The easiest mistake to make right now is to say that this can't continue for long. That simply is not true.
Does such a large increase in Chinese spending on U.S. 'stuff' give reason to doubt that future action lives up to words on a page (or 86 pages for that matter)?
You may want to anticipate weakness but the opportunity cost of poor timing is so high that it is better to be reactive, not proactive.
The trade deal is done, with many loopholes, and Phase 2 won't proceed until after the election, so all eyes are now on the Fed FOMC meeting at the end of January.
I have been among the most wary of China and its ability to change. I remain that way. But the U.S. got more than I ever thought.
There is no inflation for the Fed to fight with higher rates, and the notion that low interest rates create asset bubbles is overrated.
The top-five stocks in the S&P 500 now make up 18% of its market cap, higher than similar peaks in 1999 and 2008.
The positive news flow keeps tripping up market participants that are looking for some pullback to relieve overbought conditions.
There is still money to be made, and lost, here.
The signing on Wednesday of a trade pact should see China double U.S. imports, though exactly on what may remain secret. Investors also fret it can't follow through.