the upper hand in the Chinese talks and, I believe, we could get a deal if we thought the Chinese were going to change their ways, not just their buying patterns.
The only reason that there is a bounce on China trade headlines is that it didn't become worse.
Is China willing to risk a global recession to hurt Trump's chances in 2020?
Are video game stocks a counterintuitive safe haven amid the trade war noise? At least one analyst thinks so.