I was on the long plane ride home from Cambridge to my beloved Palo Alto (cities that are identical in many respects, the temperature notwithstanding) and I saw the ES explode higher. (green tint, below). This was on the heels of a day that already had an EKG-style zaniness from the Fed Minutes. As I sit here now, both of these have faded away (red arrow).
During the assault on 2800 (a long-touted level on the ES which we finally tagged almost perfectly), the new driving it was – what else? – positive chatter about the trade deal. Allow me to express with my own tweet what this is all about:
I am reminded of what our own Binkius Hippo wrote last month:
So what’s the latest headline this morning?
Folks…….whether there’s a deal or not doesn’t matter. It’s all just a show. China will IGNORE any meaningful parameters of a new deal. They’ll sign whatever stupid MOU they are asked to sign – – fifty of them, if you want – – just to get the goddamned thing over with. But nothing’s going to change. In the end, they’re going to do whatever the bloody hell they want. Promise.